Eagle Pharmaceuticals’ (EGRX) Underperform Rating Reaffirmed at Mizuho

Mizuho reaffirmed their underperform rating on shares of Eagle Pharmaceuticals Inc (NASDAQ:EGRX) in a report published on Friday morning. Mizuho currently has a $66.00 target price on the specialty pharmaceutical company’s stock.

EGRX has been the subject of a number of other reports. Royal Bank of Canada restated an outperform rating and set a $86.00 price target on shares of Eagle Pharmaceuticals in a research report on Thursday, March 2nd. Zacks Investment Research lowered shares of Eagle Pharmaceuticals from a strong-buy rating to a strong sell rating in a research report on Tuesday, January 3rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $84.80.

Shares of Eagle Pharmaceuticals (NASDAQ:EGRX) traded up 1.89% during mid-day trading on Friday, reaching $82.14. The company’s stock had a trading volume of 910,156 shares. Eagle Pharmaceuticals has a 12 month low of $33.02 and a 12 month high of $87.78. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 16.56 and a beta of 1.54. The company’s 50-day moving average is $74.32 and its 200 day moving average is $71.27.

Eagle Pharmaceuticals (NASDAQ:EGRX) last released its quarterly earnings results on Wednesday, March 1st. The specialty pharmaceutical company reported $3.52 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.70. The firm earned $81.10 million during the quarter, compared to analyst estimates of $86.13 million. Eagle Pharmaceuticals had a net margin of 20.06% and a return on equity of 25.63%. The business’s revenue for the quarter was up 345.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.08 EPS. On average, equities analysts anticipate that Eagle Pharmaceuticals will post $3.79 EPS for the current year.

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In related news, insider David Pernock bought 450 shares of the business’s stock in a transaction that occurred on Thursday, March 9th. The stock was bought at an average cost of $77.84 per share, for a total transaction of $35,028.00. Following the completion of the transaction, the insider now owns 450 shares of the company’s stock, valued at $35,028. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Proquest Investments Iv, L.P. sold 65,114 shares of the company’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $85.16, for a total transaction of $5,545,108.24. The disclosure for this sale can be found here. 18.80% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Fund Advisors raised its position in shares of Eagle Pharmaceuticals by 87.0% in the third quarter. BlackRock Fund Advisors now owns 769,869 shares of the specialty pharmaceutical company’s stock valued at $53,891,000 after buying an additional 358,134 shares during the period. Victory Capital Management Inc. bought a new position in shares of Eagle Pharmaceuticals during the third quarter valued at about $48,318,000. Essex Investment Management Co. LLC bought a new position in shares of Eagle Pharmaceuticals during the third quarter valued at about $1,016,000. Bank of New York Mellon Corp raised its position in shares of Eagle Pharmaceuticals by 124.5% in the third quarter. Bank of New York Mellon Corp now owns 93,265 shares of the specialty pharmaceutical company’s stock valued at $6,529,000 after buying an additional 51,725 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of Eagle Pharmaceuticals by 226.0% in the third quarter. PNC Financial Services Group Inc. now owns 41,002 shares of the specialty pharmaceutical company’s stock valued at $2,871,000 after buying an additional 28,424 shares during the period.

About Eagle Pharmaceuticals

Eagle Pharmaceuticals, Inc is a specialty pharmaceutical company. The Company focuses on developing and commercializing injectable products in the critical care and oncology areas. The Company’s product portfolio includes EP-1101 (argatroban); Ryanodex (dantrolene sodium); docetaxel injection, non-alcohol formulation (Non-Alcohol Docetaxel Injection); diclofenac-misoprostol; EP-3101 (Bendamustine Hydrochloride Injection, ready-to-dilute (RTD) concentrate solution), and EP-3102 (rapidly infused bendamustine RTD) (EP-3102 Bendeka).

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