Why Impax Laboratories Inc Is Up for a Second Straight Day
Impax Laboratories (NASDAQ: IPXL) closed up 10% on Thursday after jumping 9.6% yesterday following its second-quarter earnings report. Today's move seems to be a continuation of yesterday's jump, perhaps fueled by reports of a Cowen analyst slapping a $20 price target on the stock, which is more than 20% higher than where it closed yesterday.
It should be noted that an analyst at the Royal Bank of Canada reportedly has a $17 price target on Impax Laboratories, which doesn't offer much upside. Of course, the analyst had a prior target of $15, which was clearly off.
With better-than-expected adjusted earnings of $0.18 per share, above the consensus of $0.14 per share, it's clear analysts are scrambling to adjust their models. Nevertheless, both analysts have what essentially amounts to hold ratings on the drugmaker, so it's not like they've completely come around to Impax's potential.
Source: Fool.com
