Impax Laboratories, Inc. (NASDAQ:IPXL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $19.00 target price on the specialty pharmaceutical company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.09% from the stock’s previous close.

According to Zacks, “Impax’s epinephrine auto-injector sales picked up and the company has 24 ANDAs pending FDA approval. Moreover, Impax’s generics pipeline should be able to take advantage of the upcoming patent expirations in the pharma industry. The acquisition of several generic products in Aug 2016 including 15 currently marketed products bode well for Impax. However, the Generics segment has been under competitive and pricing pressure, which is expected to persist through 2017. Meanwhile, the company is taking steps to reduce costs and improve efficiencies,which is expected to produce total savings of $130 million by the end of 2019. However, the company’s earnings guidance for 2017 is significantly lower than 2016 numbers as continued impact of lower pricing on generics is expected to dampen revenues.Estimates have remained mostly stable lately ahead of the Q2 results. Impax has a negative record of earnings surprises in the recent quarters.”

IPXL has been the topic of a number of other research reports. Royal Bank Of Canada set a $10.00 target price on Impax Laboratories and gave the company a “hold” rating in a research report on Saturday, April 8th. Deutsche Bank AG set a $15.00 target price on Impax Laboratories and gave the company a “buy” rating in a research report on Wednesday, April 5th. Vetr lowered Impax Laboratories from a “strong-buy” rating to a “strong sell” rating and set a $10.55 target price on the stock. in a research report on Monday, May 1st. Guggenheim reiterated a “buy” rating and set a $20.00 target price on shares of Impax Laboratories in a research report on Monday, March 27th. Finally, Cantor Fitzgerald assumed coverage on Impax Laboratories in a research report on Friday, June 16th. They set an “overweight” rating and a $20.00 target price on the stock. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $18.04.

Shares of Impax Laboratories (NASDAQ:IPXL) traded down 0.59% during trading on Tuesday, reaching $16.95. 1,641,247 shares of the company’s stock traded hands. The stock’s market cap is $1.21 billion. Impax Laboratories has a one year low of $7.75 and a one year high of $32.20. The company has a 50 day moving average price of $15.78 and a 200-day moving average price of $13.40.

Impax Laboratories (NASDAQ:IPXL) last issued its quarterly earnings data on Wednesday, May 10th. The specialty pharmaceutical company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $184.40 million for the quarter, compared to analyst estimates of $193.17 million. Impax Laboratories had a positive return on equity of 7.71% and a negative net margin of 71.50%. Impax Laboratories’s revenue for the quarter was down 18.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.43 EPS. On average, equities research analysts expect that Impax Laboratories will post $0.65 EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. Guggenheim Capital LLC raised its position in Impax Laboratories by 2.9% in the fourth quarter. Guggenheim Capital LLC now owns 145,928 shares of the specialty pharmaceutical company’s stock valued at $1,934,000 after buying an additional 4,144 shares in the last quarter. Renaissance Technologies LLC raised its position in Impax Laboratories by 515.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,093,002 shares of the specialty pharmaceutical company’s stock valued at $14,482,000 after buying an additional 915,302 shares in the last quarter. New York State Teachers Retirement System raised its position in Impax Laboratories by 0.8% in the fourth quarter. New York State Teachers Retirement System now owns 103,960 shares of the specialty pharmaceutical company’s stock valued at $1,377,000 after buying an additional 800 shares in the last quarter. Quadrature Capital Ltd bought a new position in Impax Laboratories during the fourth quarter valued at approximately $224,000. Finally, State of Wisconsin Investment Board bought a new position in Impax Laboratories during the first quarter valued at approximately $1,577,000. Institutional investors and hedge funds own 83.84% of the company’s stock.

About Impax Laboratories

Impax Laboratories, Inc is a specialty pharmaceutical company. The Company is engaged in the development, manufacture and marketing of bioequivalent pharmaceutical products (generics), in addition to the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.

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