Impax Laboratories, Inc. (NASDAQ:IPXL) Stock Rating Lowered by Zacks Investment Research
Impax Laboratories, Inc. (NASDAQ:IPXL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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.”
Several other equities analysts also recently weighed in on IPXL. Guggenheim reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Impax Laboratories in a research note on Monday, March 27th. Royal Bank Of Canada reissued a “sector perform” rating and set a $10.00 price target on shares of Impax Laboratories in a research report on Sunday, April 2nd. Deutsche Bank AG set a $15.00 price target on Impax Laboratories and gave the stock a “buy” rating in a research report on Wednesday, April 5th. Vetr downgraded Impax Laboratories from a “strong-buy” rating to a “strong sell” rating and set a $10.55 price target for the company. in a research report on Monday, April 24th. Finally, Janney Montgomery Scott reissued a “neutral” rating and set a $21.00 price target on shares of Impax Laboratories in a research report on Monday, June 12th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $17.66.
Shares of Impax Laboratories (IPXL) traded up 8.66% during mid-day trading on Monday, hitting $18.20. The company had a trading volume of 2,651,747 shares. The firm has a 50-day moving average price of $15.78 and a 200 day moving average price of $13.40. Impax Laboratories has a 12 month low of $7.75 and a 12 month high of $31.85. The firm’s market capitalization is $1.30 billion.
Impax Laboratories (NASDAQ:IPXL) last released its quarterly earnings data on Wednesday, May 10th. The specialty pharmaceutical company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.12 by $0.01. Impax Laboratories had a negative net margin of 71.50% and a positive return on equity of 7.71%. The firm had revenue of $184.40 million during the quarter, compared to analysts’ expectations of $193.17 million. During the same period in the previous year, the business earned $0.43 earnings per share. The business’s revenue for the quarter was down 18.2% on a year-over-year basis. On average, equities research analysts forecast that Impax Laboratories will post $0.65 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently modified their holdings of IPXL. State of Alaska Department of Revenue boosted its position in shares of Impax Laboratories by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 8,140 shares of the specialty pharmaceutical company’s stock worth $102,000 after buying an additional 150 shares during the last quarter. Commerce Bank boosted its position in shares of Impax Laboratories by 12.9% in the first quarter. Commerce Bank now owns 11,460 shares of the specialty pharmaceutical company’s stock worth $145,000 after buying an additional 1,310 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Impax Laboratories by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 14,414 shares of the specialty pharmaceutical company’s stock worth $182,000 after buying an additional 171 shares during the last quarter. Laurion Capital Management LP purchased a new position in shares of Impax Laboratories during the first quarter worth $183,000. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Impax Laboratories by 11.8% in the first quarter. BNP Paribas Arbitrage SA now owns 15,029 shares of the specialty pharmaceutical company’s stock worth $190,000 after buying an additional 1,588 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.
Impax Laboratories Company Profile
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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