Impax Laboratories Inc. (IPXL) Lowered to “Sell” at Zacks Investment Research
According to Zacks, “Impax’s Generics segment is under pressure with some of its high-volume generic products like diclofenac gel (Solaraze) and metaxalone (Skelaxin) seeing additional competition. This has resulted in huge price erosion and significantly lower sales. Moreover, branded product, Rytary, is facing a patent challenge. Earlier-than-expected entry of generic versions of Rytary would be a major setback for the company. Zomig is also facing a patent challenge. Stiff competition in the generics market remains a threat as well. Any further quality control issues would weigh heavily on the stock. However, we are positive on the acquisitions of Tower and Lineage which boosted Impax’s branded and generic drugs portfolio. Moreover, the Teva/Allergan deal has expanded Impax’s portfolio of difficult-to-manufacture or limited-competition products. Estimates have been mostly stable ahead of the company’s third-quarter 2016 earnings release.”
IPXL has been the topic of a number of other reports. WallachBeth Capital cut their target price on shares of Impax Laboratories from $40.00 to $30.00 and set a buy rating on the stock in a research note on Wednesday, August 10th. Deutsche Bank AG cut their target price on shares of Impax Laboratories from $42.00 to $31.00 and set a hold rating on the stock in a research note on Wednesday, June 22nd. Leerink Swann restated a market perform rating and set a $31.00 target price on shares of Impax Laboratories in a research note on Wednesday, June 22nd. BMO Capital Markets started coverage on shares of Impax Laboratories in a research note on Tuesday, June 28th. They set a market perform rating and a $30.00 target price on the stock. Finally, Bank of America Corp. upgraded shares of Impax Laboratories from an underperform rating to a neutral rating in a research note on Tuesday, June 21st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $33.43.
Impax Laboratories (NASDAQ:IPXL) traded up 0.46% during mid-day trading on Monday, reaching $21.85. 61,497 shares of the company were exchanged. Impax Laboratories has a 1-year low of $20.97 and a 1-year high of $45.00. The stock has a 50-day moving average of $24.43 and a 200 day moving average of $29.22. The firm has a market capitalization of $1.56 billion, a P/E ratio of 46.29 and a beta of 1.21.
Impax Laboratories (NASDAQ:IPXL) last issued its quarterly earnings results on Tuesday, August 9th. The specialty pharmaceutical company reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.11. The business had revenue of $173 million for the quarter, compared to analysts’ expectations of $223.67 million. Impax Laboratories had a return on equity of 11.30% and a net margin of 3.78%. The firm’s revenue for the quarter was down 19.4% on a year-over-year basis. During the same quarter last year, the company earned $0.34 earnings per share. Equities research analysts forecast that Impax Laboratories will post $1.59 earnings per share for the current year.
In other Impax Laboratories news, Director Leslie Z. Benet sold 10,092 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $22.81, for a total value of $230,198.52. Following the completion of the transaction, the director now owns 40,225 shares in the company, valued at $917,532.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.30% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in IPXL. BlackRock Fund Advisors boosted its position in shares of Impax Laboratories by 3.3% in the second quarter. BlackRock Fund Advisors now owns 5,797,323 shares of the specialty pharmaceutical company’s stock worth $167,079,000 after buying an additional 185,241 shares in the last quarter. Vanguard Group Inc. raised its stake in Impax Laboratories by 2.7% in the second quarter. Vanguard Group Inc. now owns 5,605,231 shares of the specialty pharmaceutical company’s stock worth $161,543,000 after buying an additional 144,892 shares during the last quarter. Franklin Resources Inc. raised its stake in Impax Laboratories by 6.9% in the second quarter. Franklin Resources Inc. now owns 2,475,482 shares of the specialty pharmaceutical company’s stock worth $71,352,000 after buying an additional 159,076 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Impax Laboratories by 0.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,730,188 shares of the specialty pharmaceutical company’s stock worth $49,864,000 after buying an additional 8,364 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Impax Laboratories by 5.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,637,942 shares of the specialty pharmaceutical company’s stock worth $47,207,000 after buying an additional 85,854 shares during the last quarter. Institutional investors and hedge funds own 88.13% of the company’s stock.
Impax Laboratories Company Profile
Impax Laboratories, Inc is a specialty pharmaceutical company. The Company is engaged in the development, manufacture and marketing of bioequivalent pharmaceutical products (generics), as well as the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.
Receive News & Stock Ratings for Impax Laboratories Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Impax Laboratories Inc. and related stocks with our FREE daily email newsletter.