Impax Laboratories (NASDAQ: IPXL) was downgraded by analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
The analysts wrote, “We’d been holding out for a positive near-term remediation announcement as an event that could boost the stock and de-risk the story – that clearly didn’t play out. Last night’s release post FDA reinspection of Hayward now extends (and expands) the FDA challenges, removing that possible upside catalyst. The questions that matter from here are: (1) where will the stock go post sell-off today? We see it settling at ~$16-17 and range bound pending remediation – not likely in 2013; and (2) is this the event that brings more formal take-out interest – unclear but questions here likely pick up and should introduce some support.”
IPXL has been the subject of a number of other recent research reports. Analysts at Piper Jaffray cut their price target on shares of Impax Laboratories to $27.00 in a research note to investors on Tuesday, February 26th. Separately, analysts at Leerink Swann cut their price target on shares of Impax Laboratories from $24.00 to $22.00 in a research note to investors on Tuesday, January 22nd. They now have an “outperform” rating on the stock. Finally, analysts at Zacks downgraded shares of Impax Laboratories from a “neutral” rating to an “underperform” rating in a research note to investors on Thursday, January 10th. They now have a $20.80 price target on the stock.
Impax Laboratories opened at 20.00 on Tuesday. Impax Laboratories has a 52-week low of $18.90 and a 52-week high of $27.25. The stock’s 50-day moving average is currently $20.13. The company has a market cap of $1.326 billion and a price-to-earnings ratio of 24.39.
Impax Laboratories last issued its quarterly earnings data on Monday, February 25th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.11. The company had revenue of $141.10 million for the quarter, compared to the consensus estimate of $127.03 million. During the same quarter in the previous year, the company posted $0.33 earnings per share. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. On average, analysts predict that Impax Laboratories will post $0.72 earnings per share for the current fiscal year.
Impax Laboratories, Inc. (Impax) is a technology-based, specialty pharmaceutical company applying formulation and development expertise, as well as its drug delivery technology, to the development, manufacture and marketing of bioequivalent pharmaceutical products.
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