Impax Laboratories, Inc. (NASDAQ:IPXL) rose 2% during mid-day trading on Friday . The stock traded as high as $22.15 and last traded at $21.23, with a volume of 469,469 shares traded. The stock had previously closed at $21.65.

IPXL has been the topic of several research reports. Zacks Investment Research upgraded shares of Impax Laboratories from a “strong sell” rating to a “hold” rating in a report on Monday, May 8th. Royal Bank Of Canada restated an “outperform” rating and issued a $62.00 target price (up previously from $10.00) on shares of Impax Laboratories in a report on Thursday, May 11th. Janney Montgomery Scott restated a “neutral” rating and issued a $21.00 target price on shares of Impax Laboratories in a report on Monday, June 12th. Cantor Fitzgerald initiated coverage on shares of Impax Laboratories in a report on Friday, June 16th. They issued an “overweight” rating and a $20.00 target price on the stock. Finally, BMO Capital Markets restated a “hold” rating and issued a $16.00 target price on shares of Impax Laboratories in a report on Friday, June 23rd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $17.85.

The stock’s market cap is $1.54 billion. The company’s 50 day moving average is $18.24 and its 200 day moving average is $14.94.

Impax Laboratories (NASDAQ:IPXL) last announced its quarterly earnings results on Wednesday, August 9th. The specialty pharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.04. Impax Laboratories had a negative net margin of 71.08% and a positive return on equity of 9.05%. The firm had revenue of $202.08 million for the quarter, compared to the consensus estimate of $195.62 million. During the same period in the prior year, the firm posted $0.21 earnings per share. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. Analysts anticipate that Impax Laboratories, Inc. will post $0.70 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in IPXL. Maverick Capital Ltd. increased its stake in shares of Impax Laboratories by 6,705.5% in the second quarter. Maverick Capital Ltd. now owns 7,159,336 shares of the specialty pharmaceutical company’s stock worth $115,265,000 after buying an additional 7,054,136 shares during the period. Vanguard Group Inc. increased its stake in shares of Impax Laboratories by 9.1% in the second quarter. Vanguard Group Inc. now owns 6,821,118 shares of the specialty pharmaceutical company’s stock worth $109,820,000 after buying an additional 569,723 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Impax Laboratories by 23.0% in the second quarter. Dimensional Fund Advisors LP now owns 3,244,580 shares of the specialty pharmaceutical company’s stock worth $52,238,000 after buying an additional 607,503 shares during the period. North Tide Capital LLC increased its stake in shares of Impax Laboratories by 50.0% in the first quarter. North Tide Capital LLC now owns 3,000,000 shares of the specialty pharmaceutical company’s stock worth $37,950,000 after buying an additional 1,000,000 shares during the period. Finally, Frontier Capital Management Co. LLC increased its stake in shares of Impax Laboratories by 43.2% in the second quarter. Frontier Capital Management Co. LLC now owns 1,585,828 shares of the specialty pharmaceutical company’s stock worth $25,532,000 after buying an additional 478,168 shares during the period. 86.26% of the stock is currently owned by hedge funds and other institutional investors.

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About Impax Laboratories

Impax Laboratories, Inc is a specialty pharmaceutical company. The Company is engaged in the development, manufacture and marketing of bioequivalent pharmaceutical products (generics), in addition to the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma.