Eagle Pharmaceuticals, Inc. (EGRX) Receives Average Recommendation of “Hold” from Analysts
Shares of Eagle Pharmaceuticals, Inc. (NASDAQ:EGRX) have received an average recommendation of “Hold” from the seven brokerages that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $72.50.
Several research firms recently weighed in on EGRX. Zacks Investment Research upgraded shares of Eagle Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Monday, July 10th. Royal Bank Of Canada set a $94.00 price objective on shares of Eagle Pharmaceuticals and gave the company a “buy” rating in a research note on Sunday, July 16th. BidaskClub cut shares of Eagle Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. ValuEngine raised shares of Eagle Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, Mizuho dropped their price objective on shares of Eagle Pharmaceuticals from $40.00 to $37.00 and set an “underperform” rating for the company in a research note on Wednesday, September 6th.
Eagle Pharmaceuticals (NASDAQ:EGRX) last released its quarterly earnings results on Wednesday, August 9th. The specialty pharmaceutical company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.18). Eagle Pharmaceuticals had a return on equity of 66.30% and a net margin of 39.32%. The company had revenue of $50.10 million for the quarter, compared to analyst estimates of $52.52 million. During the same quarter last year, the company earned $0.80 EPS. The firm’s revenue for the quarter was up 22.5% on a year-over-year basis.
Eagle Pharmaceuticals announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 9th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the specialty pharmaceutical company to buy up to 13.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other Eagle Pharmaceuticals news, Director Douglas L. Braunstein acquired 20,400 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was bought at an average price of $49.07 per share, with a total value of $1,001,028.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 19.50% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Prudential Financial Inc. grew its stake in Eagle Pharmaceuticals by 808.7% during the 3rd quarter. Prudential Financial Inc. now owns 222,072 shares of the specialty pharmaceutical company’s stock valued at $13,244,000 after acquiring an additional 197,634 shares in the last quarter. Old Mutual Global Investors UK Ltd. grew its stake in shares of Eagle Pharmaceuticals by 271.6% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 386,132 shares of the specialty pharmaceutical company’s stock valued at $23,028,000 after buying an additional 282,225 shares during the period. Foundry Partners LLC purchased a new stake in shares of Eagle Pharmaceuticals in the 3rd quarter valued at approximately $224,000. Victory Capital Management Inc. grew its stake in shares of Eagle Pharmaceuticals by 1.0% in the 3rd quarter. Victory Capital Management Inc. now owns 977,950 shares of the specialty pharmaceutical company’s stock valued at $58,325,000 after buying an additional 9,571 shares during the period. Finally, Rosenblum Silverman Sutton S F Inc. CA grew its stake in shares of Eagle Pharmaceuticals by 24.1% in the 3rd quarter. Rosenblum Silverman Sutton S F Inc. CA now owns 5,790 shares of the specialty pharmaceutical company’s stock valued at $345,000 after buying an additional 1,125 shares during the period.
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About Eagle Pharmaceuticals
Eagle Pharmaceuticals, Inc is a specialty pharmaceutical company. The Company focuses on developing and commercializing injectable products in the critical care and oncology areas. The Company’s product portfolio includes products, including Argatroban; Ryanodex; docetaxel injection, non-alcohol formulation; and Bendeka.
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