I agree with what you said, the estimated target doesn't take into consideration with short squeeze or buying frenzy that could see a sharp spike in a trading day. We easily go over 2 dollars with solid major news like Rexista gets a deal and an upfront payment. A double isn't hard to reach with enough buy interest and volume possibly trigger some short stop loses along the way.
There are probably about a million shares sold short out there. Average daily volume is like 110k. Technically, it takes shorts over 10 days to cover, but we all know how that's going to be like when people rush to cover on major good news. Some might get out prior. An average of 100k volume day might turn into few million in volume and you could have a monster spike everything jammed up together. It's not impossible to see it spike all the way to over 4$ dollars.
Like you said depend on the deal, the value of Intelli as a company would then be redetermine and the share price will reflect that after the madness is over.
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