Concordia International Corp (CXRX) Downgraded by Zacks Investment Research to Sell

Concordia International Corp (NASDAQ:CXRX) (TSE:CXR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.

According to Zacks, “Concordia International Corp is a diverse pharmaceutical company which focused on legacy pharmaceutical products and orphan drugs. The company also markets orphan drugs through its Orphan Drug Division, currently consisting of Photofrin(R) for the treatment of certain rare forms of cancer, which is currently undergoing testing for potential new indications. Concordia International Corp, formerly known as Concordia Healthcare Corp, is headquartered in Oakville, Canada. “

Several other brokerages have also recently commented on CXRX. TD Securities cut shares of Concordia International Corp from a “hold” rating to a “reduce” rating in a research note on Wednesday, February 8th. Royal Bank of Canada restated a “sector perform” rating on shares of Concordia International Corp in a research note on Wednesday, November 23rd. Canaccord Genuity restated a “sell” rating on shares of Concordia International Corp in a research note on Tuesday, March 14th. Finally, Scotiabank cut shares of Concordia International Corp from a “sector perform” rating to an “underperform” rating and decreased their price objective for the company from $2.00 to $0.50 in a research note on Friday, December 9th. Seven analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $23.68.

Analyst Recommendations for Concordia International Corp (NASDAQ:CXRX)

Concordia International Corp (NASDAQ:CXRX) traded down 5.79% on Monday, reaching $1.79. 469,208 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $2.31 and a 200 day moving average price of $3.31. The stock’s market cap is $91.32 million. Concordia International Corp has a 12-month low of $1.69 and a 12-month high of $34.52.

Concordia International Corp (NASDAQ:CXRX) last announced its quarterly earnings data on Wednesday, March 15th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.55 by $0.42. Concordia International Corp had a negative net margin of 81.40% and a positive return on equity of 22.81%. The business had revenue of $170.40 million for the quarter, compared to analyst estimates of $181.65 million. During the same quarter in the previous year, the firm posted $1.24 earnings per share. The business’s revenue was down 11.2% on a year-over-year basis. Analysts forecast that Concordia International Corp will post $2.23 EPS for the current year.

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Institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in Concordia International Corp during the fourth quarter valued at about $1,721,000. Partners Group Holding AG purchased a new position in Concordia International Corp during the fourth quarter valued at about $145,000. Continental Advisors LLC purchased a new position in Concordia International Corp during the fourth quarter valued at about $339,000. Allianz Asset Management AG boosted its position in Concordia International Corp by 78.5% in the fourth quarter. Allianz Asset Management AG now owns 125,086 shares of the company’s stock valued at $265,000 after buying an additional 54,998 shares in the last quarter. Finally, Warlander Asset Management LP purchased a new position in Concordia International Corp during the fourth quarter valued at about $2,977,000. Hedge funds and other institutional investors own 36.69% of the company’s stock.

Concordia International Corp Company Profile

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