Eagle Pharmaceuticals (NASDAQ:EGRX) Announces Share Repurchase Program
Eagle Pharmaceuticals (NASDAQ:EGRX) declared that its board has initiated a share buyback program, which permits the company to buyback $100.00 million in shares on Wednesday, August 9th, EventVestor reports. This buyback authorization permits the specialty pharmaceutical company to repurchase up to 13.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.
A number of research analysts recently issued reports on the company. Piper Jaffray Companies set a $75.00 price objective on Eagle Pharmaceuticals and gave the stock a “buy” rating in a report on Wednesday. BidaskClub downgraded Eagle Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. Mizuho decreased their price target on Eagle Pharmaceuticals from $66.00 to $57.00 and set an “underperform” rating for the company in a research note on Thursday, May 25th. Zacks Investment Research downgraded Eagle Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday, July 31st. Finally, ValuEngine upgraded Eagle Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 16th. Three equities research analysts have rated the stock with a sell rating and four have given a buy rating to the company. Eagle Pharmaceuticals has an average rating of “Hold” and a consensus price target of $75.40.
Shares of Eagle Pharmaceuticals (NASDAQ EGRX) traded up 3.5534% on Thursday, hitting $50.8965. The stock had a trading volume of 136,536 shares. The company has a market capitalization of $778.61 million, a price-to-earnings ratio of 7.9988 and a beta of 1.31. Eagle Pharmaceuticals has a 52 week low of $45.05 and a 52 week high of $97.15. The company has a 50-day moving average of $69.01 and a 200 day moving average of $76.30.
Eagle Pharmaceuticals (NASDAQ:EGRX) last released its earnings results on Wednesday, August 9th. The specialty pharmaceutical company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by $0.18. The business had revenue of $50.10 million during the quarter, compared to the consensus estimate of $52.52 million. Eagle Pharmaceuticals had a net margin of 44.48% and a return on equity of 79.25%. The business’s revenue was up 22.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.80 earnings per share. On average, equities research analysts predict that Eagle Pharmaceuticals will post $3.38 EPS for the current year.
In other Eagle Pharmaceuticals news, CFO Pete A. Meyers bought 350 shares of Eagle Pharmaceuticals stock in a transaction dated Monday, June 12th. The stock was bought at an average cost of $71.49 per share, with a total value of $25,021.50. Following the completion of the acquisition, the chief financial officer now directly owns 350 shares in the company, valued at approximately $25,021.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders bought 805 shares of company stock valued at $61,790. 19.50% of the stock is currently owned by corporate insiders.
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Eagle Pharmaceuticals Company Profile
Eagle Pharmaceuticals, Inc is a specialty pharmaceutical company. The Company focuses on developing and commercializing injectable products in the critical care and oncology areas. The Company’s product portfolio includes products, including Argatroban; Ryanodex; docetaxel injection, non-alcohol formulation; and Bendeka.
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