Lannett (LCI) Shares Down 4.1% on Analyst Downgrade

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Lannett Company, Inc. (NYSE:LCI) shares were down 4.1% on Tuesday after BMO Capital Markets lowered their price target on the stock from $19.00 to $8.00. BMO Capital Markets currently has a market perform rating on the stock. Lannett traded as low as $5.30 and last traded at $5.65. Approximately 48,059 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 531,166 shares. The stock had previously closed at $5.43.

Other analysts have also issued reports about the company. Craig Hallum lowered Lannett from a “buy” rating to a “hold” rating in a research report on Monday. Zacks Investment Research raised Lannett from a “sell” rating to a “hold” rating in a research report on Wednesday, July 18th. Oppenheimer reissued a “hold” rating on shares of Lannett in a report on Wednesday, May 9th. Raymond James lowered Lannett from an “outperform” rating to a “market perform” rating and set a $43.00 price objective for the company. in a report on Monday. Finally, Roth Capital lowered Lannett from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $23.00 to $27.50 in a report on Monday. One research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $24.10.

In other Lannett news, VP Kevin Smith sold 11,667 shares of the business’s stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $16.51, for a total transaction of $192,622.17. Following the sale, the vice president now owns 30,125 shares of the company’s stock, valued at approximately $497,363.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 14.72% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Paloma Partners Management Co bought a new position in shares of Lannett in the second quarter worth $228,000. Alambic Investment Management L.P. bought a new position in shares of Lannett in the second quarter worth $827,000. Cutler Group LP increased its holdings in shares of Lannett by 204.8% in the second quarter. Cutler Group LP now owns 7,900 shares of the company’s stock worth $107,000 after purchasing an additional 15,436 shares during the period. BlackRock Inc. increased its holdings in shares of Lannett by 9.5% in the second quarter. BlackRock Inc. now owns 4,386,677 shares of the company’s stock worth $59,660,000 after purchasing an additional 381,177 shares during the period. Finally, Swiss National Bank increased its holdings in shares of Lannett by 14.1% in the second quarter. Swiss National Bank now owns 55,700 shares of the company’s stock worth $758,000 after purchasing an additional 6,900 shares during the period.

The firm has a market capitalization of $513.19 million, a price-to-earnings ratio of 1.96 and a beta of 2.44. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.91 and a current ratio of 2.56.

About Lannett (NYSE:LCI)

Lannett Company, Inc develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products in the United States. The company offers solid oral, extended release, topical, nasal, and oral solution finished dosage forms of drugs that address a range of therapeutic areas, as well as ophthalmic, patch, foam, buccal, sublingual, soft gel, and injectable dosages.

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