Impax Laboratories Inc. (NASDAQ:IPXL) was upgraded by analysts at Goldman Sachs Group Inc. from a “sell” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $26.00 target price on the specialty pharmaceutical company’s stock, up from their previous target price of $25.00. Goldman Sachs Group Inc.’s price target suggests a potential upside of 5.14% from the company’s previous close.
A number of other brokerages have also commented on IPXL. Deutsche Bank AG lowered their price target on Impax Laboratories from $42.00 to $31.00 and set a “hold” rating on the stock in a report on Wednesday, June 22nd. Leerink Swann lowered their price target on Impax Laboratories from $33.00 to $24.00 and set a “market perform” rating on the stock in a report on Wednesday, August 10th. WallachBeth Capital lowered their price target on Impax Laboratories from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Wednesday, August 10th. BMO Capital Markets initiated coverage on Impax Laboratories in a report on Tuesday, June 28th. They set a “market perform” rating and a $30.00 price target on the stock. Finally, Northland Securities raised Impax Laboratories from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a report on Monday, August 15th. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Impax Laboratories presently has a consensus rating of “Hold” and a consensus price target of $33.43.
Impax Laboratories (NASDAQ:IPXL) opened at 24.73 on Tuesday. Impax Laboratories has a 12-month low of $20.97 and a 12-month high of $45.00. The firm’s 50-day moving average is $24.40 and its 200 day moving average is $30.08. The stock has a market capitalization of $1.76 billion, a P/E ratio of 52.39 and a beta of 1.20.
Impax Laboratories (NASDAQ:IPXL) last issued its quarterly earnings results on Tuesday, August 9th. The specialty pharmaceutical company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by $0.11. The business had revenue of $173 million for the quarter, compared to analyst estimates of $223.67 million. Impax Laboratories had a net margin of 3.78% and a return on equity of 11.30%. Impax Laboratories’s revenue for the quarter was down 19.4% on a year-over-year basis. During the same period last year, the business posted $0.34 earnings per share. Equities analysts expect that Impax Laboratories will post $1.59 EPS for the current year.
In other Impax Laboratories news, Director Leslie Z. Benet sold 10,092 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $22.81, for a total transaction of $230,198.52. Following the completion of the sale, the director now directly owns 40,225 shares in the company, valued at approximately $917,532.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.30% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Rational Advisors LLC acquired a new stake in shares of Impax Laboratories during the second quarter worth approximately $112,000. Walleye Trading LLC raised its stake in shares of Impax Laboratories by 66.1% in the second quarter. Walleye Trading LLC now owns 3,883 shares of the specialty pharmaceutical company’s stock worth $112,000 after buying an additional 1,545 shares during the last quarter. Acrospire Investment Management LLC raised its stake in shares of Impax Laboratories by 198.5% in the second quarter. Acrospire Investment Management LLC now owns 3,910 shares of the specialty pharmaceutical company’s stock worth $113,000 after buying an additional 2,600 shares during the last quarter. BlackRock Inc. raised its stake in shares of Impax Laboratories by 128.2% in the first quarter. BlackRock Inc. now owns 4,834 shares of the specialty pharmaceutical company’s stock worth $154,000 after buying an additional 2,716 shares during the last quarter. Finally, Pacer Advisors Inc. acquired a new stake in shares of Impax Laboratories during the second quarter worth approximately $175,000. Hedge funds and other institutional investors own 88.17% 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), as well as the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.
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