Stock Update (NYSE:IG): IGI Laboratories, Inc. Announces Seventh ANDA Submission Of 2015
IGI Laboratories, Inc. (NYSEMKT:IG), a New Jersey based specialty generic pharmaceutical company, today announced it has submitted its seventh abbreviated new drug application (ANDA) 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 twenty-nine.
Jason Grenfell-Gardner, President and CEO of the Company, commented, “We believe our current pipeline of twenty-nine 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 $8.22. 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 $7.90 and its 200-day moving average is $7.66.
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 represents a potential upside of 33.8% from where the stock is currently trading. 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 27.7% and 31.1% respectively. Henry has a success rate of 62.9% and is ranked #13 out of 3747 analysts, while Vanjani has a success rate of 68.2% and is ranked #22.
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.