Impax Laboratories (IPXL) Cut to “Sell” at Zacks Investment Research

Impax Laboratories (NASDAQ:IPXL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday, March 12th.

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.”

Several other research firms have also recently issued reports on IPXL. BidaskClub upgraded shares of Impax Laboratories from a “sell” rating to a “hold” rating in a report on Friday, January 26th. Cantor Fitzgerald set a $35.00 price objective on shares of Impax Laboratories and gave the company a “buy” rating in a report on Thursday, March 1st. Canaccord Genuity set a $19.00 price objective on shares of Impax Laboratories and gave the company a “hold” rating in a report on Thursday, February 22nd. Cowen set a $21.00 price objective on shares of Impax Laboratories and gave the company a “hold” rating in a report on Thursday, March 1st. Finally, Royal Bank of Canada set a $20.00 price objective on shares of Impax Laboratories and gave the company a “hold” rating in a report on Friday, March 2nd. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $20.91.

Shares of Impax Laboratories stock traded down $0.55 on Monday, hitting $18.95. The company had a trading volume of 719,808 shares, compared to its average volume of 967,777. The company has a debt-to-equity ratio of 4.11, a current ratio of 1.96 and a quick ratio of 1.52. The stock has a market capitalization of $1,460.25, a PE ratio of 30.08, a price-to-earnings-growth ratio of 0.88 and a beta of 1.17. Impax Laboratories has a 52 week low of $12.45 and a 52 week high of $25.70.

Impax Laboratories (NASDAQ:IPXL) last posted its quarterly earnings data 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 company had revenue of $182.90 million during 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 company’s revenue was down 7.8% on a year-over-year basis. During the same quarter last year, the business earned $0.16 earnings per share. analysts forecast that Impax Laboratories will post 1.21 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio lifted its stake in Impax Laboratories by 12.7% during the second quarter. Public Employees Retirement System of Ohio now owns 6,911 shares of the specialty pharmaceutical company’s stock valued at $111,000 after purchasing an additional 780 shares during the last quarter. American International Group Inc. lifted its position in shares of Impax Laboratories by 5.9% in the 3rd quarter. American International Group Inc. now owns 58,242 shares of the specialty pharmaceutical company’s stock valued at $1,182,000 after acquiring an additional 3,233 shares in the last quarter. OppenheimerFunds Inc. lifted its position in shares of Impax Laboratories by 15.6% in the 4th quarter. OppenheimerFunds Inc. now owns 29,480 shares of the specialty pharmaceutical company’s stock valued at $491,000 after acquiring an additional 3,977 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Impax Laboratories by 4.2% in the 3rd quarter. Legal & General Group Plc now owns 148,419 shares of the specialty pharmaceutical company’s stock valued at $3,019,000 after acquiring an additional 5,967 shares in the last quarter. Finally, Alps Advisors Inc. lifted its position in shares of Impax Laboratories by 10.0% in the 3rd quarter. Alps Advisors Inc. now owns 73,186 shares of the specialty pharmaceutical company’s stock valued at $1,486,000 after acquiring an additional 6,661 shares in the last quarter. 90.40% of the stock is owned by institutional investors and hedge funds.

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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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