Zacks Investment Research lowered shares of Impax Laboratories (NASDAQ:IPXL) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.
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.”
A number of other equities research analysts have also issued reports on IPXL. Goldman Sachs Group assumed coverage on shares of Impax Laboratories in a report on Thursday, September 28th. They set a neutral rating and a $20.00 target price for the company. Cantor Fitzgerald reaffirmed a buy rating and set a $25.00 target price on shares of Impax Laboratories in a report on Monday, September 25th. Canaccord Genuity set a $19.00 target price on shares of Impax Laboratories and gave the stock a hold rating in a report on Monday, December 18th. Royal Bank of Canada set a $17.00 price target on shares of Impax Laboratories and gave the company a hold rating in a research report on Tuesday, October 17th. Finally, Piper Jaffray Companies reissued a hold rating and set a $17.00 price target on shares of Impax Laboratories in a research report on Sunday, September 17th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. Impax Laboratories currently has a consensus rating of Hold and a consensus target price of $19.62.
Impax Laboratories (NASDAQ:IPXL) last released its earnings results on Thursday, November 9th. The specialty pharmaceutical company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 business had revenue of $206.40 million during the quarter, compared to analyst estimates of $208.38 million. During the same quarter in the prior year, the firm earned $0.37 earnings per share. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. equities analysts expect that Impax Laboratories will post 0.63 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cubist Systematic Strategies LLC lifted its position in Impax Laboratories by 738.9% in the third quarter. Cubist Systematic Strategies LLC now owns 38,042 shares of the specialty pharmaceutical company’s stock valued at $772,000 after buying an additional 33,507 shares during the last quarter. Janus Henderson Group PLC acquired a new position in Impax Laboratories in the third quarter valued at about $28,573,000. Cornerstone Capital Management Holdings LLC. lifted its position in Impax Laboratories by 37.3% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 29,100 shares of the specialty pharmaceutical company’s stock valued at $590,000 after buying an additional 7,900 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in Impax Laboratories in the third quarter valued at about $9,470,000. Finally, Fosun International Ltd lifted its position in Impax Laboratories by 1,185.0% in the third quarter. Fosun International Ltd now owns 3,854,995 shares of the specialty pharmaceutical company’s stock valued at $78,256,000 after buying an additional 3,554,995 shares during the last quarter. 90.48% of the stock is currently owned by institutional investors.
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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