Impax Laboratories (NASDAQ:IPXL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
According to Zacks, “Impax missed estimates for both the counts in the fourth quarter of 2017. The company faces competition in the brand product market from Parkinson’s disease and CNS disorder focused large pharmaceutical companies. Impax’s Generics segment underperformed in 2017, due to significant pricing erosion complemented by erosion in volume. Moreover, the company’s manufacturing facilities have been hampered by quality control issues since 2011, which delayed Rytary’s approval. However, the company’s epinephrine auto-injector sales have picked up. Meanwhile, Impax is taking steps to reduce costs and improve efficiencies, which may save an estimated $130 million by the end of 2019. 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.”
A number of other equities analysts also recently commented on IPXL. BidaskClub downgraded shares of Impax Laboratories from a “hold” rating to a “sell” rating in a research note on Tuesday, March 6th. Cowen set a $21.00 target price on shares of Impax Laboratories and gave the stock a “hold” rating in a research note on Thursday, March 1st. Royal Bank of Canada set a $20.00 target price on shares of Impax Laboratories and gave the stock a “hold” rating in a research note on Friday, March 2nd. Cantor Fitzgerald set a $35.00 target price on shares of Impax Laboratories and gave the stock a “buy” rating in a research note on Thursday, March 1st. Finally, SunTrust Banks began coverage on shares of Impax Laboratories in a research note on Wednesday, March 7th. They issued a “buy” rating and a $24.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. Impax Laboratories has an average rating of “Hold” and a consensus price target of $20.91.
Impax Laboratories (NASDAQ:IPXL) last issued its earnings results on Thursday, March 1st. The specialty pharmaceutical company reported $0.11 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.01). The company had revenue of $182.90 million during the quarter, compared to the consensus estimate of $199.13 million. Impax Laboratories had a positive return on equity of 10.42% and a negative net margin of 60.49%. Impax Laboratories’s revenue was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 earnings per share. sell-side analysts anticipate that Impax Laboratories will post 1.15 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its position in shares of 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 purchasing an additional 780 shares during the period. Xact Kapitalforvaltning AB purchased a new stake in shares of Impax Laboratories in the 4th quarter worth approximately $198,000. Amalgamated Bank purchased a new stake in shares of Impax Laboratories in the 3rd quarter worth approximately $201,000. Quantbot Technologies LP lifted its position in shares of Impax Laboratories by 279.0% in the 3rd quarter. Quantbot Technologies LP now owns 10,031 shares of the specialty pharmaceutical company’s stock worth $203,000 after purchasing an additional 7,384 shares during the period. Finally, Stevens Capital Management LP purchased a new stake in shares of Impax Laboratories in the 3rd quarter worth approximately $203,000. 90.40% of the stock is owned by hedge funds and other institutional investors.
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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