On Monday, research analysts Cantor Fitzgerald restated a ‘Buy’ rating for Impax Laboratories, Inc. (NASDAQ:$IPXL). Cantor Fitzgerald also set a price target of $25.00, indicating a potential 8.70% from the stock’s current position. The rating was based on information ascertained during Impax’s participation in the Cantor Fitzgerald Healthcare Conference.
Impax Laboratories, Inc. is a pharmaceutical company that specializes in the production, development, and distribution of generic drugs – also known as bioequivalent pharmaceutical products. They also offer some branded products of their own.
On August 9th, Impax announced its last quarterly earnings report. The company reported an EPS of $0.18 for the quarter, compared to the conservative $0.14 consensus estimate. The company had an EPS of $0.21 in the same quarter last year. The company had a Return on Equity of 9.05%, but a negative net margin of -71.08%. Overall, the company had $202.08 million in revenue during the quarter, which beat the analyst’s estimates of $195.62 million. The company saw an increase of 17.1% on a year-over-year basis.
Multiple other analytics firms have weighed in on the stock;
- Janney Montgomery Scott, in a research note on June 12th, restated a ‘Neutral’ rating with a price target of $21.00.
- Royal Bank of Canada (NYSE:$RY), in a note on June 13th, restated a ‘Hold’ rating and set a target price of $15.00.
- BMO Capital Markets, in a note on June 23rd, set a target price of $16.00 and restated a ‘Hold’ rating.
- Zacks Investment Research, on July 11th, increased its rating from ‘Hold’ to ‘Buy’ with a target price of $19.00.
- Lastly, BidaskClub, in a note on July 12th, raised Impax’s rating from ‘Hold’ to ‘Buy’.
In total the stock received 11 ‘Hold’, 5 ‘Buy’, and 4 ‘Sell’ ratings, giving it a consensus ‘Hold’ rating and an average target price of $19.03.
On Wednesday, August 9th announced its latest quarterly earnings results. The company reported an EPS of $0.18 compared to the forecast of $0.14. Last year in the same quarter, the company posted a $0.21 EPS. They also beat the forecast of $195.62 million with a total revenue coming in at $202.08. The company’s quarterly revenue was 17.1% over the same quarter last year.
Multiple institutional investors also recently altered their holdings in Impax;
- Maverick Capital Ltd bought 7,054,136 shares during the second quarter for a grand total of 7,159,336 shares valued at approximately $115,265,000. This represents a 6,705.5% overall increase.
- Public Employees Retirement System of Ohio bought an additional 780 shares giving them a total of 6,911 shares worth approximately $111,000. This represented a 12.7% increase in the second quarter.
- Advisory Services Network LLC began investing in the company with an opening purchase of shares worth about $207,000.
- Winton Group Ltd bought a new position with an opening investment of about $1,066,000 during its 2nd quarter.
- Piedmont Investment Advisors LLC began investing in the company with an opening purchase of $257,000 during the 2nd quarter.
86.26% of the company’s stock is owned by institutional investors.
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