Zacks Investment Research lowered shares of Impax Laboratories (NASDAQ:IPXL) from a buy rating to a hold rating in a research note released on Monday morning.
According to Zacks, “Impax missed estimates for both the counts in the fourth quarter of 2017. However, the company’s epinephrine auto-injector sales have picked up. 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. Shares of the company outperformed the industry in a year’s time. However, Impax faces competition in the brand product market from Parkinson’s disease and CNS disorder focused large pharmaceutical companies. Impax’s Generics segment underperformed in 2017, due to significant pricing erosion complemented by erosion in volume.”
Several other equities research analysts have also issued reports on IPXL. Guggenheim started coverage on shares of Impax Laboratories in a report on Tuesday, December 12th. They issued a neutral rating and a $18.00 target price for the company. Cantor Fitzgerald set a $35.00 price objective on shares of Impax Laboratories and gave the company a buy rating in a report on Friday, December 15th. Canaccord Genuity set a $19.00 price objective on shares of Impax Laboratories and gave the company a hold rating in a report on Monday, December 18th. Leerink Swann started coverage on shares of Impax Laboratories in a report on Tuesday, January 2nd. They set an outperform rating and a $22.00 price objective for the company. Finally, BidaskClub raised shares of Impax Laboratories from a strong sell rating to a sell rating in a report on Saturday, January 13th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $20.91.
Shares of Impax Laboratories stock opened at $20.50 on Monday. The stock has a market cap of $1,534.18, a P/E ratio of 32.94, a P/E/G ratio of 0.88 and a beta of 1.01. Impax Laboratories has a fifty-two week low of $8.80 and a fifty-two week high of $25.70. The company has a quick ratio of 1.52, a current ratio of 1.96 and a debt-to-equity ratio of 4.11.
Impax Laboratories (NASDAQ:IPXL) last released its earnings results on Thursday, March 1st. The specialty pharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.01). The firm had revenue of $182.90 million during the quarter, compared to analysts’ expectations of $199.13 million. Impax Laboratories had a positive return on equity of 10.42% and a negative net margin of 60.49%. The company’s revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 earnings per share. analysts predict that Impax Laboratories will post 1.27 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio lifted its position in Impax Laboratories by 12.7% in the second quarter. Public Employees Retirement System of Ohio now owns 6,911 shares of the specialty pharmaceutical company’s stock worth $111,000 after buying an additional 780 shares during the last quarter. American International Group Inc. lifted its position in Impax Laboratories by 5.9% in the third quarter. American International Group Inc. now owns 58,242 shares of the specialty pharmaceutical company’s stock worth $1,182,000 after buying an additional 3,233 shares during the last quarter. OppenheimerFunds Inc. lifted its position in Impax Laboratories by 15.6% in the fourth quarter. OppenheimerFunds Inc. now owns 29,480 shares of the specialty pharmaceutical company’s stock worth $491,000 after buying an additional 3,977 shares during the last quarter. Legal & General Group Plc lifted its position in Impax Laboratories by 4.2% in the third quarter. Legal & General Group Plc now owns 148,419 shares of the specialty pharmaceutical company’s stock worth $3,019,000 after buying an additional 5,967 shares during the last quarter. Finally, Quantbot Technologies LP lifted its position in Impax Laboratories by 279.0% in the third quarter. Quantbot Technologies LP now owns 10,031 shares of the specialty pharmaceutical company’s stock worth $203,000 after buying an additional 7,384 shares during the last quarter. Institutional investors own 90.40% of the company’s stock.
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Impax Laboratories Company Profile
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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