Impax Laboratories, Inc. (NASDAQ:IPXL) Shares Gap Up After Strong Earnings

Shares of Impax Laboratories, Inc. (NASDAQ:IPXL) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $16.00, but opened at $16.55. Impax Laboratories shares last traded at $18.15, with a volume of 1,256,852 shares trading hands.

The specialty pharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The business had revenue of $202.08 million during the quarter, compared to analysts’ expectations of $195.62 million. Impax Laboratories had a negative net margin of 71.50% and a positive return on equity of 7.71%. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter last year, the company posted $0.21 EPS.

A number of equities research analysts recently issued reports on the stock. Piper Jaffray Companies set a $17.00 target price on shares of Impax Laboratories and gave the stock a “hold” rating in a research report on Thursday. Canaccord Genuity set a $19.00 target price on shares of Impax Laboratories and gave the stock a “hold” rating in a research report on Wednesday. Cowen and Company set a $20.00 target price on shares of Impax Laboratories and gave the stock a “hold” rating in a research report on Wednesday. Cantor Fitzgerald set a $20.00 target price on shares of Impax Laboratories and gave the stock a “buy” rating in a research report on Wednesday. Finally, BidaskClub cut shares of Impax Laboratories from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $18.75.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IPXL. Norges Bank purchased a new position in Impax Laboratories during the fourth quarter valued at $16,669,000. Quadrature Capital Ltd purchased a new position in Impax Laboratories during the fourth quarter valued at $224,000. GW&K Investment Management LLC raised its position in Impax Laboratories by 3.1% in the first quarter. GW&K Investment Management LLC now owns 777,095 shares of the specialty pharmaceutical company’s stock valued at $9,830,000 after buying an additional 23,142 shares during the last quarter. Bank of Montreal Can raised its position in 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 valued at $681,000 after buying an additional 20,288 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its position in 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 valued at $380,000 after buying an additional 300 shares during the last quarter. 83.48% of the stock is currently owned by institutional investors and hedge funds.

The firm has a 50-day moving average of $17.23 and a 200-day moving average of $14.27. The stock’s market cap is $1.32 billion.

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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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