Insider Selling: Egalet Corp. (EGLT) CFO Sells 13,480 Shares of Stock
Egalet Corp. (NASDAQ:EGLT) CFO Stan Musial sold 13,480 shares of Egalet Corp. stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $7.47, for a total value of $100,695.60. Following the transaction, the chief financial officer now owns 67,980 shares of the company’s stock, valued at approximately $507,810.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Egalet Corp. (NASDAQ:EGLT) opened at 7.64 on Wednesday. Egalet Corp. has a 1-year low of $4.34 and a 1-year high of $11.96. The stock has a 50 day moving average price of $7.54 and a 200 day moving average price of $6.58. The stock’s market cap is $187.51 million.
Egalet Corp. (NASDAQ:EGLT) last announced its earnings results on Thursday, August 4th. The specialty pharmaceutical company reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by $0.15. The firm earned $3.45 million during the quarter, compared to analysts’ expectations of $3.83 million. Egalet Corp. had a negative net margin of 244.57% and a negative return on equity of 86.03%. The firm’s revenue for the quarter was up 259.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.03) EPS. On average, analysts predict that Egalet Corp. will post ($3.48) EPS for the current fiscal year.
A number of research analysts have issued reports on EGLT shares. Cantor Fitzgerald reiterated a “buy” rating and set a $21.00 price objective on shares of Egalet Corp. in a research note on Thursday, September 8th. Gabelli started coverage on Egalet Corp. in a research note on Tuesday, September 13th. They set a “buy” rating and a $9.50 price objective for the company. Finally, Zacks Investment Research cut Egalet Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, August 9th.
Hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC raised its stake in shares of Egalet Corp. by 16.2% in the second quarter. ProShare Advisors LLC now owns 21,386 shares of the specialty pharmaceutical company’s stock worth $106,000 after buying an additional 2,977 shares during the last quarter. Rhumbline Advisers purchased a new stake in shares of Egalet Corp. during the second quarter worth about $125,000. Schwab Charles Investment Management Inc. purchased a new stake in shares of Egalet Corp. during the second quarter worth about $177,000. Teachers Advisors Inc. purchased a new stake in shares of Egalet Corp. during the second quarter worth about $180,000. Finally, California State Teachers Retirement System purchased a new stake in shares of Egalet Corp. during the second quarter worth about $230,000. 67.18% of the stock is currently owned by institutional investors.
About Egalet Corp.
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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