Zacks Investment Research Downgrades Impax Laboratories (IPXL) to Hold

Impax Laboratories (NASDAQ:IPXL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday, March 19th.

According to Zacks, “Impax missed estimates for both the counts in the fourth quarter of 2017. 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. Shares of the company outperformed the industry in a year’s time. However, Impax 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.”

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Several other equities research analysts have also commented on the stock. BidaskClub upgraded shares of Impax Laboratories from a “sell” rating to a “hold” rating in a research note on Wednesday, March 14th. SunTrust Banks started coverage on shares of Impax Laboratories in a research note on Wednesday, March 7th. They issued a “buy” rating and a $24.00 price objective on the stock. 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. Cowen set a $21.00 price target on shares of Impax Laboratories and gave the stock a “hold” rating in a research note on Thursday, March 1st. 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, March 1st. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $20.91.

Shares of NASDAQ IPXL opened at $18.60 on Monday. The company has a debt-to-equity ratio of 4.11, a current ratio of 1.96 and a quick ratio of 1.52. Impax Laboratories has a 1 year low of $12.45 and a 1 year high of $25.70. The company has a market cap of $1,401.10, a PE ratio of 29.52, a PEG ratio of 0.84 and a beta of 1.17.

Impax Laboratories (NASDAQ:IPXL) last issued its quarterly earnings results on Thursday, March 1st. The specialty pharmaceutical company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.01). The business 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 business’s quarterly revenue was down 7.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.16 EPS. sell-side analysts expect that Impax Laboratories will post 1.21 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in IPXL. Public Employees Retirement System of Ohio increased its position in shares of Impax Laboratories by 12.7% in the second quarter. Public Employees Retirement System of Ohio now owns 6,911 shares of the specialty pharmaceutical company’s stock worth $111,000 after acquiring an additional 780 shares in the last quarter. Xact Kapitalforvaltning AB purchased a new position in shares of Impax Laboratories in the fourth quarter valued at $198,000. Amalgamated Bank purchased a new position in shares of Impax Laboratories in the third quarter valued at $201,000. Quantbot Technologies LP boosted its stake in shares of Impax Laboratories by 279.0% in the third quarter. Quantbot Technologies LP now owns 10,031 shares of the specialty pharmaceutical company’s stock valued at $203,000 after purchasing an additional 7,384 shares during the period. Finally, Stevens Capital Management LP purchased a new position in shares of Impax Laboratories in the third quarter valued at $203,000. 90.40% of the stock is owned by institutional investors.

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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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