Allergan PLC. (AGN) Cut to Sell at Zacks Investment Research
Allergan PLC. (NYSE:AGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Allergan’s products like Botox and Linzess and new products such as Viberzi and Vraylar, are supporting sales growth. It also boasts a strong branded pipeline. Biosimilars also represent significant opportunity. However, Allergan is facing generic competition for legacy brands like Namenda and Asacol HD as well as patent challenges for some of the other products in its branded portfolio, which concerns us. In October, a Texas federal district court invalidated four of the six patents covering Restasis, Allergan’s second best-selling drug, potentially opening doors for early generic competition. Also, competition for key growth drivers, Restasis and Linzess, is an investor concern. Allergan’s shares have underperformed the broader industry in the past one month. Estimates have also declined slightly ahead of the Q3 earnings release. The company has a mixed record of earnings surprises in recent quarters.”
AGN has been the topic of a number of other reports. Citigroup Inc. reiterated a “buy” rating and set a $280.00 target price on shares of Allergan PLC. in a research report on Wednesday, September 20th. Royal Bank Of Canada reiterated a “buy” rating and set a $285.00 target price on shares of Allergan PLC. in a research report on Wednesday, September 6th. Piper Jaffray Companies set a $227.00 target price on Allergan PLC. and gave the stock a “hold” rating in a research report on Friday, October 6th. Wells Fargo & Company set a $276.00 target price on Allergan PLC. and gave the stock a “buy” rating in a research report on Friday. Finally, Cowen and Company reiterated an “outperform” rating and set a $400.00 target price on shares of Allergan PLC. in a research report on Saturday, September 23rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company’s stock. Allergan PLC. currently has a consensus rating of “Hold” and a consensus target price of $268.74.
Allergan PLC. (AGN) traded up 0.83% during mid-day trading on Tuesday, hitting $200.05. 2,085,230 shares of the company’s stock traded hands. Allergan PLC. has a one year low of $184.50 and a one year high of $256.80. The firm’s 50-day moving average price is $215.75 and its 200-day moving average price is $231.93. The stock has a market cap of $66.88 billion, a PE ratio of 6.09 and a beta of 1.15.
Allergan PLC. (NYSE:AGN) last posted its earnings results on Thursday, August 3rd. The company reported $4.02 EPS for the quarter, topping the Zacks’ consensus estimate of $3.95 by $0.07. The company had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $3.95 billion. Allergan PLC. had a return on equity of 7.37% and a net margin of 79.17%. Allergan PLC.’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $3.35 earnings per share. On average, analysts forecast that Allergan PLC. will post $16.20 EPS for the current fiscal year.
Allergan PLC. announced that its Board of Directors has approved a stock buyback program on Monday, September 25th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 2.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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Large investors have recently made changes to their positions in the business. Pathstone Family Office LLC increased its stake in Allergan PLC. by 3,327.3% during the second quarter. Pathstone Family Office LLC now owns 377 shares of the company’s stock worth $2,035,000 after acquiring an additional 366 shares during the last quarter. Howard Hughes Medical Institute acquired a new stake in Allergan PLC. during the second quarter worth about $103,000. Jacobi Capital Management LLC increased its stake in Allergan PLC. by 4.9% during the first quarter. Jacobi Capital Management LLC now owns 472 shares of the company’s stock worth $112,000 after acquiring an additional 22 shares during the last quarter. JNBA Financial Advisors increased its stake in Allergan PLC. by 2.5% during the first quarter. JNBA Financial Advisors now owns 487 shares of the company’s stock worth $116,000 after acquiring an additional 12 shares during the last quarter. Finally, Massey Quick & Co. LLC increased its stake in Allergan PLC. by 334.8% during the second quarter. Massey Quick & Co. LLC now owns 500 shares of the company’s stock worth $122,000 after acquiring an additional 385 shares during the last quarter. Institutional investors own 81.94% of the company’s stock.
Allergan PLC. Company Profile
Allergan, Inc is a multi-specialty healthcare company. The Company focuses on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter (OTC) products. It discovers, develops and commercializes a range of products for the ophthalmic, neurological, medical aesthetics, medical dermatology, breast aesthetics, urological and other specialty markets.
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