Short Interest in Forest Laboratories Increases By 48.0% (FRX)
Shares of Forest Laboratories (NYSE:FRX) were the recipient of a large growth in short interest in the month of January. As of March 31st, there was short interest totalling 3,240,587 shares, a growth of 48.0% from the March 14th total of 2,190,014 shares, AmericanBankingNews.com reports. Approximately 1.2% of the shares of the company are short sold. Based on an average daily trading volume, of 2,758,197 shares, the days-to-cover ratio is currently 1.2 days.
A number of research firms have recently commented on FRX. Analysts at Piper Jaffray downgraded shares of Forest Laboratories from an “overweight” rating to a “neutral” rating in a research note on Wednesday, March 12th. They now have a $96.00 price target on the stock, up previously from $91.00. Separately, analysts at Credit Suisse downgraded shares of Forest Laboratories from an “outperform” rating to a “neutral” rating in a research note on Monday, February 24th. They now have a $96.00 price target on the stock, up previously from $85.00. Finally, analysts at SunTrust downgraded shares of Forest Laboratories from a “buy” rating to a “neutral” rating in a research note on Thursday, February 20th. Twelve investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $76.33.
Forest Laboratories (NYSE:FRX) opened at 91.45 on Friday. Forest Laboratories has a 1-year low of $36.79 and a 1-year high of $100.88. The stock has a 50-day moving average of $91.97 and a 200-day moving average of $68.86. The company has a market cap of $24.779 billion and a price-to-earnings ratio of 158.02.
Forest Laboratories, Inc (NYSE:FRX) develops, manufactures and sells branded forms of ethical drug products, which requires a physician’s prescription.
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