Company Update (NYSE:IG): IGI Laboratories, Inc. Announces Submission of Eighth ANDAs to the FDA
IGI Laboratories, Inc. (NYSEMKT:IG), a New Jersey based specialty generic pharmaceutical company, announced it has submitted its eighth abbreviated new drug applications (ANDAs) to the U.S. Food and Drug Administration (FDA) of 2015, which brings the Company’s total number of ANDA submissions now pending at the FDA to thirty.
Jason Grenfell-Gardner, President and CEO of the Company, commented, “We believe our current pipeline of thirty submissions, exclusive of our four partnered submissions, pending approval by the FDA now has a combined addressable market of over $1.4 billion based on July 2015 data from IMS Health.” (Original Source)
Shares of IGI Laboratories closed yesterday at $8.05. IG has a 1-year high of $12.05 and a 1-year low of $4.75. The stock’s 50-day moving average is $8.16 and its 200-day moving average is $7.42.
On the ratings front, IGI Laboratories has been the subject of a number of recent research reports. In a report issued on July 24, Roth Capital analyst Scott Henry upgraded IG to Buy, with a price target of $11, which implies an upside of 36.6% from current levels. Separately, on July 20, Oppenheimer’s Rohit Vanjani reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Scott Henry and Rohit Vanjani have a total average return of 27.9% and 31.4% respectively. Henry has a success rate of 63.7% and is ranked #16 out of 3768 analysts, while Vanjani has a success rate of 70.1% and is ranked #21.
IGI Laboratories Incis a developer, manufacturer, and marketer of topical formulations. Under its IGI label, the Company sells generic topical pharmaceutical products that are bioequivalent to their brand name counterparts.