Impax Laboratories Inc. (IPXL) Stake Decreased by State Street Corp

State Street Corp lowered its stake in Impax Laboratories Inc. (NASDAQ:IPXL) by 5.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,740,986 shares of the specialty pharmaceutical company’s stock after selling 106,610 shares during the period. State Street Corp owned approximately 2.47% of Impax Laboratories worth $55,742,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Aternalis Capital LLC purchased a new position in Impax Laboratories during the fourth quarter valued at approximately $5,559,000. Deutsche Bank AG increased its position in Impax Laboratories by 122.8% in the fourth quarter. Deutsche Bank AG now owns 740,129 shares of the specialty pharmaceutical company’s stock valued at $31,645,000 after buying an additional 407,867 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in Impax Laboratories during the fourth quarter valued at approximately $8,223,000. Blue Jay Capital Management LLC purchased a new position in Impax Laboratories during the fourth quarter valued at approximately $12,614,000. Finally, Pier Capital LLC purchased a new position in Impax Laboratories during the fourth quarter valued at approximately $6,332,000.

Shares of Impax Laboratories Inc. (NASDAQ:IPXL) traded up 2.11% during midday trading on Wednesday, reaching $31.44. The company’s stock had a trading volume of 467,190 shares. Impax Laboratories Inc. has a 52-week low of $27.62 and a 52-week high of $49.59. The stock has a market cap of $2.23 billion and a price-to-earnings ratio of 66.05. The stock has a 50-day moving average price of $30.60 and a 200-day moving average price of $33.12.

Impax Laboratories (NASDAQ:IPXL) last released its earnings results on Tuesday, May 10th. The specialty pharmaceutical company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.04. The company earned $226 million during the quarter, compared to the consensus estimate of $241.84 million. The company’s revenue was up 57.6% on a year-over-year basis. During the same period last year, the firm posted $0.09 EPS. Equities research analysts anticipate that Impax Laboratories Inc. will post $1.77 earnings per share for the current fiscal year.

IPXL has been the subject of a number of analyst reports. Zacks Investment Research downgraded Impax Laboratories from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 19th. BTIG Research restated a “buy” rating and set a $48.00 price objective on shares of Impax Laboratories in a research report on Friday, April 15th. Goldman Sachs Group Inc. initiated coverage on Impax Laboratories in a research report on Monday, June 6th. They set a “sell” rating and a $33.00 price objective for the company. Northland Securities initiated coverage on Impax Laboratories in a research report on Tuesday, April 19th. They set a “market perform” rating for the company. Finally, Deutsche Bank AG lowered their price objective on Impax Laboratories from $42.00 to $31.00 and set a “hold” rating for the company in a research report on Wednesday, June 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $39.92.

Impax Laboratories, Inc is a specialty pharmaceutical company. The Company is engaged in the development, manufacture and marketing of bioequivalent pharmaceutical products (generics), as well as the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.