Lannett (LCI) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Lannett (NYSE:LCI) from a buy rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Lannett Company manufactures and distributes high quality affordable generic medications that are the therapeutic equivalent of the brand-name pharmaceuticals. Their portfolio consists of numerous products across a wide range of therapeutic areas. Lannett believes that their ability to select viable products for development, efficiently develop such products, including obtaining any applicable regulatory approvals, vertically integrate themselves into certain specialty markets and achieve economies in production are all critical for their success in the generic pharmaceutical industry in which they operate. Lannett Company, Inc., continues to dedicate significant capital toward developing new products as they believe their success is linked to their ability to continually introduce new generic products into the marketplace. “
A number of other equities analysts have also recently weighed in on the stock. BMO Capital Markets increased their price objective on shares of Lannett from $20.00 to $22.00 and gave the stock a market perform rating in a research report on Monday, November 13th. ValuEngine cut shares of Lannett from a buy rating to a hold rating in a research report on Friday, September 1st. Roth Capital set a $27.00 price objective on shares of Lannett and gave the stock a buy rating in a research report on Tuesday, August 22nd. Finally, Oppenheimer reaffirmed a hold rating on shares of Lannett in a research report on Wednesday, August 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Lannett presently has an average rating of Hold and a consensus price target of $23.60.
Lannett (NYSE:LCI) last posted its quarterly earnings data on Monday, November 6th. The company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.08. The firm had revenue of $155.00 million during the quarter, compared to analysts’ expectations of $153.62 million. Lannett had a net margin of 6.67% and a return on equity of 18.23%. The firm’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the company posted $0.77 EPS. equities research analysts forecast that Lannett will post 3.04 earnings per share for the current fiscal year.
In other Lannett news, CEO Arthur P. Bedrosian sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $26.75, for a total value of $1,337,500.00. Following the completion of the transaction, the chief executive officer now owns 636,616 shares of the company’s stock, valued at approximately $17,029,478. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder David Farber sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $25.03, for a total transaction of $250,300.00. Following the completion of the transaction, the insider now directly owns 4,211,069 shares of the company’s stock, valued at approximately $105,403,057.07. The disclosure for this sale can be found here. Insiders have sold a total of 130,000 shares of company stock valued at $3,430,991 in the last ninety days. 14.72% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. KBC Group NV purchased a new position in Lannett in the 2nd quarter valued at approximately $1,824,000. Schwab Charles Investment Management Inc. boosted its position in Lannett by 6.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 153,632 shares of the company’s stock valued at $3,135,000 after buying an additional 9,005 shares during the period. Voya Investment Management LLC lifted its position in shares of Lannett by 82.5% during the 2nd quarter. Voya Investment Management LLC now owns 46,757 shares of the company’s stock worth $954,000 after purchasing an additional 21,131 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of Lannett during the 2nd quarter worth $271,000. Finally, Tudor Investment Corp ET AL lifted its position in shares of Lannett by 70.2% during the 2nd quarter. Tudor Investment Corp ET AL now owns 25,188 shares of the company’s stock worth $514,000 after purchasing an additional 10,388 shares during the last quarter. 97.27% of the stock is owned by institutional investors.
Lannett Company, Inc develops, manufactures, markets and distributes generic versions of brand pharmaceutical products. The Company manufactures and/or distributes prescription products with the exception of a small portfolio of over-the-counter products manufactured by its subsidiary, Silarx Pharmaceuticals, Inc As of June 30, 2016, the Company’s products included Acetazolamide Tablets; Butalbital, Acetaminophen and Caffeine Tablets; Butalbital, Aspirin and Caffeine Capsules; C-Topical Solution; Digoxin Tablets; Glycolax Rx; Isosorbide Mononitrate CR; Levothyroxine Sodium Tablets; Methylphenidate HCL CD; Methylphenidate ER; Nifedipine CR; Omeprazole DR; Oxbutynin ER; Pantoprazole DR; Pilocarpine HCl Tablets; Triamterene w/Hydrochlorothiazide Capsules, and Ursodiol Capsules.
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