Egalet (EGLT) Stock Price Down 10.5%

Egalet (NASDAQ:EGLT)’s share price was down 10.5% on Wednesday . The stock traded as low as $0.55 and last traded at $0.51. Approximately 11,400 shares changed hands during trading, a decline of 99% from the average daily volume of 877,848 shares. The stock had previously closed at $0.57.

Separately, Cantor Fitzgerald cut their target price on Egalet from $7.00 to $3.50 and set an “overweight” rating on the stock in a research report on Tuesday, March 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $4.13.

The company has a current ratio of 2.29, a quick ratio of 2.30 and a debt-to-equity ratio of -3.00.

Egalet (NASDAQ:EGLT) last announced its quarterly earnings data on Tuesday, May 8th. The specialty pharmaceutical company reported ($0.26) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.03. The business had revenue of $6.26 million during the quarter, compared to the consensus estimate of $8.10 million. equities analysts forecast that Egalet will post -0.96 EPS for the current fiscal year.

A hedge fund recently raised its stake in Egalet stock. Renaissance Technologies LLC raised its holdings in Egalet (NASDAQ:EGLT) by 1,540.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 721,800 shares of the specialty pharmaceutical company’s stock after acquiring an additional 677,800 shares during the quarter. Renaissance Technologies LLC owned approximately 1.57% of Egalet worth $722,000 as of its most recent filing with the Securities & Exchange Commission. 31.24% of the stock is currently owned by institutional investors and hedge funds.

About Egalet

Egalet Corporation, a specialty pharmaceutical company, develops, manufactures, and commercializes treatments for patients with pain and other conditions. It has licensed three approved pain products, such as SPRIX Nasal Spray, a non-steroidal anti-inflammatory drug indicated in adult patients for the short-term management of moderate to moderately severe pain that requires analgesia at the opioid level; OXAYDO, an immediate-release oxycodone product designed to discourage abuse via snorting for the management of acute and chronic pain severe enough to require an opioid analgesic, and for which alternative treatments are inadequate; and ARYMO ER, an extended-release (ER) morphine product formulated with abuse-deterrent (AD) properties for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate.

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