Goldman Sachs Group Inc. upgraded shares of Impax Laboratories Inc. (NASDAQ:IPXL) from a sell rating to a neutral rating in a research note published on Tuesday morning. They currently have $26.00 price objective on the specialty pharmaceutical company’s stock, up from their previous price objective of $25.00.
Several other research analysts have also issued reports on the company. JPMorgan Chase & Co. assumed coverage on Impax Laboratories in a research report on Wednesday, June 1st. They issued a neutral rating and a $47.00 price target on the stock. Zacks Investment Research upgraded Impax Laboratories from a hold rating to a buy rating and set a $34.00 price target on the stock in a research report on Tuesday, July 12th. WallachBeth Capital reduced their price target on Impax Laboratories from $40.00 to $30.00 and set a buy rating on the stock in a research report on Wednesday, August 10th. Leerink Swann restated a market perform rating and issued a $31.00 price target on shares of Impax Laboratories in a research report on Wednesday, June 22nd. Finally, Deutsche Bank AG reduced their price target on Impax Laboratories from $31.00 to $24.00 and set a hold rating on the stock in a research report on Wednesday, August 10th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Impax Laboratories presently has a consensus rating of Hold and an average target price of $33.43.
Impax Laboratories (NASDAQ:IPXL) opened at 23.59 on Tuesday. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 49.98 and a beta of 1.20. The company’s 50-day moving average price is $24.45 and its 200-day moving average price is $30.04. Impax Laboratories has a 52-week low of $20.97 and a 52-week high of $45.00.
Impax Laboratories (NASDAQ:IPXL) last announced its quarterly earnings data on Tuesday, August 9th. The specialty pharmaceutical company reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.11. The firm earned $173 million during the quarter, compared to the consensus estimate of $223.67 million. Impax Laboratories had a net margin of 3.78% and a return on equity of 11.30%. The firm’s quarterly revenue was down 19.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.34 earnings per share. Analysts predict that Impax Laboratories will post $1.59 EPS for the current year.
In related news, Director Leslie Z. Benet sold 10,092 shares of Impax Laboratories stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $22.81, for a total value of $230,198.52. Following the sale, the director now owns 40,225 shares of the company’s stock, valued at $917,532.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.30% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Walleye Trading LLC increased its stake in Impax Laboratories by 66.1% in the second quarter. Walleye Trading LLC now owns 3,883 shares of the specialty pharmaceutical company’s stock worth $112,000 after buying an additional 1,545 shares in the last quarter. Rational Advisors LLC bought a new stake in Impax Laboratories during the second quarter worth about $112,000. Acrospire Investment Management LLC increased its stake in Impax Laboratories by 198.5% in the second quarter. Acrospire Investment Management LLC now owns 3,910 shares of the specialty pharmaceutical company’s stock worth $113,000 after buying an additional 2,600 shares in the last quarter. BlackRock Inc. increased its stake in Impax Laboratories by 128.2% in the first quarter. BlackRock Inc. now owns 4,834 shares of the specialty pharmaceutical company’s stock worth $154,000 after buying an additional 2,716 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new stake in Impax Laboratories during the second quarter worth about $175,000. 88.17% of the stock is currently owned by institutional investors and hedge funds.
Impax Laboratories Company Profile
Impax Laboratories, Inc is a specialty pharmaceutical company. The Company is engaged in the development, manufacture and marketing of bioequivalent pharmaceutical products (generics), as well as the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.
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