Concordia Healthcare Corp. (CXRX) Trading Up 9.3%
Concordia Healthcare Corp. (NASDAQ:CXRX)’s share price was up 9.3% on Friday . The stock traded as high as $16.48 and last traded at $16.41, with a volume of 332,479 shares trading hands. The stock had previously closed at $15.01.
Several equities analysts have weighed in on CXRX shares. Zacks Investment Research upgraded Concordia Healthcare Corp. from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Wednesday, July 13th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $73.50 target price (down from $81.00) on shares of Concordia Healthcare Corp. in a research report on Saturday, April 23rd. Goldman Sachs Group Inc. initiated coverage on Concordia Healthcare Corp. in a research report on Monday, June 6th. They set a “neutral” rating and a $32.00 target price for the company. TD Securities reaffirmed a “buy” rating and set a $37.00 target price (down from $45.00) on shares of Concordia Healthcare Corp. in a research report on Wednesday, June 29th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Concordia Healthcare Corp. in a research report on Thursday, May 12th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Concordia Healthcare Corp. presently has a consensus rating of “Buy” and a consensus price target of $48.88.
The firm has a 50 day moving average of $19.93 and a 200 day moving average of $25.96. The stock’s market capitalization is $837.17 million.
Concordia Healthcare Corp. (NASDAQ:CXRX) last released its earnings results on Friday, May 13th. The company reported $1.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by $0.19. The business earned $228.50 million during the quarter, compared to analyst estimates of $231 million. The business’s quarterly revenue was up 570.1% compared to the same quarter last year. On average, equities research analysts forecast that Concordia Healthcare Corp. will post $5.88 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 29th. Shareholders of record on Friday, July 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.83%. The ex-dividend date was Wednesday, July 13th.
Other large investors recently added to or reduced their stakes in the company. Diamond Hill Capital Management Inc. increased its stake 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 valued at $34,732,000 after buying an additional 634,880 shares during the period. Morgan Stanley increased its stake in Concordia Healthcare Corp. by 24.6% in the fourth quarter. Morgan Stanley now owns 269,768 shares of the company’s stock valued at $11,015,000 after buying an additional 53,305 shares during the period. Finally, Swiss National Bank increased its stake in Concordia Healthcare Corp. by 26.7% in the fourth quarter. Swiss National Bank now owns 49,810 shares of the company’s stock valued at $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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