Zacks Investment Research upgraded shares of Impax Laboratories (NASDAQ:IPXL) from a strong sell rating to a hold rating in a research note released on Monday.
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.”
A number of other analysts have also commented on IPXL. Piper Jaffray Companies restated a hold rating and set a $17.00 price target on shares of Impax Laboratories in a research note on Sunday, September 17th. Citigroup boosted their price target on shares of Impax Laboratories to $23.00 and gave the company a buy rating in a research note on Tuesday, September 19th. Deutsche Bank reiterated a buy rating and issued a $23.00 target price on shares of Impax Laboratories in a research note on Tuesday, September 19th. BTIG Research reiterated a buy rating and issued a $27.00 target price (up previously from $20.00) on shares of Impax Laboratories in a research note on Saturday, September 23rd. Finally, Cantor Fitzgerald reiterated a buy rating and issued a $25.00 target price on shares of Impax Laboratories in a research note on Monday, September 25th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $19.62.
Impax Laboratories (NASDAQ:IPXL) last announced its quarterly earnings results on Thursday, November 9th. The specialty pharmaceutical company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.03. The business had revenue of $206.40 million during the quarter, compared to analyst estimates of $208.38 million. Impax Laboratories had a negative net margin of 56.59% and a positive return on equity of 9.06%. Impax Laboratories’s quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.37 EPS. equities research analysts forecast that Impax Laboratories will post 0.64 earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio boosted its holdings in shares of Impax Laboratories by 12.7% in 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 buying an additional 780 shares during the last quarter. Amalgamated Bank purchased a new position in shares of Impax Laboratories in the 3rd quarter worth about $201,000. Stevens Capital Management LP purchased a new position in shares of Impax Laboratories in the 3rd quarter worth about $203,000. Quantbot Technologies LP boosted its holdings in shares of Impax Laboratories by 279.0% in the 3rd 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. Finally, Advisory Services Network LLC purchased a new position in shares of Impax Laboratories in the 2nd quarter worth about $207,000. 90.48% of the stock is currently owned by institutional investors.
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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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