Short Interest in Impax Laboratories, Inc. (IPXL) Expands By 53.1%

Impax Laboratories, Inc. (NASDAQ:IPXL) was the target of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 10,733,053 shares, an increase of 53.1% from the October 13th total of 7,009,897 shares. Currently, 15.7% of the company’s shares are short sold. Based on an average daily trading volume, of 3,250,995 shares, the days-to-cover ratio is currently 3.3 days.

Several equities research analysts have weighed in on IPXL shares. BidaskClub cut Impax Laboratories from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Cantor Fitzgerald restated a “buy” rating and issued a $25.00 target price on shares of Impax Laboratories in a research note on Monday, September 25th. Royal Bank Of Canada set a $17.00 target price on Impax Laboratories and gave the company a “hold” rating in a research note on Thursday, August 10th. BTIG Research restated a “buy” rating and issued a $27.00 target price (up previously from $20.00) on shares of Impax Laboratories in a research note on Saturday, September 23rd. Finally, Zacks Investment Research upgraded Impax Laboratories from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Monday, October 16th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $19.60.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System lifted its position in Impax Laboratories by 0.3% during the second quarter. Arizona State Retirement System now owns 38,476 shares of the specialty pharmaceutical company’s stock valued at $619,000 after purchasing an additional 100 shares in the last quarter. Texas Permanent School Fund lifted its position in shares of Impax Laboratories by 0.8% in the second quarter. Texas Permanent School Fund now owns 53,810 shares of the specialty pharmaceutical company’s stock valued at $866,000 after acquiring an additional 415 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Impax Laboratories by 0.9% in the second quarter. Bank of Montreal Can now owns 54,383 shares of the specialty pharmaceutical company’s stock valued at $875,000 after acquiring an additional 509 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its position in shares of Impax Laboratories by 3.1% in the second quarter. Municipal Employees Retirement System of Michigan now owns 17,410 shares of the specialty pharmaceutical company’s stock valued at $280,000 after acquiring an additional 530 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Impax Laboratories by 0.5% in the first quarter. Legal & General Group Plc now owns 131,834 shares of the specialty pharmaceutical company’s stock valued at $1,668,000 after acquiring an additional 610 shares in the last quarter. Institutional investors own 88.32% of the company’s stock.

Impax Laboratories (NASDAQ IPXL) opened at $16.75 on Thursday. The stock has a market capitalization of $1,278.46, a price-to-earnings ratio of 25.37, a PEG ratio of 1.09 and a beta of 0.99. Impax Laboratories has a 52 week low of $7.75 and a 52 week high of $25.70. The company has a quick ratio of 1.32, a current ratio of 1.81 and a debt-to-equity ratio of 1.59.

Impax Laboratories (NASDAQ:IPXL) last released its earnings results on Thursday, November 9th. The specialty pharmaceutical company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.03. The company had revenue of $206.40 million for the quarter, compared to the consensus estimate of $208.38 million. Impax Laboratories had a positive return on equity of 9.06% and a negative net margin of 56.59%. Impax Laboratories’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.37 earnings per share. research analysts predict that Impax Laboratories will post 0.63 earnings per share for the current year.

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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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