Short Interest in Impax Laboratories Rises By 161.0% (IPXL)
Shares of Impax Laboratories (NASDAQ:IPXL) were the target of a large growth in short interest in April. As of April 30th, there was short interest totalling 5,178,558 shares, a growth of 161.0% from the April 15th total of 1,984,253 shares, Stock Ratings Network reports. Approximately 8.1% of the company’s stock are short sold. Based on an average trading volume of 1,096,034 shares, the days-to-cover ratio is presently 4.7 days.
In other Impax Laboratories news, Director Nigel Fleming unloaded 1,333 shares of Impax Laboratories stock on the open market in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $26.58, for a total transaction of $35,431.14. Following the sale, the director now directly owns 8,366 shares of the company’s stock, valued at approximately $222,368. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
A number of research firms have recently commented on IPXL. Analysts at Buckingham Research upgraded shares of Impax Laboratories from an “underperform” rating to a “neutral” rating in a research note on Wednesday, May 7th. They now have a $26.00 price target on the stock, up previously from $15.00. Separately, analysts at Guggenheim raised their price target on shares of Impax Laboratories from $30.00 to $32.00 in a research note on Friday, May 2nd. Finally, analysts at Zacks upgraded shares of Impax Laboratories from a “neutral” rating to an “outperform” rating in a research note on Monday, April 21st. They now have a $28.40 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Impax Laboratories currently has an average rating of “Hold” and an average price target of $25.45.
Impax Laboratories (NASDAQ:IPXL) opened at 25.93 on Wednesday. Impax Laboratories has a 52 week low of $17.60 and a 52 week high of $29.46. The stock has a 50-day moving average of $25.59 and a 200-day moving average of $24.49. The company has a market cap of $1.762 billion and a price-to-earnings ratio of 1212.73.
Impax Laboratories (NASDAQ:IPXL) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.24 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.05 by $0.19. The company had revenue of $118.70 million for the quarter, compared to the consensus estimate of $97.80 million. During the same quarter last year, the company posted $0.37 earnings per share. Impax Laboratories’s revenue was down 20.1% compared to the same quarter last year. On average, analysts predict that Impax Laboratories will post $0.87 earnings per share for the current fiscal year.
Impax Laboratories Inc is a specialty pharmaceutical company. The Company is engaged in the development, manufacture and marketing of bioequivalent pharmaceutical products, referred to as generics, in addition to the development and marketing of branded products.
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