Impax Laboratories, Inc. (IPXL) Stock Price Up 5.9%
Impax Laboratories, Inc. (NASDAQ:IPXL) shares rose 5.9% during mid-day trading on Monday . The company traded as high as $21.90 and last traded at $21.50. Approximately 2,179,774 shares were traded during mid-day trading, an increase of 36% from the average daily volume of 1,605,440 shares. The stock had previously closed at $20.30.
A number of research analysts have recently commented on IPXL shares. Canaccord Genuity set a $19.00 target price on shares of Impax Laboratories and gave the stock a “hold” rating in a report on Wednesday, August 9th. Cantor Fitzgerald set a $20.00 price target on shares of Impax Laboratories and gave the company a “buy” rating in a report on Wednesday, August 9th. Citigroup Inc. upped their price objective on shares of Impax Laboratories to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, September 19th. Deutsche Bank AG set a $21.00 price objective on shares of Impax Laboratories and gave the stock a “buy” rating in a research report on Monday, July 17th. Finally, Zacks Investment Research downgraded shares of Impax Laboratories from a “hold” rating to a “strong sell” rating in a research note on Monday, July 24th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. Impax Laboratories has an average rating of “Hold” and an average target price of $18.70.
The stock’s market cap is $1.60 billion. The stock’s 50-day moving average is $20.49 and its 200-day moving average is $16.49.
Impax Laboratories (NASDAQ:IPXL) last released its quarterly earnings data on Wednesday, August 9th. The specialty pharmaceutical company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. Impax Laboratories had a positive return on equity of 9.05% and a negative net margin of 71.08%. The firm had revenue of $202.08 million during the quarter, compared to analyst estimates of $195.62 million. During the same quarter in the prior year, the firm posted $0.21 earnings per share. The business’s quarterly revenue was up 17.1% compared to the same quarter last year. Equities research analysts expect that Impax Laboratories, Inc. will post $0.70 EPS for the current year.
Institutional investors have recently made changes to their positions in the business. Advisory Services Network LLC purchased a new position in shares of Impax Laboratories in the second quarter valued at about $207,000. WINTON GROUP Ltd bought a new stake in shares of Impax Laboratories in the second quarter worth about $1,066,000. Public Employees Retirement System of Ohio grew its stake in shares of Impax Laboratories by 12.7% in the second quarter. Public Employees Retirement System of Ohio now owns 6,911 shares of the specialty pharmaceutical company’s stock worth $111,000 after purchasing an additional 780 shares during the last quarter. Piedmont Investment Advisors LLC bought a new stake in shares of Impax Laboratories in the second quarter worth about $257,000. Finally, Maverick Capital Ltd. grew its stake in shares of Impax Laboratories by 6,705.5% in the second quarter. Maverick Capital Ltd. now owns 7,159,336 shares of the specialty pharmaceutical company’s stock worth $115,265,000 after purchasing an additional 7,054,136 shares during the last quarter. 86.26% of the stock is currently owned by institutional investors and hedge funds.
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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), in addition to the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.
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