Impax Laboratories, Inc. (NASDAQ:IPXL) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday, July 24th.
According to Zacks, “Impax’s Generics segment has been under competitive and pricing pressure, which is expected to persist through 2017. However, the epinephrine auto-injector sales picked up and the company has 24 ANDAs pending FDA approval. The company is also taking steps to reduce costs and improve efficiencies, which is estimated to save a total of $130 million by the end of 2019. However, the company’s 2017 earnings guidance is significantly lower than 2016 numbers as continued impact of lower pricing on generics is expected to hurt revenues. Moreover, the company’s manufacturing facilities had been hampered by quality control issues since 2011 and an inspection had even delayed Rytary’s approval. Impax is also involved in a patent litigation regarding approval of generic version of Rytary. Estimates have been mostly stable ahead of the Q2 results. Impax does not have an impressive record of earnings surprises in the recent quarters.”
Other equities analysts also recently issued reports about the stock. Deutsche Bank AG set a $15.00 target price on shares of Impax Laboratories and gave the stock a “buy” rating in a research note on Wednesday, April 5th. Guggenheim reiterated a “buy” rating and set a $20.00 price target on shares of Impax Laboratories in a research report on Monday, March 27th. BidaskClub upgraded shares of Impax Laboratories from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. BMO Capital Markets reissued a “hold” rating and issued a $16.00 price objective on shares of Impax Laboratories in a research report on Friday, June 23rd. Finally, Royal Bank Of Canada set a $10.00 price objective on shares of Impax Laboratories and gave the stock a “hold” rating in a research report on Saturday, April 8th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $18.56.
Impax Laboratories (NASDAQ IPXL) traded up 0.55% during midday trading on Monday, reaching $18.30. 1,600,694 shares of the company traded hands. The firm’s 50 day moving average price is $17.34 and its 200 day moving average price is $14.34. Impax Laboratories has a 12 month low of $7.75 and a 12 month high of $27.29. The firm’s market capitalization is $1.31 billion.
Impax Laboratories (NASDAQ:IPXL) last announced its earnings results on Wednesday, August 9th. The specialty pharmaceutical company reported $0.18 earnings per share 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 company had revenue of $202.08 million during the quarter, compared to the consensus estimate of $195.62 million. During the same period in the previous year, the firm posted $0.21 earnings per share. The company’s revenue was up 17.1% on a year-over-year basis. On average, analysts expect that Impax Laboratories will post $0.68 earnings per share for the current year.
ILLEGAL ACTIVITY WARNING: “Impax Laboratories, Inc. (NASDAQ:IPXL) Downgraded to “Strong Sell” at Zacks Investment Research” was posted by Stock Observer and is the property of of Stock Observer. If you are reading this article on another domain, it was illegally copied and republished in violation of U.S. & international copyright laws. The legal version of this article can be accessed at https://www.thestockobserver.com/2017/08/12/impax-laboratories-inc-nasdaqipxl-downgraded-to-strong-sell-at-zacks-investment-research-updated-updated.html.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue raised its position in Impax Laboratories by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 8,140 shares of the specialty pharmaceutical company’s stock valued at $102,000 after buying an additional 150 shares during the last quarter. Commerce Bank raised its position in Impax Laboratories by 12.9% in the first quarter. Commerce Bank now owns 11,460 shares of the specialty pharmaceutical company’s stock valued at $145,000 after buying an additional 1,310 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Impax Laboratories by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 14,414 shares of the specialty pharmaceutical company’s stock valued at $182,000 after buying an additional 171 shares during the last quarter. Laurion Capital Management LP purchased a new position in Impax Laboratories during the first quarter valued at about $183,000. Finally, BNP Paribas Arbitrage SA raised its position in Impax Laboratories by 11.8% in the first quarter. BNP Paribas Arbitrage SA now owns 15,029 shares of the specialty pharmaceutical company’s stock valued at $190,000 after buying an additional 1,588 shares during the last quarter. Institutional investors and hedge funds own 83.48% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Impax Laboratories Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Impax Laboratories Inc. and related companies with MarketBeat.com's FREE daily email newsletter.