Impax Laboratories Sees Large Decline in Short Interest (IPXL)
Shares of Impax Laboratories (NASDAQ:IPXL) were the target of a large drop in short interest in August. As of August 15th, there was short interest totalling 5,148,398 shares, a drop of 32.9% from the July 31st total of 7,671,993 shares, AnalystRatingsNetwork.com reports. Currently, 7.9% of the shares of the stock are short sold. Based on an average trading volume of 820,546 shares, the short-interest ratio is currently 6.3 days.
A number of research firms have recently commented on IPXL. Analysts at Wunderlich downgraded shares of Impax Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Separately, analysts at WallachBeth Capital downgraded shares of Impax Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Finally, analysts at JPMorgan Chase & Co. cut their price target on shares of Impax Laboratories from $27.00 to $25.00 in a research note on Wednesday, July 30th. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $27.08.
Impax Laboratories (NASDAQ:IPXL) opened at 24.64 on Tuesday. Impax Laboratories has a 52-week low of $19.39 and a 52-week high of $31.04. The stock has a 50-day moving average of $25.47 and a 200-day moving average of $26.43. The company has a market cap of $1.681 billion and a P/E ratio of 54.30.
Impax Laboratories (NASDAQ:IPXL) last released its earnings data on Wednesday, August 6th. The company reported $0.60 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.36 by $0.24. The company had revenue of $188.10 million for the quarter, compared to the consensus estimate of $155.97 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The company’s quarterly revenue was up 87.7% on a year-over-year basis. Analysts expect that Impax Laboratories will post $1.21 EPS 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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