Egalet (EGLT) Sees Large Volume Increase on Better-Than-Expected Earnings

Egalet Corp (NASDAQ:EGLT) shares saw an uptick in trading volume on Monday following a better than expected earnings announcement. 6,204,798 shares traded hands during trading, an increase of 539% from the previous session’s volume of 971,221 shares.The stock last traded at $0.88 and had previously closed at $0.75.

The specialty pharmaceutical company reported ($0.27) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.38) by $0.11. The firm had revenue of $7.80 million during the quarter, compared to analyst estimates of $8.54 million.

Several analysts have recently issued reports on the company. Cantor Fitzgerald set a $4.00 price objective on Egalet and gave the company a “buy” rating in a research report on Monday. Stifel Nicolaus downgraded Egalet from a “buy” rating to a “hold” rating and set a $1.50 price objective on the stock. in a research report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $5.50.

An institutional investor recently raised its position in Egalet stock. Goldman Sachs Group Inc. grew its stake in Egalet Corp (NASDAQ:EGLT) by 515.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 123,454 shares of the specialty pharmaceutical company’s stock after acquiring an additional 103,402 shares during the quarter. Goldman Sachs Group Inc. owned about 0.29% of Egalet worth $293,000 at the end of the most recent quarter. Institutional investors and hedge funds own 36.17% of the company’s stock.

The company has a debt-to-equity ratio of -3.43, a quick ratio of 2.68 and a current ratio of 2.73. The firm has a market cap of $45.24, a PE ratio of -0.25 and a beta of 0.58.

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Egalet Company Profile

Egalet Corporation is a specialty pharmaceutical company. The Company is engaged in developing, manufacturing and commercializing treatments for pain and other conditions. The Company’s products include OXAYDO and SPRIX Nasal Spray. The Company is developing two late-stage product candidates, ARYMO ER and Egalet-002 using Guardian Technology.

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