Amneal Pharmaceuticals (NASDAQ:AMRX) Upgraded by JPMorgan Chase & Co. to “Overweight” Rating

Amneal Pharmaceuticals (NASDAQ:AMRX) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Monday,Briefing.com Automated Import reports. The brokerage currently has a $12.00 target price on the stock, up from their prior target price of $9.00. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 53.26% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. StockNews.com lowered shares of Amneal Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 19th. Piper Sandler increased their price objective on shares of Amneal Pharmaceuticals from $9.00 to $11.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Six analysts have rated the stock with a buy rating, According to MarketBeat, Amneal Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $10.60.

Amneal Pharmaceuticals Price Performance

Amneal Pharmaceuticals stock opened at $7.83 on Monday. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -11.51 and a beta of 1.10. Amneal Pharmaceuticals has a 12-month low of $5.01 and a 12-month high of $9.48. The firm’s fifty day moving average price is $8.04 and its 200 day moving average price is $8.30.

Insider Activity

In other Amneal Pharmaceuticals news, Director Gautam Patel sold 62,590 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $8.01, for a total value of $501,345.90. Following the sale, the director now directly owns 1,968,886 shares in the company, valued at approximately $15,770,776.86. The trade was a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 160,000 shares of company stock worth $1,292,000 over the last three months. Corporate insiders own 26.56% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. MetLife Investment Management LLC boosted its stake in shares of Amneal Pharmaceuticals by 2.5% during the 4th quarter. MetLife Investment Management LLC now owns 94,639 shares of the company’s stock worth $750,000 after acquiring an additional 2,297 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Amneal Pharmaceuticals by 3.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 90,460 shares of the company’s stock worth $716,000 after purchasing an additional 2,911 shares in the last quarter. Franklin Resources Inc. raised its holdings in Amneal Pharmaceuticals by 4.9% during the 3rd quarter. Franklin Resources Inc. now owns 89,887 shares of the company’s stock worth $778,000 after buying an additional 4,178 shares during the period. Gladius Capital Management LP purchased a new stake in Amneal Pharmaceuticals during the third quarter valued at about $37,000. Finally, Arizona State Retirement System boosted its holdings in shares of Amneal Pharmaceuticals by 13.6% in the fourth quarter. Arizona State Retirement System now owns 40,401 shares of the company’s stock worth $320,000 after buying an additional 4,851 shares during the period. Institutional investors and hedge funds own 31.82% of the company’s stock.

About Amneal Pharmaceuticals

Amneal Pharmaceuticals, Inc, together with its subsidiaries, develops, manufactures, markets, and distributes generics, injectables, biosimilars, and specialty branded pharmaceutical products worldwide. The company operates through three segments: Generics, Specialty, and AvKARE. The Generics segment offers immediate and extended release oral solid, powder, liquid, sterile injectable, nasal spray, inhalation and respiratory, biosimilar, ophthalmic, film, transdermal patch, and topical products.