Impax Laboratories Rating Reiterated by Bank of America (IPXL)
Impax Laboratories (NASDAQ:IPXL)‘s stock had its “underperform” rating restated by investment analysts at Bank of America in a note issued to investors on Tuesday. They currently have a $28.00 target price on the stock, up from their previous target price of $27.00. Bank of America’s price objective would indicate a potential upside of 17.85% from the stock’s previous close.
The analysts wrote, “We are raising our DCF-based price objective from $27 to $28 based mainly on rolling forward our discount period to mid-2015 (vs. end-2014). We did not make any substantial changes to our model, which we updated for Rx trends in the Parkinson’s market that drives our Rytary estimates. We remain cautious on IPXL shares as our model already builds in significant value for new launches (including Rytary) and because IPXL’s FDA issues are as yet unresolved. That said, we believe IPXL, with new CEO Fred Wilkinson (ex-Actavis) at its helm, could engage in business development activity, which could present a risk to our thesis; recall that IPXL remains cash-rich (~$6/share).”
A number of other analysts have also recently weighed in on IPXL. Analysts at Cowen and Company downgraded shares of Impax Laboratories from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Separately, analysts at ISI Group raised their price target on shares of Impax Laboratories to $35.00 in a research note on Thursday, July 3rd. They now have a “hold” rating on the stock. Finally, analysts at WallachBeth Capital raised their price target on shares of Impax Laboratories from $32.00 to $35.00 in a research note on Thursday, July 3rd. They now have a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. Impax Laboratories currently has a consensus rating of “Hold” and a consensus price target of $27.39.
Shares of Impax Laboratories (NASDAQ:IPXL) traded down 15.23% on Tuesday, hitting $23.76. 4,256,728 shares of the company’s stock traded hands. Impax Laboratories has a 1-year low of $19.39 and a 1-year high of $31.04. The stock has a 50-day moving average of $29.11 and a 200-day moving average of $26.4. The company has a market cap of $1.615 billion and a P/E ratio of 1274.09.
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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