Egalet Corporation (EGLT) Stock Price Down 7.8% Following Weak Earnings

Egalet Corporation (NASDAQ:EGLT) shares dropped 7.8% during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $1.05 and last traded at $1.06, with a volume of 821,689 shares changing hands. The stock had previously closed at $1.15.

The specialty pharmaceutical company reported ($1.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.94) by $0.10. The business had revenue of $6.26 million for the quarter, compared to analysts’ expectations of $6.68 million. Egalet Corporation had a negative net margin of 494.00% and a negative return on equity of 607.49%. Egalet Corporation’s revenue for the quarter was up 81.4% compared to the same quarter last year. During the same period last year, the company earned ($0.97) earnings per share.

EGLT has been the topic of several recent research reports. Zacks Investment Research raised shares of Egalet Corporation from a “hold” rating to a “buy” rating and set a $3.50 price objective on the stock in a report on Tuesday, May 9th. Gabelli upgraded Egalet Corporation from a “hold” rating to a “buy” rating and set a $9.50 price target on the stock in a research report on Friday, May 12th. They noted that the move was a valuation call. Cantor Fitzgerald set a $8.00 price target on Egalet Corporation and gave the company a “buy” rating in a research report on Saturday, May 13th. ValuEngine cut Egalet Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd. Finally, JMP Securities decreased their price target on Egalet Corporation from $15.00 to $6.00 and set a “market outperform” rating on the stock in a research report on Friday, July 14th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. Egalet Corporation presently has an average rating of “Buy” and a consensus price target of $9.50.

Several large investors have recently made changes to their positions in the stock. State Street Corp boosted its stake in shares of Egalet Corporation by 18.1% in the fourth quarter. State Street Corp now owns 321,105 shares of the specialty pharmaceutical company’s stock valued at $2,455,000 after buying an additional 49,193 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of Egalet Corporation by 2.0% in the first quarter. HighTower Advisors LLC now owns 266,236 shares of the specialty pharmaceutical company’s stock valued at $1,358,000 after buying an additional 5,211 shares in the last quarter. New Jersey Better Educational Savings Trust boosted its stake in shares of Egalet Corporation by 4.0% in the second quarter. New Jersey Better Educational Savings Trust now owns 104,000 shares of the specialty pharmaceutical company’s stock valued at $246,000 after buying an additional 4,000 shares in the last quarter. LMR Partners LLP bought a new stake in shares of Egalet Corporation during the second quarter valued at $179,000. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Egalet Corporation by 1.1% in the second quarter. Janney Montgomery Scott LLC now owns 45,963 shares of the specialty pharmaceutical company’s stock valued at $109,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 38.64% of the company’s stock.

The firm’s 50 day moving average is $1.66 and its 200 day moving average is $3.44. The company’s market cap is $26.54 million.

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About Egalet Corporation

Egalet Corporation is a specialty pharmaceutical company. The Company is engaged in developing, manufacturing and commercializing treatments for pain and other conditions. The Company’s products include OXAYDO and SPRIX Nasal Spray. The Company is developing two late-stage product candidates, ARYMO ER and Egalet-002 using Guardian Technology.

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