Pernix Therapeutics Holdings Inc (NASDAQ:PTX), a specialty pharmaceutical company, today announced the completion of a new three-year $50 million revolving credit facility with Wells Fargo. The new facility bears an interest rate of LIBOR plus 1.5% to LIBOR plus 2.0% versus the Company’s prior revolving credit facility of LIBOR plus 7.5% with a 1.5% LIBOR floor, and is a substantial interest rate reduction.
“This new revolving credit facility reflects our commitment to lowering our cost of capital and provides us with significant additional flexibility to support our growth strategy,” said Sanjay Patel, Chief Financial Officer.
The new revolving credit facility may be used for general corporate as well as strategic purposes, and is scheduled to mature in August 2018. As of June 30, 2015, Pernix had $7.9 million in outstanding borrowings under the Company’s previous revolver.
This new revolving credit facility replaces the Company’s previous credit facility. (Original Source)
Shares of Pernix Therapeutics closed last Friday at $4.59 . PTX has a 1-year high of $12.88 and a 1-year low of $4.46. The stock’s 50-day moving average is $5.16 and its 200-day moving average is $7.38.
On the ratings front, Pernix Therapeutics has been the subject of a number of recent research reports. In a report issued on August 7, Brean Murray Carret analyst Difei Yang reiterated a Buy rating on PTX, with a price target of $14, which implies an upside of 205.0% from current levels. Separately, on July 28, Oppenheimer’s Akiva Felt reiterated a Buy rating on the stock and has a price target of $13.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Difei Yang and Akiva Felt have a total average return of 6.6% and 29.5% respectively. Yang has a success rate of 43.2% and is ranked #814 out of 3737 analysts, while Felt has a success rate of 58.1% and is ranked #23.
Pernix Therapeutics Holdings Inc is a specialty pharmaceutical company focused on the sales, marketing and development of branded and generic pharmaceutical products for sleep, bacterial infections and cough and cold conditions.