Impax Laboratories (NASDAQ: IPXL)‘s stock had its “neutral” rating reaffirmed by JPMorgan Chase in a research note issued on Tuesday. They currently have a $19.00 price target on the stock, down from their previous price target of $24.00.
The analysts wrote, “Today, Impax announced disappointing results from a recent FDA inspection that generated another 483 with 12 observations regarding manufacturing and quality control issues at the company’s Hayward facility. We expect resolution of the Warning Letter on the Hayward facility – which has been pending for 21 months – may now become a 2014 event given the agency’s recent observations. Following a string of estimate cuts for Impax’s generic business and limited progress on the Warning Letter, we expect IPXL shares to be under significant pressure.”
Several other analysts have also recently commented on the stock. Analysts at Bank of America cut their price target on shares of Impax Laboratories to $17.00 in a research note to investors on Tuesday. Separately, analysts at Leerink Swann downgraded shares of Impax Laboratories from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday. They now have a $7.00 price target on the stock, down previously from $16.00. Finally, analysts at Canaccord Genuity downgraded shares of Impax Laboratories from a “buy” rating to a “hold” rating in a research note to investors on Tuesday. They now have a $20.00 price target on the stock, down previously from $25.00.
Five analysts have rated the stock with a buy rating, seven have given a hold rating, and one has issued an underweight rating to the stock. The stock has a consensus rating of “overweight” and an average price target of $23.00.
Shares of Impax Laboratories traded down 25.40% during mid-day trading on Tuesday, hitting $14.92. Impax Laboratories has a one year low of $18.90 and a one year high of $27.25. The stock’s 50-day moving average is currently $20.13. The company has a market cap of $989.4 million and a P/E ratio of 24.39.
Impax Laboratories last announced its earnings results on Monday, February 25th. The company reported $0.30 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.19 by $0.11. The company had revenue of $141.10 million for the quarter, compared to the consensus estimate of $127.03 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. The company’s quarterly revenue was down 11.0% on a year-over-year basis. On average, analysts predict that Impax Laboratories will post $0.72 earnings per share for the current fiscal year.
Impax Laboratories, Inc. (Impax) is a technology-based, specialty pharmaceutical company applying formulation and development expertise, as well as its drug delivery technology, to the development, manufacture and marketing of bioequivalent pharmaceutical products.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.
