Zacks Investment Research upgraded shares of Impax Laboratories, Inc. (NASDAQ:IPXL) from a hold rating to a buy rating in a research report released on Tuesday morning. They currently have $19.00 target price on the specialty pharmaceutical company’s stock.
According to Zacks, “Impax’s epinephrine auto-injector sales picked up and the company has 24 ANDAs pending FDA approval. Moreover, Impax’s generics pipeline should be able to take advantage of the upcoming patent expirations in the pharma industry. The acquisition of several generic products in Aug 2016 including 15 currently marketed products bode well for Impax. However, the Generics segment has been under competitive and pricing pressure, which is expected to persist through 2017. Meanwhile, the company is taking steps to reduce costs and improve efficiencies,which is expected to produce total savings of $130 million by the end of 2019. However, the company’s earnings guidance for 2017 is significantly lower than 2016 numbers as continued impact of lower pricing on generics is expected to dampen revenues.Estimates have remained mostly stable lately ahead of the Q2 results. Impax has a negative record of earnings surprises in the recent quarters.”
Other research analysts also recently issued research reports about the stock. Deutsche Bank AG set a $15.00 price target on shares of Impax Laboratories and gave the company a buy rating in a report on Wednesday, April 5th. Guggenheim reaffirmed a buy rating and issued a $20.00 price target on shares of Impax Laboratories in a report on Monday, March 27th. BMO Capital Markets reaffirmed a hold rating and issued a $16.00 price target on shares of Impax Laboratories in a report on Friday, June 23rd. Royal Bank Of Canada set a $10.00 price target on shares of Impax Laboratories and gave the company a hold rating in a report on Saturday, April 8th. Finally, Janney Montgomery Scott reaffirmed a neutral rating and issued a $21.00 price target on shares of Impax Laboratories in a report on Monday, June 12th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $18.03.
Impax Laboratories (IPXL) traded up 8.06% on Tuesday, hitting $18.10. The stock had a trading volume of 3,419,069 shares. Impax Laboratories has a 52-week low of $7.75 and a 52-week high of $31.85. The company’s 50 day moving average price is $15.78 and its 200 day moving average price is $13.40. The firm’s market cap is $1.30 billion.
Impax Laboratories (NASDAQ:IPXL) last announced its quarterly earnings results on Wednesday, May 10th. The specialty pharmaceutical company reported $0.11 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.01. Impax Laboratories had a negative net margin of 71.50% and a positive return on equity of 7.71%. The business had revenue of $184.40 million during the quarter, compared to the consensus estimate of $193.17 million. During the same period in the previous year, the business posted $0.43 EPS. The firm’s revenue was down 18.2% on a year-over-year basis. Analysts expect that Impax Laboratories will post $0.65 EPS for the current year.
Several institutional investors have recently modified their holdings of IPXL. State of Alaska Department of Revenue raised its position in shares of Impax Laboratories by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 8,140 shares of the specialty pharmaceutical company’s stock worth $102,000 after buying an additional 150 shares during the period. Columbus Circle Investors bought a new position in shares of Impax Laboratories during the first quarter worth approximately $532,000. Legato Capital Management LLC raised its position in shares of Impax Laboratories by 1,165.0% in the first quarter. Legato Capital Management LLC now owns 29,892 shares of the specialty pharmaceutical company’s stock worth $2,363,000 after buying an additional 27,529 shares during the period. Louisiana State Employees Retirement System raised its position in shares of Impax Laboratories by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 30,000 shares of the specialty pharmaceutical company’s stock worth $380,000 after buying an additional 300 shares during the period. Finally, Bank of Montreal Can raised its position in shares of Impax Laboratories by 60.4% in the first quarter. Bank of Montreal Can now owns 53,874 shares of the specialty pharmaceutical company’s stock worth $681,000 after buying an additional 20,288 shares during the period. 83.87% 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), in addition to the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.
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