Todays Report: The Egalet Corp. (EGLT) Sees Significant Growth in Short Interest

The Egalet Corp. (EGLT) Sees Significant Growth in Short Interest

Egalet Corp. (NASDAQ:EGLT) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 5,037,684 shares, an increase of 30.4% from the September 15th total of 3,863,208 shares. Currently, 42.4% of the company’s shares are sold short. Based on an average trading volume of 418,261 shares, the days-to-cover ratio is presently 12.0 days.

Several equities analysts recently issued reports on EGLT shares. Gabelli started coverage on Egalet Corp. in a research report on Tuesday, September 13th. They set a “buy” rating and a $9.50 price target on the stock. Cantor Fitzgerald restated a “buy” rating and set a $21.00 price target on shares of Egalet Corp. in a research report on Thursday, September 8th. Finally, Zacks Investment Research lowered Egalet Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th.

In related news, CFO Stan Musial sold 13,480 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $7.47, for a total transaction of $100,695.60. Following the transaction, the chief financial officer now directly owns 67,980 shares in the company, valued at approximately $507,810.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Mark Strobeck sold 33,700 shares of the firm’s stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $7.58, for a total value of $255,446.00. Following the transaction, the chief operating officer now owns 71,880 shares in the company, valued at $544,850.40. The disclosure for this sale can be found here. Corporate insiders own 13.20% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in shares of Egalet Corp. by 4.0% in the first quarter. Geode Capital Management LLC now owns 59,330 shares of the specialty pharmaceutical company’s stock valued at $407,000 after buying an additional 2,300 shares during the last quarter. Deerfield Management Co. increased its position in shares of Egalet Corp. by 25.2% in the first quarter. Deerfield Management Co. now owns 597,123 shares of the specialty pharmaceutical company’s stock valued at $4,096,000 after buying an additional 120,000 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Egalet Corp. by 337.4% in the second quarter. Bank of New York Mellon Corp now owns 54,334 shares of the specialty pharmaceutical company’s stock valued at $270,000 after buying an additional 41,912 shares during the last quarter. California State Teachers Retirement System acquired a new position in shares of Egalet Corp. during the second quarter valued at approximately $230,000. Finally, New Jersey Better Educational Savings Trust acquired a new position in shares of Egalet Corp. during the second quarter valued at approximately $367,000. Institutional investors and hedge funds own 67.18% of the company’s stock.

Shares of Egalet Corp. (NASDAQ:EGLT) opened at 7.14 on Friday. The stock has a 50 day moving average price of $7.36 and a 200-day moving average price of $6.62. Egalet Corp. has a 12 month low of $4.34 and a 12 month high of $11.85. The company’s market capitalization is $175.24 million.

Egalet Corp. (NASDAQ:EGLT) last announced its quarterly earnings data on Thursday, August 4th. The specialty pharmaceutical company reported ($0.97) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.82) by $0.15. Egalet Corp. had a negative net margin of 244.57% and a negative return on equity of 86.03%. The business earned $3.45 million during the quarter, compared to analysts’ expectations of $3.83 million. During the same quarter in the previous year, the firm earned ($1.03) earnings per share. Egalet Corp.’s revenue was up 259.4% on a year-over-year basis. Analysts expect that Egalet Corp. will post ($3.48) earnings per share for the current fiscal year.

About Egalet Corp.

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