BidaskClub Downgrades Impax Laboratories, Inc. (IPXL) to Hold
Impax Laboratories, Inc. (NASDAQ:IPXL) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
A number of other equities research analysts have also recently issued reports on IPXL. Royal Bank Of Canada set a $10.00 price objective on Impax Laboratories and gave the company a “hold” rating in a research note on Saturday, April 8th. Vetr cut Impax Laboratories from a “strong-buy” rating to a “strong sell” rating and set a $10.55 price objective on the stock. in a research note on Monday, April 24th. Zacks Investment Research upgraded Impax Laboratories from a “strong sell” rating to a “hold” rating in a research note on Monday, May 8th. Janney Montgomery Scott restated a “neutral” rating and issued a $21.00 price objective on shares of Impax Laboratories in a research note on Monday, June 12th. Finally, Cantor Fitzgerald started coverage on Impax Laboratories in a research note on Friday, June 16th. They issued an “overweight” rating and a $20.00 price objective on the stock. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $18.62.
Impax Laboratories (NASDAQ:IPXL) traded down 5.03% during trading on Friday, hitting $15.10. 3,993,330 shares of the company traded hands. The company’s market capitalization is $1.08 billion. Impax Laboratories has a 12-month low of $7.75 and a 12-month high of $31.29. The stock has a 50 day moving average price of $16.94 and a 200 day moving average price of $14.12.
Impax Laboratories (NASDAQ:IPXL) last announced its quarterly earnings data on Wednesday, May 10th. The specialty pharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.01. Impax Laboratories had a negative net margin of 71.50% and a positive return on equity of 7.71%. The firm had revenue of $184.40 million during the quarter, compared to the consensus estimate of $193.17 million. During the same quarter in the prior year, the firm posted $0.43 earnings per share. The company’s revenue was down 18.2% on a year-over-year basis. On average, equities analysts anticipate that Impax Laboratories will post $0.66 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently modified their holdings of IPXL. Quadrature Capital Ltd acquired a new position in shares of Impax Laboratories during the fourth quarter valued at approximately $224,000. State of Wisconsin Investment Board acquired a new position in shares of Impax Laboratories during the first quarter valued at approximately $1,577,000. Legato Capital Management LLC raised its position in shares of Impax Laboratories by 1,165.0% in the first quarter. Legato Capital Management LLC now owns 29,892 shares of the specialty pharmaceutical company’s stock valued at $2,363,000 after buying an additional 27,529 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Impax Laboratories by 12.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,791,702 shares of the specialty pharmaceutical company’s stock valued at $23,739,000 after buying an additional 194,694 shares during the last quarter. Finally, American Century Companies Inc. acquired a new position in shares of Impax Laboratories during the first quarter valued at approximately $1,195,000. 83.48% of the stock is owned by institutional investors.
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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