Impax Laboratories Inc. (NASDAQ:IPXL) Receives Consensus Recommendation of “Hold” from Analysts
Impax Laboratories Inc. (NASDAQ:IPXL) has received an average recommendation of “Hold” from the sixteen research firms that are covering the company. Eleven research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $32.83.
A number of research analysts have weighed in on the company. RBC Capital Markets restated a “sector perform” rating and issued a $30.00 price objective (down previously from $35.00) on shares of Impax Laboratories in a report on Thursday, August 11th. Piper Jaffray Cos. restated an “overweight” rating and issued a $32.00 price objective (down previously from $40.00) on shares of Impax Laboratories in a report on Saturday, August 13th. Royal Bank Of Canada decreased their price objective on Impax Laboratories from $35.00 to $30.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 10th. Bank of America Corp. upgraded Impax Laboratories from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 21st. Finally, Deutsche Bank AG decreased their price objective on Impax Laboratories from $31.00 to $24.00 and set a “hold” rating on the stock in a report on Wednesday, August 10th.
Shares of Impax Laboratories (NASDAQ:IPXL) traded down 1.55% on Friday, reaching $23.46. 221,563 shares of the company’s stock traded hands. The firm’s 50 day moving average is $24.64 and its 200 day moving average is $29.72. The firm has a market capitalization of $1.67 billion, a P/E ratio of 49.70 and a beta of 1.21. Impax Laboratories has a 52 week low of $20.97 and a 52 week high of $45.00.
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Impax Laboratories (NASDAQ:IPXL) last announced its quarterly earnings data on Tuesday, August 9th. The specialty pharmaceutical company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by $0.11. The firm earned $173 million during the quarter, compared to analysts’ expectations of $223.67 million. Impax Laboratories had a net margin of 3.78% and a return on equity of 11.30%. The company’s revenue for the quarter was down 19.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.34 EPS. Analysts expect that Impax Laboratories will post $1.59 earnings per share for the current fiscal year.
In other Impax Laboratories news, Director Leslie Z. Benet sold 10,092 shares of Impax Laboratories stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $22.81, for a total value of $230,198.52. Following the completion of the transaction, the director now directly owns 40,225 shares of the company’s stock, valued at approximately $917,532.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.30% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in IPXL. Mesirow Financial Investment Management Equity Management purchased a new position in Impax Laboratories during the second quarter valued at $15,998,000. Prudential Financial Inc. increased its position in Impax Laboratories by 173.4% in the second quarter. Prudential Financial Inc. now owns 450,061 shares of the specialty pharmaceutical company’s stock valued at $12,971,000 after buying an additional 285,420 shares in the last quarter. Sector Gamma AS purchased a new position in Impax Laboratories during the second quarter valued at $6,742,000. BlackRock Fund Advisors increased its position in Impax Laboratories by 3.3% in the second quarter. BlackRock Fund Advisors now owns 5,797,323 shares of the specialty pharmaceutical company’s stock valued at $167,079,000 after buying an additional 185,241 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in Impax Laboratories by 6.9% in the second quarter. Franklin Resources Inc. now owns 2,475,482 shares of the specialty pharmaceutical company’s stock valued at $71,352,000 after buying an additional 159,076 shares in the last quarter. 88.17% of the stock is owned by institutional investors.
About Impax Laboratories
Impax Laboratories, Inc is a specialty pharmaceutical company. The Company is engaged in the development, manufacture and marketing of bioequivalent pharmaceutical products (generics), as well as the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.
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