Impax Laboratories Inc. (IPXL) Stock Price Up 6.2%
Impax Laboratories Inc. (NASDAQ:IPXL) shares rose 6.2% during trading on Monday . The stock traded as high as $23.31 and last traded at $23.06, with a volume of 833,291 shares. The stock had previously closed at $21.72.
IPXL has been the subject of several research analyst reports. Deutsche Bank AG reduced their target price on Impax Laboratories from $42.00 to $31.00 and set a “hold” rating for the company in a research note on Wednesday, June 22nd. Goldman Sachs Group Inc. started coverage on Impax Laboratories in a research note on Monday, June 6th. They issued a “sell” rating and a $33.00 price target for the company. Piper Jaffray Cos. restated an “overweight” rating and issued a $41.00 price target on shares of Impax Laboratories in a research note on Friday, May 27th. Leerink Swann reduced their price target on Impax Laboratories from $33.00 to $24.00 and set a “market perform” rating for the company in a research note on Wednesday, August 10th. Finally, WallachBeth Capital reduced their price target on Impax Laboratories from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Wednesday, August 10th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. Impax Laboratories presently has a consensus rating of “Hold” and an average target price of $35.67.
The company has a market capitalization of $1.63 billion and a PE ratio of 48.45. The firm’s 50 day moving average price is $29.06 and its 200-day moving average price is $32.03.
Impax Laboratories (NASDAQ:IPXL) last issued its quarterly earnings data on Tuesday, August 9th. The specialty pharmaceutical company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.32 by $0.11. The firm 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. During the same period in the previous year, the business posted $0.34 earnings per share. Analysts anticipate that Impax Laboratories Inc. will post $1.62 earnings per share for the current year.
Several hedge funds recently modified their holdings of IPXL. Marshall Wace LLP bought a new stake in shares of Impax Laboratories during the fourth quarter valued at approximately $3,276,000. Principal Financial Group Inc. increased 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. Finally, Morgan Stanley increased 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.