Zacks Investment Research lowered shares of Impax Laboratories, Inc. (NASDAQ:IPXL) from a buy rating to a hold rating in a research note released on Monday, July 17th.
According to Zacks, “Impax’s epinephrine auto-injector sales picked up and the company has 24 ANDAs pending FDA approval. Moreover, Impax’s generics pipeline should be able to take advantage of the upcoming patent expirations in the pharma industry. The acquisition of several generic products in Aug 2016 including 15 currently marketed products bode well for Impax. However, the Generics segment has been under competitive and pricing pressure, which is expected to persist through 2017. Meanwhile, the company is taking steps to reduce costs and improve efficiencies,which is expected to produce total savings of $130 million by the end of 2019. However, the company’s earnings guidance for 2017 is significantly lower than 2016 numbers as continued impact of lower pricing on generics is expected to dampen revenues.Estimates have remained mostly stable lately ahead of the Q2 results. Impax has a negative record of earnings surprises in the recent quarters.”
Several other equities analysts have also commented on IPXL. Royal Bank Of Canada reissued a sector perform rating and set a $10.00 price objective on shares of Impax Laboratories in a research report on Sunday, April 2nd. Janney Montgomery Scott reissued a neutral rating and set a $21.00 price objective on shares of Impax Laboratories in a research report on Monday, June 12th. BidaskClub raised Impax Laboratories from a hold rating to a buy rating in a research report on Wednesday, July 12th. Vetr lowered Impax Laboratories from a strong-buy rating to a strong sell rating and set a $10.55 price objective for the company. in a research report on Monday, April 24th. Finally, Cantor Fitzgerald assumed coverage on Impax Laboratories in a research report on Friday, June 16th. They set an overweight rating and a $20.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of Hold and an average target price of $18.56.
Shares of Impax Laboratories (IPXL) traded up 0.55% on Monday, hitting $18.30. 1,600,694 shares of the stock were exchanged. The company’s market cap is $1.31 billion. The company has a 50 day moving average of $17.34 and a 200 day moving average of $14.34. Impax Laboratories has a 52-week low of $7.75 and a 52-week high of $27.29.
Impax Laboratories (NASDAQ:IPXL) last announced its quarterly earnings results on Wednesday, August 9th. The specialty pharmaceutical company reported $0.18 EPS for the quarter, topping 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 company had revenue of $202.08 million during the quarter, compared to analyst estimates of $195.62 million. During the same quarter last year, the firm posted $0.21 earnings per share. The firm’s revenue was up 17.1% on a year-over-year basis. Equities research analysts forecast that Impax Laboratories will post $0.68 earnings per share for the current year.
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A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Impax Laboratories by 9.1% in the second quarter. Vanguard Group Inc. now owns 6,821,118 shares of the specialty pharmaceutical company’s stock valued at $109,820,000 after buying an additional 569,723 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Impax Laboratories by 23.0% in the second quarter. Dimensional Fund Advisors LP now owns 3,244,580 shares of the specialty pharmaceutical company’s stock valued at $52,238,000 after buying an additional 607,503 shares during the last quarter. North Tide Capital LLC increased 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 last quarter. Frontier Capital Management Co. LLC increased its stake in Impax Laboratories by 43.2% in the second quarter. Frontier Capital Management Co. LLC now owns 1,585,828 shares of the specialty pharmaceutical company’s stock valued at $25,532,000 after buying an additional 478,168 shares during the last quarter. Finally, Norges Bank acquired a new stake in Impax Laboratories during the fourth quarter valued at approximately $16,669,000. Institutional investors own 83.48% of the company’s stock.
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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