Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX) Short Interest Up 38.4% in March

Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 4,430,000 shares, a growth of 38.4% from the March 15th total of 3,200,000 shares. Currently, 3.2% of the company’s stock are sold short. Based on an average daily volume of 1,650,000 shares, the days-to-cover ratio is currently 2.7 days.

Amneal Pharmaceuticals Stock Performance

Shares of AMRX stock opened at $7.36 on Friday. The firm has a fifty day moving average of $8.12 and a 200-day moving average of $8.25. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of -10.82 and a beta of 1.06. Amneal Pharmaceuticals has a 52-week low of $5.18 and a 52-week high of $9.48.

Amneal Pharmaceuticals (NASDAQ:AMRX) last posted its earnings results on Friday, February 28th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.03). The business had revenue of $730.52 million during the quarter, compared to the consensus estimate of $708.21 million. Amneal Pharmaceuticals had a negative net margin of 6.88% and a negative return on equity of 346.26%. During the same period in the previous year, the firm earned $0.14 EPS. On average, sell-side analysts predict that Amneal Pharmaceuticals will post 0.53 earnings per share for the current year.

Insider Activity

In related news, major shareholder Tushar Bhikhubhai Patel sold 5,000,000 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $8.35, for a total value of $41,750,000.00. Following the transaction, the insider now directly owns 48,578,209 shares in the company, valued at approximately $405,628,045.15. This trade represents a 9.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Gautam Patel sold 80,000 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $8.90, for a total transaction of $712,000.00. Following the transaction, the director now directly owns 1,808,886 shares of the company’s stock, valued at approximately $16,099,085.40. This represents a 4.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,160,000 shares of company stock worth $43,113,200. 26.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Amneal Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of AMRX. GAMMA Investing LLC raised its stake in Amneal Pharmaceuticals by 5,975.0% during the first quarter. GAMMA Investing LLC now owns 3,159 shares of the company’s stock worth $26,000 after acquiring an additional 3,107 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Amneal Pharmaceuticals during the 4th quarter worth about $52,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Amneal Pharmaceuticals during the 4th quarter worth about $81,000. Straightline Group LLC bought a new position in Amneal Pharmaceuticals during the 4th quarter valued at about $92,000. Finally, Brevan Howard Capital Management LP acquired a new position in Amneal Pharmaceuticals in the fourth quarter valued at about $107,000. Institutional investors own 31.82% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on AMRX shares. JPMorgan Chase & Co. upgraded shares of Amneal Pharmaceuticals from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $9.00 to $12.00 in a research note on Monday, February 24th. StockNews.com lowered shares of Amneal Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 19th. Finally, Barclays increased their target price on shares of Amneal Pharmaceuticals from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Monday, March 3rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Amneal Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $10.80.

Amneal Pharmaceuticals Company Profile

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.