Impax Laboratories (IPXL) Downgraded by Zacks Investment Research to “Sell”
Zacks Investment Research downgraded shares of Impax Laboratories (NASDAQ:IPXL) from a hold rating to a sell rating in a report released on Tuesday.
According to Zacks, “Impax's epinephrine auto-injector sales have picked up and the company has 18 ANDAs pending FDA approval. Impax’s generics pipeline should be able to take advantage of the upcoming patent expirations amid competitive and pricing pressure, which is expected to persist through 2017. Meanwhile, Impax is taking steps to reduce costs and improve efficiencies, which may save an estimated $130 million by the end of 2019. The merger with Amneal Pharma is a positive for Impax as it will have a diverse pipeline with more than 300 products under review or late stage development. However, the company’s manufacturing facilities have been hampered by quality control issues since 2011, which delayed Rytary’s approval. Impax’s shares have outperformed the industry in the past one year. Estimates have remained stable ahead of the Q4 earnings results. The company has a mixed record of earnings surprises in recent quarters.”
Other research analysts also recently issued reports about the company. Cantor Fitzgerald reissued an overweight rating and issued a $25.00 price objective (up from $20.00) on shares of Impax Laboratories in a research note on Wednesday, September 6th. Guggenheim began coverage on Impax Laboratories in a research note on Tuesday, December 12th. They issued a neutral rating and a $18.00 price objective on the stock. Canaccord Genuity set a $19.00 price objective on Impax Laboratories and gave the company a hold rating in a research note on Monday, December 18th. BTIG Research reissued a buy rating and issued a $27.00 price objective (up from $20.00) on shares of Impax Laboratories in a research note on Saturday, September 23rd. Finally, Goldman Sachs Group began coverage on Impax Laboratories in a research note on Thursday, September 28th. They issued a neutral rating and a $20.00 price objective on the stock. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. Impax Laboratories presently has a consensus rating of Hold and an average price target of $19.62.
Impax Laboratories (NASDAQ:IPXL) opened at $17.87 on Tuesday. The stock has a market capitalization of $1,278.46, a PE ratio of 25.37, a PEG ratio of 0.91 and a beta of 0.94. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.81 and a quick ratio of 1.32. Impax Laboratories has a 52 week low of $7.75 and a 52 week high of $25.70.
Impax Laboratories (NASDAQ:IPXL) last announced its quarterly earnings data on Thursday, November 9th. The specialty pharmaceutical company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. The company had revenue of $206.40 million for the quarter, compared to the consensus estimate of $208.38 million. Impax Laboratories had a positive return on equity of 9.06% and a negative net margin of 56.59%. The firm’s revenue was down 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.37 EPS. sell-side analysts predict that Impax Laboratories will post 0.64 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio increased its holdings in Impax Laboratories by 12.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 6,911 shares of the specialty pharmaceutical company’s stock worth $111,000 after purchasing an additional 780 shares in the last quarter. Amalgamated Bank bought a new stake in Impax Laboratories during the 3rd quarter worth approximately $201,000. Stevens Capital Management LP bought a new stake in Impax Laboratories during the 3rd quarter worth approximately $203,000. Quantbot Technologies LP increased its holdings in Impax Laboratories by 279.0% during the 3rd quarter. Quantbot Technologies LP now owns 10,031 shares of the specialty pharmaceutical company’s stock worth $203,000 after purchasing an additional 7,384 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in Impax Laboratories during the 2nd quarter worth approximately $207,000. 90.48% of the stock is 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.
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