Egalet Corporation (EGLT) Cut to “Hold” at Gabelli
Egalet Corporation (NASDAQ:EGLT) was downgraded by investment analysts at Gabelli from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
EGLT has been the subject of several other research reports. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Egalet Corporation in a research report on Tuesday, November 8th. Zacks Investment Research raised shares of Egalet Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, January 4th. Finally, JMP Securities reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Egalet Corporation in a research report on Tuesday, December 20th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Egalet Corporation presently has a consensus rating of “Hold” and a consensus price target of $12.60.
Shares of Egalet Corporation (NASDAQ:EGLT) traded down 6.9264% during trading on Tuesday, hitting $6.0684. 1,200,007 shares of the stock were exchanged. Egalet Corporation has a 12-month low of $4.34 and a 12-month high of $10.21. The firm has a 50 day moving average of $7.86 and a 200-day moving average of $7.13. The company’s market cap is $149.37 million.
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Egalet Corporation (NASDAQ:EGLT) last issued its quarterly earnings data on Friday, November 4th. The specialty pharmaceutical company reported ($1.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.90) by $0.20. Egalet Corporation had a negative net margin of 251.79% and a negative return on equity of 127.84%. The firm earned $4.70 million during the quarter, compared to analyst estimates of $4.50 million. The firm’s revenue for the quarter was up 176.5% compared to the same quarter last year. On average, analysts forecast that Egalet Corporation will post ($3.73) earnings per share for the current year.
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In other news, COO Mark Strobeck sold 8,700 shares of the stock in a transaction that occurred on Friday, December 30th. The stock was sold at an average price of $7.81, for a total transaction of $67,947.00. Following the completion of the transaction, the chief operating officer now directly owns 38,180 shares in the company, valued at approximately $298,185.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Stan Musial sold 13,480 shares of the firm’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $7.73, for a total value of $104,200.40. Following the transaction, the chief financial officer now owns 54,500 shares in the company, valued at $421,285. The disclosure for this sale can be found here. Insiders own 13.20% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Emerald Advisers Inc. PA boosted its position in shares of Egalet Corporation by 39.7% in the fourth quarter. Emerald Advisers Inc. PA now owns 179,444 shares of the specialty pharmaceutical company’s stock valued at $1,977,000 after buying an additional 51,014 shares during the period. Omega Fund Management LLC boosted its position in shares of Egalet Corporation by 6.4% in the fourth quarter. Omega Fund Management LLC now owns 2,814,928 shares of the specialty pharmaceutical company’s stock valued at $31,021,000 after buying an additional 169,370 shares during the period. Brandywine Global Investment Management LLC boosted its position in shares of Egalet Corporation by 1,787.8% in the fourth quarter. Brandywine Global Investment Management LLC now owns 190,666 shares of the specialty pharmaceutical company’s stock valued at $2,102,000 after buying an additional 180,566 shares during the period. BlackRock Fund Advisors boosted its position in shares of Egalet Corporation by 8.9% in the first quarter. BlackRock Fund Advisors now owns 353,437 shares of the specialty pharmaceutical company’s stock valued at $2,425,000 after buying an additional 28,959 shares during the period. Finally, JPMorgan Chase & Co. purchased a new position in shares of Egalet Corporation during the first quarter valued at about $180,000. Hedge funds and other institutional investors own 70.62% of the company’s stock.
About Egalet Corporation
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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