Stocks: Impax Laboratories Inc (IPXL) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Stocks: Impax Laboratories Inc (IPXL) Releases Quarterly  Earnings Results, Misses Expectations By $0.01 EPS

Impax Laboratories Inc (NASDAQ:IPXL) announced its quarterly earnings results on Wednesday. The specialty pharmaceutical company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.01. The firm had revenue of $184.40 million for the quarter, compared to analyst estimates of $193.17 million. Impax Laboratories had a positive return on equity of 11.34% and a negative net margin of 19.93%. The business’s revenue was down 18.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.43 earnings per share. Impax Laboratories updated its FY17 guidance to $0.55-0.70 EPS.

Impax Laboratories (NASDAQ:IPXL) traded down 0.88% on Friday, reaching $16.90. The company’s stock had a trading volume of 168,839 shares. The stock’s 50 day moving average is $12.95 and its 200-day moving average is $13.47. The firm’s market capitalization is $1.21 billion. Impax Laboratories has a 52 week low of $7.75 and a 52 week high of $35.24.

Hedge funds have recently added to or reduced their stakes in the stock. Catalyst Capital Advisors LLC purchased a new stake in Impax Laboratories during the third quarter worth approximately $102,000. State of Alaska Department of Revenue boosted its stake in Impax Laboratories by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 8,140 shares of the specialty pharmaceutical company’s stock worth $102,000 after buying an additional 150 shares in the last quarter. Commerce Bank boosted its stake in Impax Laboratories by 12.9% in the first quarter. Commerce Bank now owns 11,460 shares of the specialty pharmaceutical company’s stock worth $145,000 after buying an additional 1,310 shares in the last quarter. Laurion Capital Management LP purchased a new stake in Impax Laboratories during the first quarter worth approximately $183,000. Finally, BNP Paribas Arbitrage SA boosted its stake in Impax Laboratories by 11.8% in the first quarter. BNP Paribas Arbitrage SA now owns 15,029 shares of the specialty pharmaceutical company’s stock worth $190,000 after buying an additional 1,588 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Several equities research analysts have commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $15.00 price target (up from $10.00) on shares of Impax Laboratories in a research note on Thursday. Zacks Investment Research upgraded Impax Laboratories from a “strong sell” rating to a “hold” rating in a research note on Monday. Vetr lowered Impax Laboratories from a “strong-buy” rating to a “strong sell” rating and set a $10.55 price target for the company. in a research note on Monday, May 1st. Deutsche Bank AG set a $15.00 price target on Impax Laboratories and gave the stock a “buy” rating in a research note on Wednesday, April 5th. Finally, Guggenheim restated a “buy” rating and set a $20.00 price target on shares of Impax Laboratories in a research note on Monday, March 27th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $19.24.

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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