JMP Securities Reiterates “Outperform” Rating for Egalet Corporation (EGLT)
Egalet Corporation (NASDAQ:EGLT)‘s stock had its “outperform” rating restated by research analysts at JMP Securities in a research note issued to investors on Wednesday. They presently have a $15.00 price target on the specialty pharmaceutical company’s stock. JMP Securities’ price objective indicates a potential upside of 130.06% from the company’s current price.
Several other research firms also recently commented on EGLT. Zacks Investment Research raised Egalet Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, January 4th. Cantor Fitzgerald reissued a “buy” rating and issued a $21.00 price objective on shares of Egalet Corporation in a research note on Monday, December 19th. Finally, Gabelli assumed coverage on Egalet Corporation in a research note on Tuesday, September 13th. They issued a “buy” rating and a $9.50 price objective for the company. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $12.60.
Egalet Corporation (NASDAQ:EGLT) traded down 4.371% during mid-day trading on Wednesday, hitting $6.235. The company had a trading volume of 675,284 shares. The company has a 50-day moving average price of $7.86 and a 200 day moving average price of $7.13. The company’s market capitalization is $153.47 million. Egalet Corporation has a 52-week low of $4.34 and a 52-week high of $10.21.
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Egalet Corporation (NASDAQ:EGLT) last posted its quarterly earnings data on Friday, November 4th. The specialty pharmaceutical company reported ($1.10) 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. Egalet Corporation’s quarterly revenue was up 176.5% on a year-over-year basis. On average, analysts forecast that Egalet Corporation will post ($3.73) EPS for the current fiscal year.
In other Egalet Corporation news, CFO Stan Musial sold 13,480 shares of the company’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 completion of the sale, the chief financial officer now directly owns 54,500 shares in the company, valued at approximately $421,285. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Mark Strobeck sold 8,700 shares of the company’s stock in a transaction on Friday, December 30th. The shares were sold at an average price of $7.81, for a total value of $67,947.00. Following the completion of the sale, the chief operating officer now owns 38,180 shares of the company’s stock, valued at $298,185.80. The disclosure for this sale can be found here. 13.20% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of EGLT. Wasatch Advisors Inc. boosted its stake in shares of Egalet Corporation by 7.7% in the third quarter. Wasatch Advisors Inc. now owns 892,193 shares of the specialty pharmaceutical company’s stock valued at $6,790,000 after buying an additional 63,550 shares during the last quarter. Omega Fund Management LLC boosted its stake in shares of Egalet Corporation by 2.7% in the second quarter. Omega Fund Management LLC now owns 2,889,926 shares of the specialty pharmaceutical company’s stock valued at $14,334,000 after buying an additional 74,998 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Egalet Corporation 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 last quarter. Schwab Charles Investment Management Inc. bought a new stake in shares of Egalet Corporation during the second quarter valued at about $177,000. Finally, California State Teachers Retirement System bought a new stake in shares of Egalet Corporation during the second quarter valued at about $230,000. 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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