Egalet Corp. (EGLT) Stock Rating Reaffirmed by Cantor Fitzgerald
Egalet Corp. (NASDAQ:EGLT)‘s stock had its “buy” rating reissued by equities researchers at Cantor Fitzgerald in a research note issued to investors on Monday.
A number of other research analysts have also weighed in on the stock. Gabelli started coverage on shares of Egalet Corp. in a report on Tuesday, September 13th. They issued a “buy” rating and a $9.50 target price for the company. Zacks Investment Research downgraded 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 midday trading on Monday, hitting $7.82. 1,529,676 shares of the stock were exchanged. The firm’s market cap is $191.93 million. Egalet Corp. has a 52-week low of $4.34 and a 52-week high of $11.85. The firm’s 50-day moving average is $7.36 and its 200 day moving average is $6.62.
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Egalet Corp. (NASDAQ:EGLT) last posted its earnings results on Thursday, August 4th. The specialty pharmaceutical company reported ($0.97) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by $0.15. Egalet Corp. had a negative net margin of 244.57% and a negative return on equity of 86.03%. The business earned $3.45 million during the quarter, compared to analysts’ expectations of $3.83 million. During the same period last year, the business posted ($1.03) earnings per share. The company’s revenue for the quarter was up 259.4% compared to the same quarter last year. On average, analysts forecast that Egalet Corp. will post ($3.48) earnings per share for the current year.
In related news, COO Mark Strobeck sold 33,700 shares of the firm’s stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 71,880 shares in the company, valued at $544,850.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Robert S. Radie sold 15,000 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $7.47, for a total value of $112,050.00. Following the completion of the sale, the insider now owns 234,900 shares of the company’s stock, valued at $1,754,703. The disclosure for this sale can be found here. 13.20% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in Egalet Corp. by 4.0% in the first quarter. Geode Capital Management LLC now owns 59,330 shares of the specialty pharmaceutical company’s stock valued at $407,000 after buying an additional 2,300 shares during the period. Deerfield Management Co. increased its stake in Egalet Corp. by 25.2% in the first quarter. Deerfield Management Co. now owns 597,123 shares of the specialty pharmaceutical company’s stock valued at $4,096,000 after buying an additional 120,000 shares during the period. Bank of New York Mellon Corp increased its stake in Egalet Corp. by 337.4% in the second quarter. Bank of New York Mellon Corp now owns 54,334 shares of the specialty pharmaceutical company’s stock valued at $270,000 after buying an additional 41,912 shares during the period. California State Teachers Retirement System acquired a new stake in Egalet Corp. during the second quarter valued at $230,000. Finally, New Jersey Better Educational Savings Trust acquired a new stake in Egalet Corp. during the second quarter valued at $367,000. Institutional investors own 67.18% of the company’s stock.
About Egalet Corp.
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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