Lannett Company Sees Strong Trading Volume Following Strong Earnings (LCI)
Lannett Company (NYSE:LCI) shares saw strong trading volume on Thursday after the company announced better than expected quarterly earnings, Stock Ratings Network.com reports. 903,207 shares were traded during mid-day trading, an increase of 35% from the previous session’s volume of 668,645 shares.The stock last traded at $38.26 and had previously closed at $39.32.
The company reported $0.64 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.54 by $0.10. The company had revenue of $80.60 million for the quarter, compared to the consensus estimate of $79.50 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. The company’s quarterly revenue was up 100.5% on a year-over-year basis.
A number of analysts have recently weighed in on LCI shares. Analysts at Zacks upgraded shares of Lannett Company from a “neutral” rating to an “outperform” rating in a research note on Thursday. They now have a $43.00 price target on the stock. Separately, analysts at Oppenheimer reiterated an “outperform” rating on shares of Lannett Company in a research note on Thursday. They now have a $51.00 price target on the stock, down previously from $52.00. Finally, analysts at Craig Hallum downgraded shares of Lannett Company from a “buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $45.75.
In other Lannett Company news, major shareholder David Farber sold 5,000 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $41.30, for a total transaction of $206,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.
The stock has a 50-day moving average of $38.16 and a 200-day moving average of $40.01. The company has a market cap of $1.372 billion and a P/E ratio of 35.36.
Lannett Company, Inc is engaged in developing, manufacturing, marketing and distributing generic versions of branded pharmaceutical products.
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