Eagle Pharmaceuticals, Inc. (EGRX) Earns Buy Rating from Piper Jaffray Companies
Piper Jaffray Companies reissued their buy rating on shares of Eagle Pharmaceuticals, Inc. (NASDAQ:EGRX) in a report published on Friday morning. The brokerage currently has a $75.00 price objective on the specialty pharmaceutical company’s stock.
Other equities research analysts have also recently issued research reports about the company. BidaskClub cut Eagle Pharmaceuticals from a buy rating to a hold rating in a research note on Friday, June 30th. Zacks Investment Research cut Eagle Pharmaceuticals from a hold rating to a strong sell rating in a research note on Monday, July 31st. Mizuho decreased their target price on Eagle Pharmaceuticals from $57.00 to $40.00 and set an underperform rating for the company in a research note on Thursday, July 27th. ValuEngine upgraded Eagle Pharmaceuticals from a hold rating to a buy rating in a research note on Monday, October 2nd. Finally, Royal Bank Of Canada cut their price target on Eagle Pharmaceuticals from $94.00 to $81.00 and set an outperform rating on the stock in a research report on Thursday, July 27th. Three 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 target price of $72.50.
Shares of Eagle Pharmaceuticals (EGRX) opened at 52.02 on Friday. The stock has a market capitalization of $789.09 million, a price-to-earnings ratio of 8.73 and a beta of 1.31. The firm’s 50 day moving average is $56.16 and its 200 day moving average is $67.65. Eagle Pharmaceuticals has a 52-week low of $45.05 and a 52-week high of $97.15.
Eagle Pharmaceuticals (NASDAQ:EGRX) last posted its earnings results on Wednesday, August 9th. The specialty pharmaceutical company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.18). The business had revenue of $50.10 million for the quarter, compared to analysts’ expectations of $52.52 million. Eagle Pharmaceuticals had a return on equity of 66.30% and a net margin of 39.32%. Eagle Pharmaceuticals’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 EPS. Equities analysts expect that Eagle Pharmaceuticals will post $3.79 earnings per share for the current year.
Eagle Pharmaceuticals declared that its board has initiated a share buyback plan on Wednesday, August 9th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the specialty pharmaceutical company to reacquire up to 13.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In related news, Director Douglas L. Braunstein bought 20,400 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were acquired at an average price of $49.07 per share, with a total value of $1,001,028.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 19.50% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue lifted its position in Eagle Pharmaceuticals by 78.9% during the second quarter. State of Alaska Department of Revenue now owns 1,592 shares of the specialty pharmaceutical company’s stock worth $125,000 after buying an additional 702 shares during the period. Municipal Employees Retirement System of Michigan lifted its position in Eagle Pharmaceuticals by 6.7% during the second quarter. Municipal Employees Retirement System of Michigan now owns 1,910 shares of the specialty pharmaceutical company’s stock worth $151,000 after buying an additional 120 shares during the period. BNP Paribas Arbitrage SA lifted its position in Eagle Pharmaceuticals by 58.7% during the second quarter. BNP Paribas Arbitrage SA now owns 2,456 shares of the specialty pharmaceutical company’s stock worth $194,000 after buying an additional 908 shares during the period. Bank of Montreal Can lifted its position in Eagle Pharmaceuticals by 323.9% during the second quarter. Bank of Montreal Can now owns 2,497 shares of the specialty pharmaceutical company’s stock worth $197,000 after buying an additional 1,908 shares during the period. Finally, Jane Street Group LLC purchased a new position in Eagle Pharmaceuticals during the first quarter worth about $220,000.
About Eagle Pharmaceuticals
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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