Notable Price Action: Eagle Pharmaceuticals Inc’s Stock Is Buy After Today’s Gap Up

Notable Price Action: Eagle Pharmaceuticals Inc's Stock Is Buy After Today's Gap Up

The stock of Eagle Pharmaceuticals Inc (NASDAQ:EGRX) gapped up by $9.11 today and has $84.90 target or 20.00% above today’s $70.75 share price. The 5 months technical chart setup indicates low risk for the $1.09B company. The gap was reported on Nov, 3 by Barchart.com. If the $84.90 price target is reached, the company will be worth $218.00 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.97 million shares traded hands or 470.18% up from the average. Eagle Pharmaceuticals Inc (NASDAQ:EGRX) has risen 41.33% since March 31, 2016 and is uptrending. It has outperformed by 38.81% the S&P500.

Analysts await Eagle Pharmaceuticals Inc (NASDAQ:EGRX) to report earnings on November, 9. They expect $0.84 earnings per share, up 229.23% or $1.49 from last year’s $-0.65 per share. EGRX’s profit will be $12.94M for 21.06 P/E if the $0.84 EPS becomes a reality. After $0.80 actual earnings per share reported by Eagle Pharmaceuticals Inc for the previous quarter, Wall Street now forecasts 5.00% EPS growth.

Eagle Pharmaceuticals Inc (NASDAQ:EGRX) Ratings Coverage

Out of 3 analysts covering Eagle Pharma (NASDAQ:EGRX), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Eagle Pharma has been the topic of 6 analyst reports since July 29, 2015 according to StockzIntelligence Inc. On Monday, June 20 the stock rating was downgraded by Mizuho to “Neutral”. The firm has “Buy” rating by Mizuho given on Wednesday, October 26. The firm has “Buy” rating given on Wednesday, December 9 by Mizuho. The company was maintained on Tuesday, May 10 by RBC Capital Markets. Piper Jaffray maintained the stock with “Overweight” rating in Wednesday, July 29 report. Mizuho maintained Eagle Pharmaceuticals Inc (NASDAQ:EGRX) rating on Friday, February 26. Mizuho has “Buy” rating and $81 price target.

According to Zacks Investment Research, “Eagle Pharmaceuticals, Inc. is a specialty pharmaceutical company. It focuses on developing and commercializing injectable products primarily in the critical care and oncology areas in the United States. The Company markets EP-1101 to treat heparin-induced thrombocytopenia. It develops EP-3101, EP-3102, Ryanodex and EP-4104. Eagle Pharmaceuticals, Inc. is based in Woodcliff Lake, New Jersey.”

More notable recent Eagle Pharmaceuticals Inc (NASDAQ:EGRX) news were published by: Fool.com which released: “Why Eagle Pharmaceuticals, Inc. Is Soaring 21.6% Today” on November 02, 2016, also Fool.com with their article: “Why Eagle Pharmaceuticals Inc. Flew 38.5% Higher in August” published on September 09, 2016, Fool.com published: “Why Eagle Pharmaceuticals, Inc. Skyrocketed 27.8% Today” on June 10, 2016. More interesting news about Eagle Pharmaceuticals Inc (NASDAQ:EGRX) were released by: Businesswire.com and their article: “Final Reminder: Eagle Pharmaceuticals to Host 2016 Investor Day in New York City” published on November 01, 2016 as well as Schaeffersresearch.com‘s news article titled: “Analyst Update: Tandem Diabetes Care Inc, Intersect ENT Inc, and Eagle …” with publication date: November 02, 2016.

EGRX Company Profile

Eagle Pharmaceuticals, Inc., incorporated on January 2, 2007, is a specialty pharmaceutical company. The Firm focuses on developing and commercializing injectable products in the critical care and oncology areas. The Company’s product portfolio includes EP-1101 (argatroban); Ryanodex (dantrolene sodium); docetaxel injection, non-alcohol formulation (Non-Alcohol Docetaxel Injection); diclofenac-misoprostol; EP-3101 (Bendamustine Hydrochloride Injection, ready-to-dilute (RTD) concentrate solution), and EP-3102 (rapidly infused bendamustine RTD) (EP-3102 Bendeka). The Firm has over four product candidates in advanced stages of development, and/or under review for approval by the United States Food and Drug Administration (FDA), which include EP-6101 Kangio ready-to-use (RTU) bivalirudin; EP-4104 (dantrolene sodium) (EP-4104) for exertional heat stroke (EHS), and EP-5101 (pemetrexed) (EP-5101). The Company’s near-term product candidate, Kangio is a liquid intravenous form of Angiomax for percutaneous transluminal angioplasty.

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