Concordia Healthcare Corp. (CXRX) Sees Significant Increase in Short Interest
Concordia Healthcare Corp. (NASDAQ:CXRX) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totalling 10,895,926 shares, a growth of 28.8% from the September 15th total of 8,459,845 shares. Approximately 26.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,033,399 shares, the days-to-cover ratio is presently 5.4 days.
Several equities analysts have recently commented on CXRX shares. Zacks Investment Research raised shares of Concordia Healthcare Corp. from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Wednesday, July 13th. RBC Capital Markets reissued an “outperform” rating and issued a $38.00 target price (up previously from $33.00) on shares of Concordia Healthcare Corp. in a report on Sunday, September 4th. Canaccord Genuity reissued a “buy” rating and issued a $10.00 target price on shares of Concordia Healthcare Corp. in a report on Wednesday, October 5th. Scotiabank reissued a “sector perform” rating and issued a $4.50 target price (down previously from $8.00) on shares of Concordia Healthcare Corp. in a report on Wednesday. Finally, Goldman Sachs Group Inc. reissued a “neutral” rating on shares of Concordia Healthcare Corp. in a report on Tuesday, September 27th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Concordia Healthcare Corp. presently has a consensus rating of “Hold” and a consensus price target of $32.41.
A number of large investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its stake in Concordia Healthcare Corp. by 91.2% in the first quarter. Legal & General Group Plc now owns 4,403 shares of the company’s stock worth $113,000 after buying an additional 2,100 shares in the last quarter. Citigroup Inc. boosted its stake in Concordia Healthcare Corp. by 18.5% in the second quarter. Citigroup Inc. now owns 8,976 shares of the company’s stock worth $184,000 after buying an additional 1,401 shares in the last quarter. Jane Street Group LLC bought a new stake in Concordia Healthcare Corp. during the second quarter worth about $309,000. HRS Investment Holdings LLC boosted its stake in Concordia Healthcare Corp. by 100.0% in the first quarter. HRS Investment Holdings LLC now owns 15,400 shares of the company’s stock worth $394,000 after buying an additional 7,700 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Concordia Healthcare Corp. by 12.4% in the first quarter. Geode Capital Management LLC now owns 20,553 shares of the company’s stock worth $526,000 after buying an additional 2,270 shares in the last quarter. 33.93% of the stock is currently owned by hedge funds and other institutional investors.
Concordia Healthcare Corp. (NASDAQ:CXRX) opened at 3.67 on Friday. The firm’s 50-day moving average is $5.96 and its 200-day moving average is $18.48. Concordia Healthcare Corp. has a 52-week low of $3.64 and a 52-week high of $44.00. The company’s market cap is $187.23 million.
Concordia Healthcare Corp. (NASDAQ:CXRX) last released its quarterly earnings results on Friday, August 12th. The company reported $1.38 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.38. Concordia Healthcare Corp. had a negative net margin of 81.80% and a positive return on equity of 25.18%. The firm had revenue of $231.70 million for the quarter, compared to analysts’ expectations of $229.76 million. The company’s quarterly revenue was up 208.1% compared to the same quarter last year. On average, equities research analysts anticipate that Concordia Healthcare Corp. will post $5.15 EPS for the current year.
Concordia Healthcare Corp. Company Profile
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