Eagle Pharmaceuticals’ (EGRX) “Hold” Rating Reiterated at Cantor Fitzgerald
Eagle Pharmaceuticals (NASDAQ:EGRX)‘s stock had its “hold” rating reissued by analysts at Cantor Fitzgerald in a research note issued to investors on Monday, AnalystRatings.com reports. They presently have a $58.00 price target on the specialty pharmaceutical company’s stock. Cantor Fitzgerald’s price target points to a potential upside of 22.08% from the stock’s previous close.
The analysts wrote, “Eagle has carved out a leading position in the specialty pharma market via its 505(b) (2) strategy. We expect earnings revisions and pipeline readouts to drive EGRX stock going forward. We believe the risk-reward of such items are adequately reflected in the current stock price. Valuation Summary We use a blend of DCF and multiples (EV/EBITDA) analysis to get to our 12-month price target of $58.””
Other equities research analysts have also issued reports about the company. Royal Bank of Canada set a $66.00 target price on Eagle Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, March 1st. Zacks Investment Research raised Eagle Pharmaceuticals from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Friday, January 18th. BidaskClub raised Eagle Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, March 5th. Finally, ValuEngine raised Eagle Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Eagle Pharmaceuticals currently has an average rating of “Hold” and an average target price of $63.67.
Eagle Pharmaceuticals (NASDAQ:EGRX) last announced its earnings results on Thursday, February 28th. The specialty pharmaceutical company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.04. The company had revenue of $56.05 million for the quarter, compared to analyst estimates of $54.17 million. Eagle Pharmaceuticals had a return on equity of 17.76% and a net margin of 14.96%. Eagle Pharmaceuticals’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.05 earnings per share. Analysts expect that Eagle Pharmaceuticals will post 3.47 EPS for the current year.
In other news, CEO Scott Tarriff sold 30,085 shares of Eagle Pharmaceuticals stock in a transaction on Friday, February 1st. The stock was sold at an average price of $41.54, for a total transaction of $1,249,730.90. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 79,488 shares of company stock worth $3,752,208 in the last quarter. 28.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of EGRX. JPMorgan Chase & Co. grew its holdings in shares of Eagle Pharmaceuticals by 85.2% during the third quarter. JPMorgan Chase & Co. now owns 63,504 shares of the specialty pharmaceutical company’s stock valued at $4,402,000 after buying an additional 29,215 shares in the last quarter. Prudential Financial Inc. grew its stake in Eagle Pharmaceuticals by 49.7% in the third quarter. Prudential Financial Inc. now owns 25,265 shares of the specialty pharmaceutical company’s stock valued at $1,752,000 after purchasing an additional 8,393 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Eagle Pharmaceuticals by 15.6% in the third quarter. Bank of New York Mellon Corp now owns 177,619 shares of the specialty pharmaceutical company’s stock valued at $12,314,000 after purchasing an additional 23,903 shares in the last quarter. BlackRock Inc. grew its stake in Eagle Pharmaceuticals by 21.6% in the third quarter. BlackRock Inc. now owns 1,741,712 shares of the specialty pharmaceutical company’s stock valued at $120,753,000 after purchasing an additional 309,622 shares in the last quarter. Finally, Credit Suisse AG grew its stake in Eagle Pharmaceuticals by 11.9% in the third quarter. Credit Suisse AG now owns 14,242 shares of the specialty pharmaceutical company’s stock valued at $987,000 after purchasing an additional 1,511 shares in the last quarter. Institutional investors and hedge funds own 94.36% of the company’s stock.
About Eagle Pharmaceuticals
Eagle Pharmaceuticals, Inc, a specialty pharmaceutical company, focuses on developing and commercializing injectable products primarily in the critical care and oncology areas in the United States. The company offers Argatroban, an anti-coagulant thrombin inhibitor for heparin-induced thrombocytopenia; Ryanodex for malignant hyperthermia; Bendeka for chronic lymphocytic leukemia (CLL) and indolent B-cell non-Hodgkin's lymphoma (NHL); and Belrapzo, a chemotherapeutic agent for CLL and Indolent NHL.
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