Egalet Corporation (NASDAQ:EGLT) dropped 8.7% on Tuesday . The stock traded as low as $1.13 and last traded at $1.16. Approximately 2,302,400 shares traded hands during mid-day trading, an increase of 200% from the average daily volume of 766,926 shares. The stock had previously closed at $1.27.

EGLT has been the subject of several recent analyst reports. Cantor Fitzgerald set a $7.00 target price on shares of Egalet and gave the company a “buy” rating in a research note on Thursday, November 16th. Gabelli downgraded shares of Egalet from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Stifel Nicolaus restated a “buy” rating and issued a $6.00 target price (down from $14.00) on shares of Egalet in a research note on Thursday, August 10th. Finally, Guggenheim set a $7.00 target price on shares of Egalet and gave the company a “buy” rating in a research note on Monday, August 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $7.10.

The company has a debt-to-equity ratio of -3.43, a quick ratio of 2.68 and a current ratio of 2.73.

Large investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC lifted its stake in shares of Egalet by 1.1% during the second quarter. Janney Montgomery Scott LLC now owns 45,963 shares of the specialty pharmaceutical company’s stock worth $109,000 after buying an additional 500 shares during the period. LMR Partners LLP acquired a new stake in shares of Egalet during the second quarter worth $179,000. Virtu KCG Holdings LLC lifted its stake in shares of Egalet by 87.0% during the second quarter. Virtu KCG Holdings LLC now owns 79,877 shares of the specialty pharmaceutical company’s stock worth $189,000 after buying an additional 37,155 shares during the period. New Jersey Better Educational Savings Trust lifted its stake in shares of Egalet by 4.0% during the second quarter. New Jersey Better Educational Savings Trust now owns 104,000 shares of the specialty pharmaceutical company’s stock worth $246,000 after buying an additional 4,000 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Egalet by 515.7% during the second quarter. Goldman Sachs Group Inc. now owns 123,454 shares of the specialty pharmaceutical company’s stock worth $293,000 after buying an additional 103,402 shares during the period. Institutional investors and hedge funds own 54.24% of the company’s stock.

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Egalet Company Profile

Egalet Corporation is a specialty pharmaceutical company. The Company is engaged in developing, manufacturing and commercializing treatments for pain and other conditions. The Company’s products include OXAYDO and SPRIX Nasal Spray. The Company is developing two late-stage product candidates, ARYMO ER and Egalet-002 using Guardian Technology.

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