Egalet Corp (EGLT) Short Interest Down 23.3% in May
Egalet Corp (NASDAQ:EGLT) was the recipient of a significant decline in short interest during the month of May. As of May 15th, there was short interest totalling 4,498,115 shares, a decline of 23.3% from the April 28th total of 5,864,860 shares. Currently, 30.4% of the shares of the company are short sold. Based on an average daily volume of 497,735 shares, the short-interest ratio is currently 9.0 days.
A number of equities research analysts have recently issued reports on the stock. Guggenheim reissued a “buy” rating and issued a $24.00 target price on shares of Egalet Corp in a research report on Saturday, March 11th. Zacks Investment Research raised shares of Egalet Corp from a “sell” rating to a “hold” rating in a research report on Tuesday, March 14th. Cantor Fitzgerald set a $8.00 target price on shares of Egalet Corp and gave the company a “buy” rating in a research report on Saturday, May 13th. Finally, Gabelli raised shares of Egalet Corp from a “hold” rating to a “buy” rating and set a $9.50 target price for the company in a research report on Friday, May 12th. They noted that the move was a valuation call. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $12.00.
In other Egalet Corp news, COO Mark Strobeck sold 8,700 shares of the company’s stock in a transaction on Friday, March 31st. The shares were sold at an average price of $5.11, for a total value of $44,457.00. Following the transaction, the chief operating officer now directly owns 29,480 shares in the company, valued at $150,642.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Stan Musial sold 8,613 shares of the company’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $5.04, for a total transaction of $43,409.52. Following the completion of the transaction, the chief financial officer now owns 45,887 shares in the company, valued at $231,270.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,905 shares of company stock worth $114,890. Corporate insiders own 13.20% of the company’s stock.
A number of large investors have recently made changes to their positions in EGLT. SG Americas Securities LLC raised its stake in shares of Egalet Corp by 80.3% in the first quarter. SG Americas Securities LLC now owns 30,479 shares of the specialty pharmaceutical company’s stock valued at $155,000 after buying an additional 13,570 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Egalet Corp during the fourth quarter valued at $194,000. KCG Holdings Inc. raised its stake in shares of Egalet Corp by 81.0% in the first quarter. KCG Holdings Inc. now owns 42,722 shares of the specialty pharmaceutical company’s stock valued at $218,000 after buying an additional 19,116 shares during the period. Teachers Advisors LLC raised its stake in shares of Egalet Corp by 10.1% in the fourth quarter. Teachers Advisors LLC now owns 39,984 shares of the specialty pharmaceutical company’s stock valued at $306,000 after buying an additional 3,666 shares during the period. Finally, Tyers Asset Management LLC purchased a new stake in shares of Egalet Corp during the fourth quarter valued at $307,000. 69.79% of the stock is owned by institutional investors.
Shares of Egalet Corp (NASDAQ:EGLT) opened at 2.65 on Friday. The company’s market cap is $66.34 million. Egalet Corp has a 12 month low of $2.57 and a 12 month high of $10.00. The stock has a 50 day moving average of $3.52 and a 200-day moving average of $5.44.
Egalet Corp (NASDAQ:EGLT) last announced its quarterly earnings data on Wednesday, May 10th. The specialty pharmaceutical company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.90) by $0.12. Egalet Corp had a negative return on equity of 127.84% and a negative net margin of 251.79%. The firm had revenue of $5.57 million during the quarter, compared to analysts’ expectations of $6.92 million. During the same period last year, the business posted ($0.76) EPS. Equities analysts forecast that Egalet Corp will post ($3.50) earnings per share for the current year.
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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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