Market Overview

UPDATE: Canaccord Genuity Downgrades Impax Laboratories to Hold Following FDA Warning Letter

Share:
Related IPXL
Mid-Afternoon Market Update: Dow Climbs 250 Points; Impax Labs Shares Down Following Q3 Results
20 Biggest Mid-Day Losers For Wednesday

Canaccord Genuity downgraded Impax Laboratories (NASDAQ: IPXL) from Buy to Hold and lowered the price target from $25.00 to $20.00.

Canaccord Genuity noted, "We'd been holding out for a positive near-term remediation announcement as an event that could boost the stock and de-risk the story – that clearly didn't play out. Last night's release post FDA reinspection of Hayward now extends (and expands) the FDA challenges, removing that possible upside catalyst. The questions that matter from here are: (1) where will the stock go post sell-off today? We see it settling at ~$16-17 and range bound pending remediation – not likely in 2013; and (2) is this the event that brings more formal take-out interest – unclear but questions here likely pick up and should introduce some support."

Impax Laboratories closed at $20.00 on Monday.

Latest Ratings for IPXL

DateFirmActionFromTo
Nov 2016WallachbethDowngradesBuyHold
Nov 2016Bank of AmericaDowngradesNeutralUnderperform
Sep 2016Goldman SachsUpgradesSellNeutral

View More Analyst Ratings for IPXL
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Downgrades Analyst Ratings

 

Related Articles (IPXL)

View Comments and Join the Discussion!