Insider Selling: Jerome Lynch Unloads 135,625 Shares of Forest Laboratories Stock (FRX)
Forest Laboratories (NYSE:FRX) SVP Jerome Lynch unloaded 135,625 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $67.28, for a total transaction of $9,124,850.00. Following the completion of the transaction, the senior vice president now directly owns 66,577 shares in the company, valued at approximately $4,479,301. The sale was disclosed in a legal filing with the SEC, which is available at this link.
FRX has been the subject of a number of recent research reports. Analysts at Zacks reiterated an “outperform” rating on shares of Forest Laboratories in a research note to investors on Thursday. They now have a $80.00 price target on the stock. Separately, analysts at Credit Suisse upgraded shares of Forest Laboratories from a “neutral” rating to an “outperform” rating in a research note to investors on Friday, January 17th. They now have a $85.00 price target on the stock, up previously from $60.00. Finally, analysts at Argus raised their price target on shares of Forest Laboratories from $62.00 to $77.00 in a research note to investors on Tuesday, January 14th. They now have a “buy” rating on the stock. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Forest Laboratories has a consensus rating of “Buy” and a consensus target price of $59.72.
Forest Laboratories (NYSE:FRX) traded down 3.76% on Friday, hitting $64.95. The stock had a trading volume of 2,733,415 shares. Forest Laboratories has a 52-week low of $35.22 and a 52-week high of $72.40. The stock has a 50-day moving average of $61.16 and a 200-day moving average of $49.09. The company’s market cap is $17.498 billion.
Forest Laboratories (NYSE:FRX) last issued its quarterly earnings data on Tuesday, January 21st. The company reported $0.07 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.05 by $0.02. The company had revenue of $846.80 million for the quarter, compared to the consensus estimate of $827.25 million. During the same quarter in the previous year, the company posted ($0.21) earnings per share. The company’s revenue for the quarter was up 22.6% on a year-over-year basis. Analysts expect that Forest Laboratories will post $1.12 EPS for the current fiscal year.
Forest Laboratories, Inc (NYSE:FRX) develops, manufactures and sells branded forms of ethical drug products, most of which requires a physician’s prescription.
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