Zacks Investment Research downgraded shares of Impax Laboratories (NASDAQ:IPXL) from a hold rating to a sell rating in a research note issued to investors on Monday morning.
According to Zacks, “Impax missed estimates for both the counts in the fourth quarter of 2017. The company 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. Moreover, the company’s manufacturing facilities have been hampered by quality control issues since 2011, which delayed Rytary’s approval. 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.”
IPXL has been the subject of a number of other research reports. Cantor Fitzgerald set a $35.00 price target on shares of Impax Laboratories and gave the stock a buy rating in a research note on Friday, December 15th. Royal Bank of Canada set a $20.00 price target on shares of Impax Laboratories and gave the stock a hold rating in a research note on Friday, March 2nd. BidaskClub upgraded shares of Impax Laboratories from a sell rating to a hold rating in a research note on Friday, January 26th. Leerink Swann started coverage on shares of Impax Laboratories in a research note on Tuesday, January 2nd. They set an outperform rating and a $22.00 price target for the company. Finally, Canaccord Genuity set a $19.00 price target on shares of Impax Laboratories and gave the stock a hold rating in a research note on Thursday, February 22nd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $20.91.
Impax Laboratories (NASDAQ:IPXL) last posted its earnings results on Thursday, March 1st. The specialty pharmaceutical company reported $0.11 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.01). The company had revenue of $182.90 million during the quarter, compared to analysts’ expectations of $199.13 million. Impax Laboratories had a negative net margin of 60.49% and a positive return on equity of 10.42%. The company’s quarterly revenue was down 7.8% on a year-over-year basis. During the same period last year, the business earned $0.16 earnings per share. research analysts predict that Impax Laboratories will post 1.15 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in IPXL. Fosun International Ltd lifted its stake in shares of Impax Laboratories by 1,185.0% in the 3rd quarter. Fosun International Ltd now owns 3,854,995 shares of the specialty pharmaceutical company’s stock worth $78,256,000 after acquiring an additional 3,554,995 shares during the period. TCW Group Inc. lifted its stake in shares of Impax Laboratories by 3,904.5% in the 4th quarter. TCW Group Inc. now owns 1,987,950 shares of the specialty pharmaceutical company’s stock worth $33,099,000 after acquiring an additional 1,938,307 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Impax Laboratories in the 3rd quarter worth $28,573,000. GW&K Investment Management LLC lifted its stake in shares of Impax Laboratories by 147.5% in the 4th quarter. GW&K Investment Management LLC now owns 1,859,924 shares of the specialty pharmaceutical company’s stock worth $30,968,000 after acquiring an additional 1,108,348 shares during the period. Finally, Maverick Capital Ltd. lifted its stake in shares of Impax Laboratories by 12.8% in the 4th quarter. Maverick Capital Ltd. now owns 7,327,798 shares of the specialty pharmaceutical company’s stock worth $122,008,000 after acquiring an additional 833,500 shares during the period. 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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