Impax Laboratories, Inc. (IPXL) Rating Lowered to Sell at Zacks Investment Research
Impax Laboratories, Inc. (NASDAQ:IPXL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.
According to Zacks, “Impax’s Generics segment is facing competitive and pricing pressure, which is expected to persist through 2017. However, epinephrine auto-injector sales have picked up The company is taking steps to reduce costs and improve efficiencies, which may save an estimated $130 million by the end of 2019. Moreover, the company’s manufacturing facilities have been hampered by quality control issues since 2011, which delayed Rytary’s approval. The merger with Amneal Pharma is a positive for Impax as it will have a diverse pipeline with more than 300 products under review or late stage development. However, the generics market is highly crowded and Impax faces stiff competition from other major companies. Impax’s shares have outperformed the industry so far this year. Estimates have remained stable ahead of the Q3 earnings results. The company has a mixed record of earnings surprises in recent quarters.”
Several other analysts have also recently weighed in on IPXL. BMO Capital Markets reaffirmed a “hold” rating and set a $16.00 price objective on shares of Impax Laboratories in a research report on Friday, June 23rd. BidaskClub raised Impax Laboratories from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Royal Bank Of Canada set a $15.00 price objective on Impax Laboratories and gave the company a “hold” rating in a research report on Sunday, July 16th. Deutsche Bank AG set a $21.00 price objective on Impax Laboratories and gave the company a “buy” rating in a research report on Monday, July 17th. Finally, Piper Jaffray Companies raised Impax Laboratories from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $9.00 to $16.00 in a research report on Tuesday, July 18th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $18.92.
Shares of Impax Laboratories (NASDAQ IPXL) traded up 2.86% during midday trading on Friday, hitting $21.60. The company had a trading volume of 1,208,027 shares. Impax Laboratories has a 52 week low of $7.75 and a 52 week high of $25.70. The company’s market capitalization is $1.55 billion. The firm’s 50 day moving average is $21.44 and its 200 day moving average is $17.35.
Impax Laboratories (NASDAQ:IPXL) last posted its earnings results on Wednesday, August 9th. The specialty pharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.04. The company had revenue of $202.08 million for the quarter, compared to analysts’ expectations of $195.62 million. Impax Laboratories had a positive return on equity of 9.05% and a negative net margin of 71.08%. Impax Laboratories’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period last year, the firm earned $0.21 earnings per share. Equities research analysts anticipate that Impax Laboratories will post $0.70 EPS for the current year.
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Several hedge funds have recently added to or reduced their stakes in the company. Catalyst Capital Advisors LLC purchased a new position in Impax Laboratories in the 3rd quarter worth approximately $102,000. State of Alaska Department of Revenue raised its holdings in Impax Laboratories by 1.9% in the 1st quarter. State of Alaska Department of Revenue now owns 8,140 shares of the specialty pharmaceutical company’s stock worth $102,000 after acquiring an additional 150 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in Impax Laboratories by 12.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 6,911 shares of the specialty pharmaceutical company’s stock worth $111,000 after acquiring an additional 780 shares during the last quarter. Walleye Trading LLC raised its holdings in Impax Laboratories by 66.1% in the 2nd quarter. Walleye Trading LLC now owns 3,883 shares of the specialty pharmaceutical company’s stock worth $112,000 after acquiring an additional 1,545 shares during the last quarter. Finally, Acrospire Investment Management LLC raised its holdings in Impax Laboratories by 198.5% in the 2nd quarter. Acrospire Investment Management LLC now owns 3,910 shares of the specialty pharmaceutical company’s stock worth $113,000 after acquiring an additional 2,600 shares during the last quarter. Hedge funds and other institutional investors own 86.26% 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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