Lannett Co. (LCI) Shares Gap Up to $30.33
Shares of Lannett Co. (NYSE:LCI) gapped up prior to trading on Thursday . The stock had previously closed at $30.16, but opened at $30.33. Lannett shares last traded at $30.76, with a volume of 705,966 shares traded.
Several analysts recently commented on LCI shares. Zacks Investment Research lowered shares of Lannett from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Lannett in a research note on Tuesday, July 12th. Deutsche Bank AG started coverage on shares of Lannett in a research note on Wednesday, June 29th. They set a “hold” rating and a $26.00 target price for the company. Roth Capital cut their target price on shares of Lannett from $30.00 to $27.50 and set a “buy” rating for the company in a research note on Thursday, March 24th. Finally, Canaccord Genuity lowered shares of Lannett from a “buy” rating to a “sell” rating and cut their target price for the company from $28.00 to $18.00 in a research note on Thursday, March 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $30.36.
The company’s 50 day moving average is $25.62 and its 200 day moving average is $24.21. The stock has a market capitalization of $1.13 billion and a price-to-earnings ratio of 15.32.
Lannett (NYSE:LCI) last released its quarterly earnings data on Tuesday, May 3rd. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.12. The firm had revenue of $163.70 million for the quarter, compared to the consensus estimate of $160.49 million. The firm’s revenue was up 64.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 EPS. Analysts forecast that Lannett Co. will post $3.27 earnings per share for the current year.
In related news, VP Robert Ehlinger sold 37,141 shares of Lannett stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $25.06, for a total transaction of $930,753.46. Following the transaction, the vice president now owns 40,104 shares of the company’s stock, valued at approximately $1,005,006.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Other hedge funds and institutional investors recently made changes to their positions in the company. Deere & Co. raised its position in shares of Lannett by 39.1% in the fourth quarter. Deere & Co. now owns 46,818 shares of the company’s stock worth $1,878,000 after buying an additional 13,153 shares during the last quarter. Schroder Investment Management Group bought a new position in shares of Lannett during the fourth quarter worth $15,330,000. Principal Financial Group Inc. raised its position in shares of Lannett by 4.9% in the fourth quarter. Principal Financial Group Inc. now owns 183,577 shares of the company’s stock worth $7,365,000 after buying an additional 8,551 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Lannett by 10.6% in the fourth quarter. Wells Fargo & Company MN now owns 227,448 shares of the company’s stock worth $9,125,000 after buying an additional 21,749 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Lannett by 37.2% in the fourth quarter. Bank of Montreal Can now owns 380,775 shares of the company’s stock worth $15,277,000 after buying an additional 103,322 shares during the last quarter.
Lannett Company, Inc develops, manufactures, markets and distributes generic versions of brand pharmaceutical products. The Company’s products include Levothyroxine Sodium tablets, Digoxin tablets, Butalbital products, Ursodiol capsules and pain management products. Levothyroxine Sodium tablets are produced and marketed with around 12 varying potencies.
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