Piper Jaffray Companies upgraded shares of Impax Laboratories, Inc. (NASDAQ:IPXL) from an underweight rating to a neutral rating in a research note published on Tuesday, July 18th, MarketBeat reports. Piper Jaffray Companies currently has $16.00 target price on the specialty pharmaceutical company’s stock, up from their previous target price of $9.00.
Other research analysts have also recently issued research 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 report on Wednesday, April 5th. Guggenheim restated a buy rating and issued a $20.00 target price on shares of Impax Laboratories in a research report on Monday, March 27th. Zacks Investment Research upgraded shares of Impax Laboratories from a hold rating to a buy rating and set a $19.00 target price for the company in a research report on Tuesday, July 11th. BidaskClub upgraded shares of Impax Laboratories from a hold rating to a buy rating in a research report on Wednesday, July 12th. Finally, BMO Capital Markets reaffirmed a hold rating and issued a $16.00 price target on shares of Impax Laboratories in a research note on Friday, June 23rd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $18.56.
Shares of Impax Laboratories (NASDAQ IPXL) traded down 2.73% during midday trading on Tuesday, reaching $17.80. 1,139,857 shares of the company were exchanged. The company’s 50-day moving average price is $17.37 and its 200 day moving average price is $14.41. Impax Laboratories has a 52-week low of $7.75 and a 52-week high of $27.29. The stock’s market capitalization is $1.28 billion.
Impax Laboratories (NASDAQ:IPXL) last posted its earnings results on Wednesday, August 9th. The specialty pharmaceutical company reported $0.18 EPS for the quarter, topping the 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 firm had revenue of $202.08 million during the quarter, compared to analysts’ expectations of $195.62 million. During the same quarter in the prior year, the firm earned $0.21 EPS. Impax Laboratories’s quarterly revenue was up 17.1% on a year-over-year basis. On average, equities analysts predict that Impax Laboratories will post $0.68 earnings per share for the current year.
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A number of hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank raised its stake in Impax Laboratories by 5.0% in the fourth quarter. Comerica Bank now owns 78,608 shares of the specialty pharmaceutical company’s stock valued at $1,010,000 after buying an additional 3,740 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Impax Laboratories by 12.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,791,702 shares of the specialty pharmaceutical company’s stock valued at $23,739,000 after buying an additional 194,694 shares in the last quarter. New York State Teachers Retirement System raised its stake in Impax Laboratories by 0.8% in the fourth quarter. New York State Teachers Retirement System now owns 103,960 shares of the specialty pharmaceutical company’s stock valued at $1,377,000 after buying an additional 800 shares in the last quarter. Guggenheim Capital LLC raised its stake in Impax Laboratories by 2.9% in the fourth quarter. Guggenheim Capital LLC now owns 145,928 shares of the specialty pharmaceutical company’s stock valued at $1,934,000 after buying an additional 4,144 shares in the last quarter. Finally, Norges Bank purchased a new stake in Impax Laboratories during the fourth quarter worth about $16,669,000. 83.57% of the stock is owned by institutional investors and hedge funds.
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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