According to Zacks, “Impax’s Generics segment is under pressure with some of its high-volume generic products like diclofenac gel (Solaraze) and metaxalone (Skelaxin) seeing additional competition. This has resulted in huge price erosion and significantly lower sales. Moreover, branded product, Rytary, is facing a patent challenge. Earlier-than-expected entry of generic versions of Rytary would be a major setback for the company. Zomig is also facing a patent challenge. Stiff competition in the generics market remains a threat as well. Any further quality control issues would weigh heavily on the stock. However, we are positive on the acquisitions of Tower and Lineage which boosted Impax’s branded and generic drugs portfolio. Moreover, the Teva/Allergan deal has expanded Impax’s portfolio of difficult-to-manufacture or limited-competition products. Estimates have been mostly stable ahead of the company’s third-quarter 2016 earnings release.”
A number of other research analysts have also issued reports on the company. Goldman Sachs Group Inc. upgraded Impax Laboratories from a sell rating to a neutral rating and boosted their price objective for the company from $25.00 to $26.00 in a research report on Tuesday, September 27th. Northland Securities upgraded Impax Laboratories from a market perform rating to an outperform rating and set a $30.00 price target for the company in a research report on Monday, August 15th. Piper Jaffray Cos. reiterated an overweight rating and set a $32.00 price target (down previously from $40.00) on shares of Impax Laboratories in a research report on Saturday, August 13th. RBC Capital Markets reiterated a sector perform rating and set a $30.00 price target (down previously from $35.00) on shares of Impax Laboratories in a research report on Thursday, August 11th. Finally, Deutsche Bank AG reduced their price target on Impax Laboratories from $31.00 to $24.00 and set a hold rating for the company in a research report on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. Impax Laboratories has a consensus rating of Hold and a consensus target price of $33.43.
Impax Laboratories (NASDAQ:IPXL) traded up 0.46% during mid-day trading on Monday, hitting $21.85. The company had a trading volume of 61,497 shares. The company’s 50 day moving average price is $24.43 and its 200-day moving average price is $29.22. The company has a market cap of $1.56 billion, a PE ratio of 46.29 and a beta of 1.21. Impax Laboratories has a one year low of $20.97 and a one year high of $45.00.
Impax Laboratories (NASDAQ:IPXL) last released its quarterly earnings data on Tuesday, August 9th. The specialty pharmaceutical company reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.11. Impax Laboratories had a net margin of 3.78% and a return on equity of 11.30%. The company had revenue of $173 million for the quarter, compared to analyst estimates of $223.67 million. During the same quarter in the prior year, the firm earned $0.34 EPS. The company’s revenue for the quarter was down 19.4% compared to the same quarter last year. Equities research analysts anticipate that Impax Laboratories will post $1.59 EPS for the current fiscal year.
In related news, Director Leslie Z. Benet sold 10,092 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $22.81, for a total transaction of $230,198.52. Following the transaction, the director now directly owns 40,225 shares of the company’s stock, valued at $917,532.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Fund Advisors raised its position in Impax Laboratories by 3.3% in the second quarter. BlackRock Fund Advisors now owns 5,797,323 shares of the specialty pharmaceutical company’s stock valued at $167,079,000 after buying an additional 185,241 shares during the last quarter. Vanguard Group Inc. raised its position in Impax Laboratories by 2.7% in the second quarter. Vanguard Group Inc. now owns 5,605,231 shares of the specialty pharmaceutical company’s stock valued at $161,543,000 after buying an additional 144,892 shares during the last quarter. Franklin Resources Inc. raised its position in Impax Laboratories by 6.9% in the second quarter. Franklin Resources Inc. now owns 2,475,482 shares of the specialty pharmaceutical company’s stock valued at $71,352,000 after buying an additional 159,076 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Impax Laboratories by 0.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,730,188 shares of the specialty pharmaceutical company’s stock valued at $49,864,000 after buying an additional 8,364 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Impax Laboratories by 5.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,637,942 shares of the specialty pharmaceutical company’s stock valued at $47,207,000 after buying an additional 85,854 shares during the last quarter. 88.13% of the stock is currently owned by hedge funds and other 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), as well as the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.
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