ANI Pharmaceuticals (NASDAQ:ANIP) Sets New 1-Year High - Time to Buy?

Key Points

• ANI Pharmaceuticals' stock has reached a new 52-week high, trading at $91.15, with analysts setting updated price targets ranging from $77.00 to $94.00.
• The company reported a strong quarterly earnings performance, with earnings per share of $1.80, exceeding estimates, and revenue growth of 53.2% year-over-year.
• Insider selling occurred, with COO Muthusamy Shanmugam and SVP Chad Gassert offloading significant shares, although 76.05% of the stock is still held by institutional investors.

ANI Pharmaceuticals, Inc. (NASDAQ:ANIP - Get Free Report) shares hit a new 52-week high on Wednesday . The company traded as high as $91.15 and last traded at $90.12, with a volume of 706664 shares changing hands. The stock had previously closed at $89.71.

Analysts Set New Price Targets

ANIP has been the topic of a number of analyst reports. Guggenheim restated a "buy" rating and issued a $86.00 price target on shares of ANI Pharmaceuticals in a research note on Monday, May 12th. Truist Financial lifted their price target on ANI Pharmaceuticals from $65.00 to $77.00 and gave the company a "hold" rating in a research note on Monday, August 11th. HC Wainwright restated a "buy" rating and set a $93.00 target price (up from $84.00) on shares of ANI Pharmaceuticals in a research report on Friday, August 8th. Piper Sandler restated an "overweight" rating and set a $94.00 target price on shares of ANI Pharmaceuticals in a research report on Friday, August 8th. Finally, Wall Street Zen raised shares of ANI Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $84.75.

ANI Pharmaceuticals Trading Up 0.5%

The company has a current ratio of 2.54, a quick ratio of 1.96 and a debt-to-equity ratio of 1.39. The business has a 50 day moving average of $68.93 and a 200-day moving average of $65.28. The stock has a market cap of $1.96 billion, a PE ratio of -117.04 and a beta of 0.61.

ANI Pharmaceuticals (NASDAQ:ANIP - Get Free Report) last issued its quarterly earnings data on Friday, August 8th. The specialty pharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.38. ANI Pharmaceuticals had a positive return on equity of 25.03% and a negative net margin of 1.37%.The business had revenue of $211.37 million for the quarter, compared to the consensus estimate of $187.18 million. During the same period in the prior year, the business earned $1.02 earnings per share. The business's revenue was up 53.2% on a year-over-year basis. On average, analysts anticipate that ANI Pharmaceuticals, Inc. will post 3.86 EPS for the current year.

Insider Buying and Selling

In other ANI Pharmaceuticals news, COO Muthusamy Shanmugam sold 52,990 shares of the company's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $87.15, for a total value of $4,618,078.50. Following the transaction, the chief operating officer directly owned 531,920 shares in the company, valued at approximately $46,356,828. This represents a 9.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Chad Gassert sold 20,000 shares of the company's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $86.97, for a total transaction of $1,739,400.00. Following the transaction, the senior vice president directly owned 173,226 shares in the company, valued at $15,065,465.22. The trade was a 10.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 274,286 shares of company stock worth $23,857,709 in the last 90 days. 12.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ANI Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its holdings in shares of ANI Pharmaceuticals by 89.3% during the 4th quarter. Millennium Management LLC now owns 1,002,849 shares of the specialty pharmaceutical company's stock worth $55,437,000 after acquiring an additional 473,097 shares during the period. Rubric Capital Management LP raised its stake in ANI Pharmaceuticals by 354.7% during the second quarter. Rubric Capital Management LP now owns 257,669 shares of the specialty pharmaceutical company's stock worth $16,813,000 after purchasing an additional 200,998 shares during the period. Aberdeen Group plc raised its position in shares of ANI Pharmaceuticals by 76.1% in the 1st quarter. Aberdeen Group plc now owns 419,099 shares of the specialty pharmaceutical company's stock worth $28,059,000 after buying an additional 181,134 shares during the period. Woodline Partners LP purchased a new position in shares of ANI Pharmaceuticals in the 1st quarter worth $11,144,000. Finally, Deep Track Capital LP raised its position in shares of ANI Pharmaceuticals by 28.6% in the 4th quarter. Deep Track Capital LP now owns 649,042 shares of the specialty pharmaceutical company's stock worth $35,879,000 after buying an additional 144,214 shares during the period. 76.05% of the stock is currently owned by hedge funds and other institutional investors.

About ANI Pharmaceuticals

ANI Pharmaceuticals, Inc, a biopharmaceutical company, develops, manufactures, and markets branded and generic prescription pharmaceuticals in the United States and Canada. The company manufactures oral solid dose products; semi-solids, liquids, and topicals; controlled substances; and potent products, as well as performs contract development and manufacturing of pharmaceutical products.

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