Concordia Healthcare Corp. (CXRX) Sees Unusually-High Trading Volume
Concordia Healthcare Corp. (NASDAQ:CXRX) shares saw unusually-high trading volume on Tuesday . Approximately 1,005,078 shares changed hands during trading, an increase of 296% from the previous session’s volume of 253,813 shares.The stock last traded at $14.40 and had previously closed at $17.14.
CXRX has been the subject of a number of recent analyst reports. Zacks Investment Research raised Concordia Healthcare Corp. from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a report on Wednesday, July 13th. Royal Bank Of Canada reissued an “outperform” rating and issued a $73.50 target price (down from $81.00) on shares of Concordia Healthcare Corp. in a research note on Saturday, April 23rd. Goldman Sachs Group Inc. began coverage on Concordia Healthcare Corp. in a research note on Monday, June 6th. They issued a “neutral” rating and a $32.00 target price for the company. TD Securities reissued a “buy” rating and issued a $37.00 target price (down from $45.00) on shares of Concordia Healthcare Corp. in a research note on Wednesday, June 29th. Finally, Canaccord Genuity reissued a “buy” rating on shares of Concordia Healthcare Corp. in a research note on Thursday, May 12th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $48.88.
The firm has a 50-day moving average of $20.81 and a 200-day moving average of $26.31. The firm’s market cap is $737.18 million.
Concordia Healthcare Corp. (NASDAQ:CXRX) last issued its quarterly earnings results on Friday, May 13th. The company reported $1.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by $0.19. The firm had revenue of $228.50 million for the quarter, compared to the consensus estimate of $231 million. The firm’s revenue for the quarter was up 570.1% on a year-over-year basis. Equities research analysts predict that Concordia Healthcare Corp. will post $6.09 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 29th. Stockholders of record on Friday, July 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 13th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.08%.
Several hedge funds and institutional investors have recently added to or reduced their stakes in the stock. Diamond Hill Capital Management Inc. raised its position in Concordia Healthcare Corp. by 294.2% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 850,645 shares of the company’s stock worth $34,732,000 after buying an additional 634,880 shares during the period. Morgan Stanley raised its position in Concordia Healthcare Corp. by 24.6% in the fourth quarter. Morgan Stanley now owns 269,768 shares of the company’s stock worth $11,015,000 after buying an additional 53,305 shares during the period. Finally, Swiss National Bank raised its position in Concordia Healthcare Corp. by 26.7% in the fourth quarter. Swiss National Bank now owns 49,810 shares of the company’s stock worth $2,031,000 after buying an additional 10,510 shares during the period.
Concordia Healthcare Corp. is a Canada-based diverse healthcare company. The Company is focused on legacy pharmaceutical products and orphan drugs. The Company operates through three segments, which includes Legacy Pharmaceutical Division, Concordia Pharmaceuticals Inc, which consists of 23 products, including Nilandron, for the treatment of metastatic prostate cancer; Dibenzyline, for the treatment of pheochromocytoma; Lanoxin, for the treatment of mild-to-moderate heart failure and atrial fibrillation; Plaquenil, for the treatment of lupus and rheumatoid arthritis; Donnatal, for the treatment of irritable bowel syndrome, and Zonegran (zonisamide), for treatment of partial seizures in adults with epilepsy.
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