Forest Laboratories Director Howard Solomon Sells 250,000 Shares (FRX)
Forest Laboratories (NYSE:FRX) Director Howard Solomon sold 250,000 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $65.41, for a total value of $16,352,500.00. Following the sale, the director now directly owns 464,881 shares of the company’s stock, valued at approximately $30,407,866. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
A number of analysts have recently weighed in on FRX shares. 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 analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $59.72.
Shares of Forest Laboratories (NYSE:FRX) traded up 0.29% during mid-day trading on Monday, hitting $65.14. The stock had a trading volume of 2,450,059 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 $61.44 and a 200-day moving average of $49.25. The company’s market cap is $17.549 billion.
Forest Laboratories (NYSE:FRX) last posted its quarterly earnings results on Tuesday, January 21st. The company reported $0.07 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted ($0.21) earnings per share. The company’s quarterly revenue was up 22.6% on a year-over-year basis. On average, analysts predict that Forest Laboratories will post $1.12 earnings per share 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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