Impax Laboratories, Inc. (IPXL) Sees Large Volume Increase Following Analyst Upgrade

Shares of Impax Laboratories, Inc. (NASDAQ:IPXL) saw unusually-high trading volume on Monday after Deutsche Bank AG raised their price target on the stock from $20.00 to $21.00. Deutsche Bank AG currently has a buy rating on the stock. Approximately 3,419,069 shares were traded during trading, an increase of 80% from the previous session’s volume of 1,895,850 shares.The stock last traded at $18.10 and had previously closed at $16.75.

A number of other research analysts have also weighed in on IPXL. Guggenheim reissued a “buy” rating and set a $20.00 price target on shares of Impax Laboratories in a research report on Monday, March 27th. Royal Bank Of Canada reissued a “sector perform” rating and set a $10.00 price target on shares of Impax Laboratories in a research report on Sunday, April 2nd. Vetr lowered shares of Impax Laboratories from a “strong-buy” rating to a “strong sell” rating and set a $10.55 price target on the stock. in a research report on Monday, April 24th. Zacks Investment Research raised shares of Impax Laboratories from a “strong sell” rating to a “hold” rating in a research report on Monday, May 8th. Finally, Janney Montgomery Scott reaffirmed a “neutral” rating and issued a $21.00 price objective on shares of Impax Laboratories in a research report on Monday, June 12th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $18.03.

Several hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in Impax Laboratories during the fourth quarter valued at about $16,669,000. Frontier Capital Management Co. LLC acquired a new stake in Impax Laboratories during the first quarter valued at about $14,012,000. North Tide Capital LLC raised its stake in Impax Laboratories by 50.0% in the first quarter. North Tide Capital LLC now owns 3,000,000 shares of the specialty pharmaceutical company’s stock valued at $37,950,000 after buying an additional 1,000,000 shares during the period. Dimensional Fund Advisors LP raised its stake in Impax Laboratories by 47.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,637,077 shares of the specialty pharmaceutical company’s stock valued at $33,359,000 after buying an additional 845,375 shares during the period. Finally, Point72 Asset Management L.P. raised its stake in Impax Laboratories by 88.4% in the first quarter. Point72 Asset Management L.P. now owns 1,095,600 shares of the specialty pharmaceutical company’s stock valued at $13,859,000 after buying an additional 514,200 shares during the period. 83.87% of the stock is currently owned by institutional investors.

The firm’s market cap is $1.30 billion. The stock’s 50 day moving average is $15.78 and its 200-day moving average is $13.40.

Impax Laboratories (NASDAQ:IPXL) last released its earnings results on Wednesday, May 10th. The specialty pharmaceutical company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by $0.01. Impax Laboratories had a positive return on equity of 7.71% and a negative net margin of 71.50%. The firm had revenue of $184.40 million for the quarter, compared to the consensus estimate of $193.17 million. During the same quarter in the previous year, the business posted $0.43 EPS. Impax Laboratories’s revenue was down 18.2% on a year-over-year basis. On average, equities research analysts expect that Impax Laboratories, Inc. will post $0.65 EPS for the current year.

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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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