Concordia Healthcare Corp. (CXRX) Shares Up 4%
Concordia Healthcare Corp. (NASDAQ:CXRX) shares shot up 4% during trading on Thursday . The company traded as high as $20.86 and last traded at $20.86, with a volume of 152,954 shares changing hands. The stock had previously closed at $20.06.
A number of brokerages have recently commented on CXRX. Dundee Securities dropped their price target on Concordia Healthcare Corp. from $46.50 to $45.00 in a research note on Monday, March 21st. Laurentian reiterated a “buy” rating and issued a $55.00 price target (down from $60.00) on shares of Concordia Healthcare Corp. in a research note on Thursday, March 31st. Royal Bank Of Canada restated an “outperform” rating and issued a $74.00 price objective (down from $75.00) on shares of Concordia Healthcare Corp. in a report on Tuesday, May 17th. CIBC increased their price objective on Concordia Healthcare Corp. from $31.00 to $34.00 and gave the company a “sector performer” rating in a report on Tuesday, March 29th. Finally, Goldman Sachs Group Inc. started coverage on Concordia Healthcare Corp. in a report on Monday, June 6th. They issued a “neutral” rating and a $32.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $52.35.
The firm has a 50 day moving average price of $25.21 and a 200 day moving average price of $28.56. The firm’s market capitalization is $1.07 billion.
Concordia Healthcare Corp. (NASDAQ:CXRX) last announced its earnings results on Friday, May 13th. The company reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.54 by $0.19. The company 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% compared to the same quarter last year. Analysts predict that Concordia Healthcare Corp. will post $6.17 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 29th. Investors of record on Friday, July 15th will be given a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 13th. This represents a $0.30 annualized dividend and a yield of 1.43%.
Other hedge funds and institutional investors recently made changes to their positions in the company. ProShare Advisors LLC bought a new position in shares of Concordia Healthcare Corp. during the fourth quarter valued at about $1,671,000. 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 in the last quarter. GSA Capital Partners LLP acquired a new stake in Concordia Healthcare Corp. during the fourth quarter valued at $2,419,000. Thornburg Investment Management Inc. increased its stake in Concordia Healthcare Corp. by 48.3% in the fourth quarter. Thornburg Investment Management Inc. now owns 116,235 shares of the company’s stock valued at $4,746,000 after buying an additional 37,847 shares in the last quarter. Finally, 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 in the last quarter.
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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