Lannett (NYSE:LCI) Shares Up 13.3%

Shares of Lannett Company, Inc. (NYSE:LCI) shot up 13.3% during trading on Wednesday . The company traded as high as $14.15 and last traded at $14.10, 3,565,177 shares traded hands during trading. An increase of 120% from the average session volume of 1,621,026 shares. The stock had previously closed at $12.45.

A number of brokerages have recently commented on LCI. ValuEngine upgraded shares of Lannett from a “sell” rating to a “hold” rating in a report on Tuesday, July 2nd. Roth Capital reiterated a “neutral” rating on shares of Lannett in a research note on Wednesday, August 28th. Zacks Investment Research upgraded shares of Lannett from a “hold” rating to a “strong-buy” rating and set a $9.25 price target on the stock in a research note on Friday, August 30th. Finally, SunTrust Banks upped their price target on shares of Lannett to $10.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Four research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $9.63.

The company has a market cap of $503.05 million, a P/E ratio of 6.43 and a beta of 2.19. The stock’s 50 day moving average is $7.99 and its 200-day moving average is $7.16. The company has a current ratio of 2.67, a quick ratio of 1.86 and a debt-to-equity ratio of 1.98.

Lannett (NYSE:LCI) last announced its quarterly earnings results on Tuesday, August 27th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.16. The company had revenue of $133.80 million for the quarter, compared to analysts’ expectations of $120.28 million. Lannett had a negative net margin of 41.52% and a positive return on equity of 28.00%. Lannett’s revenue was down 21.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 EPS. As a group, sell-side analysts forecast that Lannett Company, Inc. will post 1.18 EPS for the current year.

In related news, Director Patrick G. Lepore bought 25,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $9.82 per share, for a total transaction of $245,500.00. Following the purchase, the director now owns 201,340 shares of the company’s stock, valued at $1,977,158.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Albert Paonessa III sold 16,195 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $12.54, for a total transaction of $203,085.30. Following the transaction, the director now owns 45,945 shares in the company, valued at approximately $576,150.30. The disclosure for this sale can be found here. Insiders own 12.57% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Zacks Investment Management bought a new position in Lannett during the 2nd quarter valued at about $65,000. D. E. Shaw & Co. Inc. increased its position in shares of Lannett by 10.9% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 3,451,212 shares of the company’s stock valued at $20,914,000 after purchasing an additional 339,593 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Lannett during the 2nd quarter valued at about $2,007,000. Morgan Stanley increased its position in shares of Lannett by 19.0% during the 2nd quarter. Morgan Stanley now owns 859,597 shares of the company’s stock valued at $5,210,000 after purchasing an additional 137,101 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Lannett by 38.3% during the 2nd quarter. AQR Capital Management LLC now owns 236,971 shares of the company’s stock valued at $1,436,000 after purchasing an additional 65,658 shares during the last quarter. Institutional investors and hedge funds own 98.56% of the company’s stock.

Lannett Company Profile (NYSE:LCI)

Lannett Company, Inc develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products in the United States. The company offers solid oral and extended release, topical, liquid, nasal, and oral solution finished dosage forms of drugs that address a range of therapeutic areas, as well as ophthalmic, patch, foam, buccal, sublingual, suspension, soft gel, and injectable dosages.

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