Salix Pharmaceuticals Stock Rating Lowered by Bank of America Corp. (SLXP)
Salix Pharmaceuticals (NASDAQ:SLXP) was downgraded by Bank of America Corp. from a “neutral” rating to an “underperform” rating in a research note issued on Tuesday, Analyst Ratings Network.com reports. They currently have a $86.00 price objective on the stock. Bank of America Corp.’s target price indicates a potential downside of 3.65% from the stock’s previous close.
The analysts wrote, “SLXP was one of the better performing stocks in 2013 within our Specialty Pharma coverage group with a 122% return,” the report said. “Over the last few months, we’ve raised our PO to reflect stronger performance for the base business, more credit for the late-stage pipeline, and significant contribution from the Santarus acquisition (announced on 11/7). With the stock now trading above our PO, which we believe reflects a relatively bullish set of assumptions, we are moving to an Underperform rating.”
Shares of Salix Pharmaceuticals (NASDAQ:SLXP) traded down 1.29% during mid-day trading on Tuesday, hitting $89.26. 1,108,696 shares of the company’s stock traded hands. Salix Pharmaceuticals has a 52-week low of $44.30 and a 52-week high of $92.31. The stock has a 50-day moving average of $86.42 and a 200-day moving average of $74.28. The company has a market cap of $5.614 billion and a P/E ratio of 53.73.
Salix Pharmaceuticals (NASDAQ:SLXP) last released its earnings data on Thursday, November 7th. The company reported $0.89 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.86 by $0.03. The company had revenue of $238.20 million for the quarter, compared to the consensus estimate of $239.70 million. During the same quarter last year, the company posted $0.95 earnings per share. Salix Pharmaceuticals’s revenue was up 28.7% compared to the same quarter last year. On average, analysts predict that Salix Pharmaceuticals will post $3.22 earnings per share for the current fiscal year.
A number of other firms have also recently commented on SLXP. Analysts at Stifel Nicolaus upgraded shares of Salix Pharmaceuticals from a “hold” rating to a “buy” rating in a research note to investors on Tuesday, December 17th. They now have a $108.00 price target on the stock. Separately, analysts at Janney Montgomery Scott reiterated a “buy” rating on shares of Salix Pharmaceuticals in a research note to investors on Tuesday, November 19th. They now have a $95.00 price target on the stock. Finally, analysts at Susquehanna raised their price target on shares of Salix Pharmaceuticals from $75.00 to $81.00 in a research note to investors on Monday, November 11th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. Salix Pharmaceuticals currently has a consensus rating of “Hold” and an average target price of $81.13.
Salix Pharmaceuticals, Ltd. is a specialty pharmaceutical company dedicated to acquiring, developing and commercializing prescription drugs and medical devices used in the treatment of a variety of gastrointestinal disorders, which are those affecting the digestive tract.
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