Bank of America Corp DE Increases Stake in Impax Laboratories, Inc. (NASDAQ:IPXL)
Bank of America Corp DE boosted its stake in Impax Laboratories, Inc. (NASDAQ:IPXL) by 88.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 187,393 shares of the specialty pharmaceutical company’s stock after buying an additional 87,867 shares during the period. Bank of America Corp DE’s holdings in Impax Laboratories were worth $2,371,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of IPXL. Norges Bank purchased a new stake in shares of Impax Laboratories during the fourth quarter valued at about $16,669,000. Frontier Capital Management Co. LLC purchased a new stake in shares of Impax Laboratories during the first quarter valued at about $14,012,000. North Tide Capital LLC raised its stake in shares of Impax Laboratories by 50.0% in the first quarter. North Tide Capital LLC now owns 3,000,000 shares of the specialty pharmaceutical company’s stock valued at $37,950,000 after buying an additional 1,000,000 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Impax Laboratories by 47.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,637,077 shares of the specialty pharmaceutical company’s stock valued at $33,359,000 after buying an additional 845,375 shares in the last quarter. Finally, Fosun International Ltd purchased a new stake in shares of Impax Laboratories during the first quarter valued at about $3,795,000. 83.48% of the stock is owned by institutional investors and hedge funds.
Impax Laboratories, Inc. (NASDAQ:IPXL) traded up 0.687% during midday trading on Friday, hitting $18.325. The stock had a trading volume of 418,746 shares. The stock’s market cap is $1.32 billion. The company’s 50 day moving average price is $17.28 and its 200-day moving average price is $14.30. Impax Laboratories, Inc. has a 52-week low of $7.75 and a 52-week high of $27.29.
Impax Laboratories (NASDAQ:IPXL) last announced its earnings results on Wednesday, August 9th. The specialty pharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.04. Impax Laboratories had a positive return on equity of 9.05% and a negative net margin of 71.08%. The company had revenue of $202.08 million for the quarter, compared to analyst estimates of $195.62 million. During the same period in the prior year, the company posted $0.21 EPS. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. Analysts forecast that Impax Laboratories, Inc. will post $0.68 EPS for the current fiscal year.
IPXL has been the subject of several recent research reports. Royal Bank Of Canada reiterated an “outperform” rating and issued a $62.00 price objective (up previously from $10.00) on shares of Impax Laboratories in a research report on Thursday, May 11th. Zacks Investment Research upgraded Impax Laboratories from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Tuesday, July 11th. BMO Capital Markets reiterated a “hold” rating and issued a $16.00 price objective on shares of Impax Laboratories in a research report on Friday, June 23rd. Vetr downgraded Impax Laboratories from a “strong-buy” rating to a “strong sell” rating and set a $10.55 target price for the company. in a report on Monday, May 1st. Finally, Cantor Fitzgerald started coverage on Impax Laboratories in a report on Friday, June 16th. They set an “overweight” rating and a $20.00 target price for the company. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $18.56.
Impax Laboratories Company Profile
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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