Zacks Investment Research Downgrades Lannett Company, Inc. (LCI) to Strong Sell
Lannett Company, Inc. (NYSE:LCI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Lannett, Inc. manufactures and distributes pharmaceutical products sold under generic names and historically has manufactured and distributed pharmaceutical products sold under its trade or brand names. In addition, the Company contract manufactures and private labels pharmaceutical products for other companies. “
LCI has been the subject of a number of other reports. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Lannett in a research note on Thursday, June 8th. BidaskClub downgraded Lannett from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Deutsche Bank AG cut their price objective on Lannett from $23.00 to $19.00 and set a “hold” rating for the company in a research note on Monday, August 14th. ValuEngine downgraded Lannett from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, BMO Capital Markets restated a “market perform” rating and issued a $20.00 price target (down from $26.00) on shares of Lannett in a research note on Thursday, August 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $21.80.
Shares of Lannett (LCI) traded up 1.98% during midday trading on Tuesday, reaching $18.05. 369,646 shares of the company were exchanged. Lannett has a 12-month low of $14.90 and a 12-month high of $33.53. The stock’s market capitalization is $672.98 million. The company has a 50 day moving average price of $17.48 and a 200-day moving average price of $20.65.
Lannett (NYSE:LCI) last announced its quarterly earnings data on Wednesday, August 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.40. The company had revenue of $139.10 million during the quarter, compared to the consensus estimate of $139.01 million. Lannett had a return on equity of 4.12% and a net margin of 4.12%. The firm’s revenue was down 17.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.73 EPS. On average, analysts forecast that Lannett will post $2.57 earnings per share for the current fiscal year.
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A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. boosted its stake in Lannett by 52,610.9% in the 1st quarter. BlackRock Inc. now owns 3,903,766 shares of the company’s stock worth $87,250,000 after purchasing an additional 3,896,360 shares during the period. Snow Capital Management LP boosted its stake in Lannett by 22.5% in the 1st quarter. Snow Capital Management LP now owns 3,093,435 shares of the company’s stock worth $69,138,000 after purchasing an additional 567,800 shares during the period. Vanguard Group Inc. boosted its stake in Lannett by 6.2% in the 2nd quarter. Vanguard Group Inc. now owns 2,901,885 shares of the company’s stock worth $59,198,000 after purchasing an additional 168,454 shares during the period. Morgan Stanley boosted its stake in Lannett by 592.6% in the 1st quarter. Morgan Stanley now owns 1,339,367 shares of the company’s stock worth $29,935,000 after purchasing an additional 1,145,987 shares during the period. Finally, State Street Corp boosted its stake in Lannett by 7.9% in the 1st quarter. State Street Corp now owns 1,279,860 shares of the company’s stock worth $28,606,000 after purchasing an additional 93,186 shares during the period. Institutional investors and hedge funds own 88.06% of the company’s stock.
Lannett Company Profile
Lannett Company, Inc develops, manufactures, markets and distributes generic versions of brand pharmaceutical products. The Company manufactures and/or distributes prescription products with the exception of a small portfolio of over-the-counter products manufactured by its subsidiary, Silarx Pharmaceuticals, Inc As of June 30, 2016, the Company’s products included Acetazolamide Tablets; Butalbital, Acetaminophen and Caffeine Tablets; Butalbital, Aspirin and Caffeine Capsules; C-Topical Solution; Digoxin Tablets; Glycolax Rx; Isosorbide Mononitrate CR; Levothyroxine Sodium Tablets; Methylphenidate HCL CD; Methylphenidate ER; Nifedipine CR; Omeprazole DR; Oxbutynin ER; Pantoprazole DR; Pilocarpine HCl Tablets; Triamterene w/Hydrochlorothiazide Capsules, and Ursodiol Capsules.
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