Egalet Corp. (NASDAQ:EGLT)‘s stock had its “buy” rating reissued by equities researchers at Cantor Fitzgerald in a research note issued to investors on Monday.
A number of other research analysts have also weighed in on the stock. Gabelli started coverage on shares of Egalet Corp. in a report on Tuesday, September 13th. They issued a “buy” rating and a $9.50 target price for the company. Zacks Investment Research downgraded Egalet Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th.
Shares of Egalet Corp. (NASDAQ:EGLT) traded up 9.52% during midday trading on Monday, hitting $7.82. 1,529,676 shares of the stock were exchanged. The firm’s market cap is $191.93 million. Egalet Corp. has a 52-week low of $4.34 and a 52-week high of $11.85. The firm’s 50-day moving average is $7.36 and its 200 day moving average is $6.62.
Egalet Corp. (NASDAQ:EGLT) last posted its earnings results on Thursday, August 4th. The specialty pharmaceutical company reported ($0.97) earnings per share for the quarter, missing analysts’ consensus estimates 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 period last year, the business posted ($1.03) earnings per share. The company’s revenue for the quarter was up 259.4% compared to the same quarter last year. On average, analysts forecast that Egalet Corp. will post ($3.48) earnings per share for the current year.
In related news, COO Mark Strobeck sold 33,700 shares of the firm’s stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 71,880 shares in the company, valued at $544,850.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Robert S. Radie sold 15,000 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $7.47, for a total value of $112,050.00. Following the completion of the sale, the insider now owns 234,900 shares of the company’s stock, valued at $1,754,703. The disclosure for this sale can be found here. 13.20% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in 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 period. Deerfield Management Co. increased its stake in 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 period. Bank of New York Mellon Corp increased its stake in 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 period. California State Teachers Retirement System acquired a new stake in Egalet Corp. during the second quarter valued at $230,000. Finally, New Jersey Better Educational Savings Trust acquired a new stake in Egalet Corp. during the second quarter valued at $367,000. Institutional investors own 67.18% of the company’s stock.
About Egalet Corp.