Cantor Fitzgerald Reaffirms “Buy” Rating for Egalet Corp. (EGLT)
Egalet Corp. (NASDAQ:EGLT)‘s stock had its “buy” rating reaffirmed by investment analysts at Cantor Fitzgerald in a note issued to investors on Monday.
Other equities analysts have also recently issued research reports about the company. Gabelli initiated coverage on Egalet Corp. in a research report on Tuesday, September 13th. They set a “buy” rating and a $9.50 target price on the stock. Zacks Investment Research cut Egalet Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th.
Shares of Egalet Corp. (NASDAQ:EGLT) traded up 9.52% during trading on Monday, reaching $7.82. The company’s stock had a trading volume of 1,529,676 shares. The company has a 50 day moving average price of $7.37 and a 200 day moving average price of $6.62. Egalet Corp. has a 52 week low of $4.34 and a 52 week high of $11.81. The firm’s market capitalization is $191.93 million.
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Egalet Corp. (NASDAQ:EGLT) last released its earnings results on Thursday, August 4th. The specialty pharmaceutical company reported ($0.97) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.82) by $0.15. Egalet Corp. had a negative return on equity of 86.03% and a negative net margin of 244.57%. The business had revenue of $3.45 million for the quarter, compared to analyst estimates of $3.83 million. During the same quarter in the previous year, the firm posted ($1.03) EPS. The business’s revenue for the quarter was up 259.4% on a year-over-year basis. On average, equities research analysts expect that Egalet Corp. will post ($3.48) EPS for the current fiscal year.
In other news, CFO Stan Musial sold 13,480 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $7.47, for a total transaction of $100,695.60. Following the sale, the chief financial officer now owns 67,980 shares of the company’s stock, valued at approximately $507,810.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mark Strobeck sold 33,700 shares of the business’s stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $7.58, for a total value of $255,446.00. Following the sale, the chief operating officer now directly owns 71,880 shares in the company, valued at approximately $544,850.40. The disclosure for this sale can be found here. Insiders own 13.20% of the company’s stock.
Several large investors have recently made changes to their positions in EGLT. Schwab Charles Investment Management Inc. purchased a new stake in shares of Egalet Corp. during the second quarter valued at approximately $177,000. Bridgeway Capital Management Inc. raised its stake in shares of Egalet Corp. by 97.0% in the second quarter. Bridgeway Capital Management Inc. now owns 196,450 shares of the specialty pharmaceutical company’s stock valued at $974,000 after buying an additional 96,750 shares during the period. State Street Corp purchased a new stake in shares of Egalet Corp. during the second quarter valued at approximately $969,000. ProShare Advisors LLC raised its stake in shares of Egalet Corp. by 16.2% in the second quarter. ProShare Advisors LLC now owns 21,386 shares of the specialty pharmaceutical company’s stock valued at $106,000 after buying an additional 2,977 shares during the period. Finally, Rhumbline Advisers bought a new stake in Egalet Corp. during the second quarter worth about $125,000. 67.18% of the stock is currently owned by institutional investors and hedge funds.
Egalet Corp. Company Profile
Egalet Corporation is a specialty pharmaceutical company. The Company is engaged in developing, manufacturing and commercializing treatments for pain and other conditions. The Company’s products include OXAYDO and SPRIX Nasal Spray. The Company is developing two late-stage product candidates, ARYMO ER and Egalet-002 using Guardian Technology.
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