Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX) Major Shareholder Tushar Bhikhubhai Patel Sells 5,000,000 Shares

Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX) major shareholder Tushar Bhikhubhai Patel sold 5,000,000 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $8.35, for a total transaction of $41,750,000.00. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Amneal Pharmaceuticals Price Performance

AMRX opened at $8.73 on Thursday. Amneal Pharmaceuticals, Inc. has a 1-year low of $5.18 and a 1-year high of $9.48. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of -12.84 and a beta of 1.05. The business has a 50 day moving average price of $8.34 and a two-hundred day moving average price of $8.37.

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

Hedge Funds Weigh In On Amneal Pharmaceuticals

Several hedge funds have recently made changes to their positions in the business. Aigen Investment Management LP bought a new stake in Amneal Pharmaceuticals during the third quarter worth approximately $213,000. Victory Capital Management Inc. boosted its stake in shares of Amneal Pharmaceuticals by 58.7% during the 3rd quarter. Victory Capital Management Inc. now owns 99,215 shares of the company’s stock worth $825,000 after acquiring an additional 36,700 shares in the last quarter. Gladius Capital Management LP acquired a new position in shares of Amneal Pharmaceuticals in the 3rd quarter worth $37,000. Quest Partners LLC acquired a new position in shares of Amneal Pharmaceuticals in the 3rd quarter worth $84,000. Finally, Segall Bryant & Hamill LLC lifted its holdings in shares of Amneal Pharmaceuticals by 1.6% during the third quarter. Segall Bryant & Hamill LLC now owns 489,162 shares of the company’s stock valued at $4,070,000 after purchasing an additional 7,661 shares during the last quarter. Institutional investors and hedge funds own 31.82% of the company’s stock.

Analyst Upgrades and Downgrades

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

About Amneal Pharmaceuticals

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.