Impax Laboratories (IPXL) Raised to Hold at Zacks Investment Research
Impax Laboratories (NASDAQ:IPXL) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Impax's epinephrine auto-injector sales have picked up and the company has 18 ANDAs pending FDA approval. Impax’s generics pipeline should be able to take advantage of the upcoming patent expirations amid competitive and pricing pressure, which is expected to persist through 2017. Meanwhile, Impax is taking steps to reduce costs and improve efficiencies, which may save an estimated $130 million by the end of 2019. The merger with Amneal Pharma is a positive for Impax as it will have a diverse pipeline with more than 300 products under review or late stage development. However, the company’s manufacturing facilities have been hampered by quality control issues since 2011, which delayed Rytary’s approval. Impax’s shares have outperformed the industry in the past one year. Estimates have remained stable ahead of the Q4 earnings results. The company has a mixed record of earnings surprises in recent quarters.”
IPXL has been the subject of a number of other research reports. UBS Group lifted their price objective on shares of Impax Laboratories from $12.00 to $16.00 and gave the company a “sell” rating in a report on Monday, October 30th. Cantor Fitzgerald set a $35.00 price objective on shares of Impax Laboratories and gave the company a “buy” rating in a report on Friday, December 15th. Citigroup lifted their price objective on shares of Impax Laboratories to $23.00 and gave the company a “buy” rating in a report on Tuesday, September 19th. Goldman Sachs Group began coverage on shares of Impax Laboratories in a report on Thursday, September 28th. They set a “neutral” rating and a $20.00 price objective for the company. Finally, BidaskClub upgraded shares of Impax Laboratories from a “strong sell” rating to a “sell” rating in a report on Saturday. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $19.62.
Impax Laboratories (NASDAQ:IPXL) last announced its quarterly earnings data on Thursday, November 9th. The specialty pharmaceutical company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. Impax Laboratories had a negative net margin of 56.59% and a positive return on equity of 9.06%. The company had revenue of $206.40 million during the quarter, compared to analyst estimates of $208.38 million. During the same quarter last year, the business posted $0.37 EPS. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. equities analysts predict that Impax Laboratories will post 0.64 EPS for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of IPXL. Maverick Capital Ltd. increased its position in Impax Laboratories by 6,705.5% during the 2nd quarter. Maverick Capital Ltd. now owns 7,159,336 shares of the specialty pharmaceutical company’s stock valued at $115,265,000 after purchasing an additional 7,054,136 shares during the period. Fosun International Ltd increased its position in Impax Laboratories by 1,185.0% during the 3rd quarter. Fosun International Ltd now owns 3,854,995 shares of the specialty pharmaceutical company’s stock valued at $78,256,000 after purchasing an additional 3,554,995 shares during the period. Fisher Asset Management LLC purchased a new position in Impax Laboratories during the 3rd quarter valued at about $30,329,000. Janus Henderson Group PLC purchased a new position in Impax Laboratories during the 3rd quarter valued at about $28,573,000. Finally, Balyasny Asset Management LLC increased its position in Impax Laboratories by 357.7% during the 2nd quarter. Balyasny Asset Management LLC now owns 1,051,484 shares of the specialty pharmaceutical company’s stock valued at $16,929,000 after purchasing an additional 821,734 shares during the period. 90.48% of the stock is currently owned by institutional investors and hedge funds.
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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