Egalet (EGLT) Shares Down 8.7%

Egalet Corporation (NASDAQ:EGLT)’s share price was down 8.7% during mid-day trading on Tuesday . The company traded as low as $1.13 and last traded at $1.16. Approximately 2,302,400 shares traded hands during trading, an increase of 200% from the average daily volume of 766,926 shares. The stock had previously closed at $1.27.

EGLT has been the subject of a number of analyst reports. Stifel Nicolaus reissued a “buy” rating and set a $6.00 target price (down previously from $14.00) on shares of Egalet in a research report on Thursday, August 10th. Guggenheim set a $7.00 target price on shares of Egalet and gave the company a “buy” rating in a research report on Monday, August 14th. Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 target price on shares of Egalet in a research report on Monday, August 14th. Finally, Gabelli cut shares of Egalet from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $7.10.

The company has a debt-to-equity ratio of -3.43, a current ratio of 2.73 and a quick ratio of 2.68.

Several hedge funds and other institutional investors have recently bought and sold shares of EGLT. Janney Montgomery Scott LLC raised its holdings in shares of Egalet by 1.1% during the second quarter. Janney Montgomery Scott LLC now owns 45,963 shares of the specialty pharmaceutical company’s stock worth $109,000 after purchasing an additional 500 shares during the last quarter. LMR Partners LLP purchased a new position in shares of Egalet during the second quarter worth $179,000. Virtu KCG Holdings LLC grew its position in Egalet by 87.0% during the second quarter. Virtu KCG Holdings LLC now owns 79,877 shares of the specialty pharmaceutical company’s stock valued at $189,000 after buying an additional 37,155 shares during the period. New Jersey Better Educational Savings Trust grew its position in Egalet by 4.0% during 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 during the period. Finally, Goldman Sachs Group Inc. grew its position in Egalet by 515.7% during the second quarter. Goldman Sachs Group Inc. now owns 123,454 shares of the specialty pharmaceutical company’s stock valued at $293,000 after buying an additional 103,402 shares during the period. 54.24% of the stock is owned by institutional investors and hedge funds.

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Egalet Company Profile

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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