Impax Laboratories, Inc. (NASDAQ:IPXL) Sees Strong Trading Volume on Analyst Upgrade

Impax Laboratories, Inc. (NASDAQ:IPXL) saw an uptick in trading volume on Monday after BidaskClub upgraded the stock from a hold rating to a buy rating. 3,419,069 shares changed hands during mid-day trading, an increase of 80% from the previous session’s volume of 1,895,850 shares.The stock last traded at $18.10 and had previously closed at $16.75.

Several other analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Impax Laboratories from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Tuesday, July 11th. BMO Capital Markets reiterated a “hold” rating and issued a $16.00 target price on shares of Impax Laboratories in a research note on Friday, June 23rd. Cantor Fitzgerald started coverage on shares of Impax Laboratories in a research note on Friday, June 16th. They issued an “overweight” rating and a $20.00 target price on the stock. Royal Bank Of Canada reissued a “hold” rating and issued a $15.00 price target on shares of Impax Laboratories in a report on Tuesday, June 13th. Finally, Janney Montgomery Scott reissued 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 given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $18.03.

A number of large investors have recently made changes to their positions in IPXL. Guggenheim Capital LLC raised its stake in shares of Impax Laboratories by 2.9% in the fourth quarter. Guggenheim Capital LLC now owns 145,928 shares of the specialty pharmaceutical company’s stock worth $1,934,000 after buying an additional 4,144 shares during the period. New York State Teachers Retirement System boosted its stake in Impax Laboratories by 0.8% in the fourth quarter. New York State Teachers Retirement System now owns 103,960 shares of the specialty pharmaceutical company’s stock valued at $1,377,000 after buying an additional 800 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Impax Laboratories during the fourth quarter valued at approximately $224,000. State of Wisconsin Investment Board bought a new stake in Impax Laboratories during the first quarter valued at approximately $1,577,000. Finally, Legato Capital Management LLC boosted its stake in 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 valued at $2,363,000 after buying an additional 27,529 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

The company has a 50 day moving average of $15.78 and a 200-day moving average of $13.40. The company’s market capitalization is $1.30 billion.

Impax Laboratories (NASDAQ:IPXL) last issued its earnings results on Wednesday, May 10th. The specialty pharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.01. Impax Laboratories had a positive return on equity of 7.71% and a negative net margin of 71.50%. The business had revenue of $184.40 million for the quarter, compared to the consensus estimate of $193.17 million. During the same quarter in the previous year, the company earned $0.43 earnings per share. The firm’s revenue was down 18.2% on a year-over-year basis. Equities analysts predict that Impax Laboratories, Inc. will post $0.65 earnings per share for the current year.

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About Impax Laboratories

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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