Lannett (LCI) Upgraded to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Lannett (NYSE:LCI) from a hold rating to a strong-buy rating in a report issued on Saturday morning. Zacks Investment Research currently has $21.00 target price on the stock.
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 research analysts have also commented on the company. Roth Capital set a $25.00 price objective on Lannett and gave the company a buy rating in a research report on Wednesday. ValuEngine lowered Lannett from a buy rating to a hold rating in a research report on Friday, February 2nd. Oppenheimer reiterated a hold rating on shares of Lannett in a research report on Wednesday. BMO Capital Markets decreased their price objective on Lannett from $22.00 to $21.00 and set a market perform rating on the stock in a research report on Thursday. Finally, Goldman Sachs Group assumed coverage on Lannett in a research report on Wednesday, January 24th. They issued a neutral rating and a $21.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Lannett has a consensus rating of Hold and a consensus target price of $20.83.
Lannett (NYSE:LCI) last released its quarterly earnings results on Wednesday, February 7th. The company reported $1.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.20. Lannett had a return on equity of 18.85% and a net margin of 7.44%. The firm had revenue of $184.31 million during the quarter, compared to analysts’ expectations of $190.92 million. During the same period last year, the firm posted $0.92 EPS. The business’s revenue was up 7.8% on a year-over-year basis. equities analysts anticipate that Lannett will post 3.14 earnings per share for the current fiscal year.
In other news, CEO Arthur P. Bedrosian sold 50,000 shares of the firm’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $26.75, for a total value of $1,337,500.00. Following the transaction, the chief executive officer now directly owns 636,616 shares in the company, valued at approximately $17,029,478. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder David Farber sold 9,816 shares of the firm’s stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $30.05, for a total value of $294,970.80. Following the completion of the transaction, the insider now owns 4,190,169 shares in the company, valued at $125,914,578.45. The disclosure for this sale can be found here. Insiders sold a total of 122,578 shares of company stock worth $3,243,757 over the last quarter. Corporate insiders own 14.72% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Virtu Financial LLC bought a new position in shares of Lannett in the 4th quarter worth $333,000. Schroder Investment Management Group bought a new position in shares of Lannett in the 4th quarter worth $3,506,000. Bank of New York Mellon Corp boosted its position in shares of Lannett by 3.3% in the 4th quarter. Bank of New York Mellon Corp now owns 370,520 shares of the company’s stock worth $8,595,000 after purchasing an additional 11,863 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Lannett by 13.7% in the 4th quarter. Rhumbline Advisers now owns 71,329 shares of the company’s stock worth $1,655,000 after purchasing an additional 8,614 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Lannett by 227.6% in the 4th quarter. Arizona State Retirement System now owns 50,649 shares of the company’s stock worth $1,175,000 after purchasing an additional 35,187 shares during the last quarter. Institutional investors and hedge funds own 99.69% of the company’s stock.
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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