Zacks Investment Research cut shares of Impax Laboratories (NASDAQ:IPXL) from a hold rating to a sell rating in a research report sent 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.”
IPXL has been the subject of a number of other reports. Cantor Fitzgerald set a $35.00 price target on shares of Impax Laboratories and gave the stock a buy rating in a research report on Friday, December 15th. Royal Bank of Canada set a $20.00 price target on shares of Impax Laboratories and gave the stock a hold rating in a research report on Friday, March 2nd. BidaskClub upgraded shares of Impax Laboratories from a sell rating to a hold rating in a research report on Friday, January 26th. Leerink Swann initiated coverage on shares of Impax Laboratories in a research report on Tuesday, January 2nd. They issued an outperform rating and a $22.00 price target for the company. Finally, Canaccord Genuity set a $19.00 price target on shares of Impax Laboratories and gave the stock a hold rating in a research report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. Impax Laboratories has an average rating of Hold and an average target price of $20.91.
Impax Laboratories (NASDAQ:IPXL) last announced its earnings results on Thursday, March 1st. The specialty pharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). The business had revenue of $182.90 million for the quarter, compared to the consensus estimate of $199.13 million. Impax Laboratories had a negative net margin of 60.49% and a positive return on equity of 10.42%. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.16 earnings per share. equities analysts predict that Impax Laboratories will post 1.27 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the company. Xact Kapitalforvaltning AB purchased a new position in shares of Impax Laboratories in the fourth quarter worth $198,000. Envestnet Asset Management Inc. lifted its holdings in shares of Impax Laboratories by 470.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 20,581 shares of the specialty pharmaceutical company’s stock worth $343,000 after buying an additional 16,976 shares in the last quarter. MetLife Investment Advisors LLC purchased a new position in shares of Impax Laboratories in the fourth quarter worth $597,000. Element Capital Management LLC purchased a new position in shares of Impax Laboratories in the fourth quarter worth $2,463,000. Finally, Jane Street Group LLC purchased a new position in shares of Impax Laboratories in the fourth quarter worth $1,004,000. 90.40% of the stock is currently owned by hedge funds and other institutional investors.
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About Impax Laboratories
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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