Impax Laboratories Inc. (IPXL) Stock Price Up 6.2%
Impax Laboratories Inc. (NASDAQ:IPXL)’s share price rose 6.2% during mid-day trading on Monday . The company traded as high as $23.31 and last traded at $23.06, with a volume of 833,291 shares traded. The stock had previously closed at $21.72.
IPXL has been the subject of a number of recent research reports. Leerink Swann lowered their target price on Impax Laboratories from $33.00 to $24.00 and set a “market perform” rating for the company in a report on Wednesday, August 10th. Northland Securities raised Impax Laboratories from a “market perform” rating to an “outperform” rating in a report on Monday. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $32.00 target price (down previously from $40.00) on shares of Impax Laboratories in a report on Saturday. BMO Capital Markets initiated coverage on Impax Laboratories in a report on Tuesday, June 28th. They issued a “market perform” rating and a $30.00 target price for the company. Finally, Bank of America Corp. raised Impax Laboratories from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $36.07.
The stock has a market cap of $1.64 billion and a price-to-earnings ratio of 48.67. The stock has a 50-day moving average of $29.39 and a 200 day moving average of $32.34.
Impax Laboratories (NASDAQ:IPXL) last issued its quarterly earnings results on Tuesday, August 9th. The specialty pharmaceutical company reported $0.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.11. During the same period in the prior year, the business posted $0.34 earnings per share. The business earned $173 million during the quarter, compared to analysts’ expectations of $223.67 million. The firm’s revenue was down 19.4% on a year-over-year basis. Equities research analysts expect that Impax Laboratories Inc. will post $1.62 EPS for the current year.
Other large investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Impax Laboratories by 2.0% in the fourth quarter. Principal Financial Group Inc. now owns 449,086 shares of the specialty pharmaceutical company’s stock valued at $19,203,000 after buying an additional 8,659 shares during the period. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Impax Laboratories by 78.0% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 80,477 shares of the specialty pharmaceutical company’s stock valued at $3,441,000 after buying an additional 35,275 shares during the period. State of Tennessee Treasury Department purchased a new stake in shares of Impax Laboratories during the fourth quarter valued at about $2,209,000. Marshall Wace LLP purchased a new stake in shares of Impax Laboratories during the fourth quarter valued at about $3,276,000. Finally, Morgan Stanley raised its stake in shares of Impax Laboratories by 45.9% in the fourth quarter. Morgan Stanley now owns 816,279 shares of the specialty pharmaceutical company’s stock valued at $34,904,000 after buying an additional 256,788 shares during the period.
Impax Laboratories, Inc is a specialty pharmaceutical company. The Company is engaged in the development, manufacture and marketing of bioequivalent pharmaceutical products (generics), as well as the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.