Egalet Corp. (EGLT) Sees Significant Growth in Short Interest
Egalet Corp. (NASDAQ:EGLT) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 5,037,684 shares, an increase of 30.4% from the September 15th total of 3,863,208 shares. Based on an average daily trading volume, of 418,261 shares, the days-to-cover ratio is presently 12.0 days. Approximately 42.4% of the company’s shares are short sold.
Egalet Corp. (NASDAQ:EGLT) opened at 7.14 on Friday. The firm’s market capitalization is $175.24 million. The stock’s 50 day moving average price is $7.36 and its 200-day moving average price is $6.62. Egalet Corp. has a 12 month low of $4.34 and a 12 month high of $11.85.
Egalet Corp. (NASDAQ:EGLT) last announced its quarterly earnings data on Thursday, August 4th. The specialty pharmaceutical company reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.82) by $0.15. The firm had revenue of $3.45 million for the quarter, compared to the consensus estimate of $3.83 million. Egalet Corp. had a negative net margin of 244.57% and a negative return on equity of 86.03%. Egalet Corp.’s revenue for the quarter was up 259.4% compared to the same quarter last year. During the same quarter last year, the company posted ($1.03) earnings per share. Equities analysts anticipate that Egalet Corp. will post ($3.48) EPS for the current fiscal year.
Several equities analysts have issued reports on the company. Cantor Fitzgerald set a $21.00 price target on Egalet Corp. and gave the company a “buy” rating in a research note on Saturday, August 6th. Zacks Investment Research lowered Egalet Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, August 9th. Finally, Gabelli assumed coverage on Egalet Corp. in a research note on Tuesday, September 13th. They issued a “buy” rating and a $9.50 price target on the stock.
In other Egalet Corp. news, insider Robert S. Radie sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $7.47, for a total value of $112,050.00. Following the transaction, the insider now directly owns 234,900 shares of the company’s stock, valued at $1,754,703. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Mark Strobeck sold 33,700 shares of the business’s stock in a transaction that occurred on Friday, September 30th. The shares were sold at an average price of $7.58, for a total value of $255,446.00. Following the completion of the transaction, the chief operating officer now directly owns 71,880 shares in the company, valued at $544,850.40. The disclosure for this sale can be found here. 13.20% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC raised its position in Egalet Corp. by 16.2% in the second quarter. ProShare Advisors LLC now owns 21,386 shares of the specialty pharmaceutical company’s stock valued at $106,000 after buying an additional 2,977 shares during the last quarter. Rhumbline Advisers bought a new position in Egalet Corp. during the second quarter valued at about $125,000. Schwab Charles Investment Management Inc. bought a new position in Egalet Corp. during the second quarter valued at about $177,000. Teachers Advisors Inc. bought a new position in Egalet Corp. during the second quarter valued at about $180,000. Finally, California State Teachers Retirement System bought a new position in Egalet Corp. during the second quarter valued at about $230,000. Hedge funds and other institutional investors own 67.18% of the company’s stock.
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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