Amneal Pharmaceuticals (NASDAQ:AMRX) Hits New 52-Week High - Time to Buy?

Shares of Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $8.95 and last traded at $8.93, with a volume of 64270 shares. The stock had previously closed at $8.81.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AMRX shares. Barclays increased their price target on shares of Amneal Pharmaceuticals from $8.00 to $10.00 and gave the company an "overweight" rating in a report on Tuesday, August 13th. JPMorgan Chase & Co. raised Amneal Pharmaceuticals from an "underweight" rating to a "neutral" rating and set a $9.00 target price on the stock in a research report on Friday, September 6th. Finally, Truist Financial raised their price objective on Amneal Pharmaceuticals from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $9.40.

Amneal Pharmaceuticals Price Performance

The business's 50 day simple moving average is $8.37 and its 200 day simple moving average is $7.21. The stock has a market cap of $2.69 billion, a P/E ratio of -15.54 and a beta of 1.18.

Amneal Pharmaceuticals (NASDAQ:AMRX - Get Free Report) last issued its earnings results on Friday, August 9th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.11 by $0.04. The company had revenue of $701.78 million for the quarter, compared to the consensus estimate of $657.43 million. Amneal Pharmaceuticals had a negative net margin of 6.72% and a positive return on equity of 1,235.03%. Research analysts predict that Amneal Pharmaceuticals, Inc. will post 0.52 earnings per share for the current year.

Hedge Funds Weigh In On Amneal Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of AMRX. Vanguard Group Inc. raised its holdings in shares of Amneal Pharmaceuticals by 0.6% in the first quarter. Vanguard Group Inc. now owns 13,728,233 shares of the company's stock valued at $83,193,000 after buying an additional 85,846 shares during the last quarter. Sanders Morris Harris LLC bought a new stake in shares of Amneal Pharmaceuticals during the first quarter valued at approximately $1,513,000. Hillsdale Investment Management Inc. raised its position in Amneal Pharmaceuticals by 19.7% in the 1st quarter. Hillsdale Investment Management Inc. now owns 699,719 shares of the company's stock worth $4,240,000 after purchasing an additional 115,100 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Amneal Pharmaceuticals by 20.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 751,403 shares of the company's stock worth $4,771,000 after buying an additional 128,772 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its position in Amneal Pharmaceuticals by 417.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 36,106 shares of the company's stock valued at $218,000 after buying an additional 29,133 shares during the last quarter. 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.