Bank of America Corp DE Acquires 46,149 Shares of Amphastar Pharmaceuticals, Inc. $AMPH

Key Points

• Bank of America increased its Amphastar Pharmaceuticals stake by 36% in the first quarter, acquiring 46,149 shares and bringing its holdings to 174,323 shares valued at approximately $3.4 million.
• Several other institutional investors also expanded their positions, helping institutional ownership reach 65.09% of Amphastar’s outstanding shares. However, two company insiders sold shares under disclosed transactions, while insiders retain a 29.60% stake.
• Amphastar exceeded quarterly earnings expectations, reporting $0.91 in EPS versus a $0.62 estimate and revenue of $183.9 million. Analysts remain cautious, with an overall “Reduce” rating and an average price target of $22.50.

Bank of America Corp DE raised its stake in shares of Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH - Free Report) by 36.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,323 shares of the company's stock after buying an additional 46,149 shares during the period. Bank of America Corp DE owned 0.40% of Amphastar Pharmaceuticals worth $3,415,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in AMPH. Marshall Wace LLP lifted its holdings in Amphastar Pharmaceuticals by 41.6% in the 4th quarter. Marshall Wace LLP now owns 1,237,284 shares of the company's stock worth $33,134,000 after purchasing an additional 363,216 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Amphastar Pharmaceuticals by 382.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 392,310 shares of the company's stock valued at $10,455,000 after purchasing an additional 311,071 shares during the last quarter. UBS Group AG raised its position in shares of Amphastar Pharmaceuticals by 367.2% in the third quarter. UBS Group AG now owns 312,274 shares of the company's stock valued at $8,322,000 after purchasing an additional 245,440 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Amphastar Pharmaceuticals by 12.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,027,947 shares of the company's stock valued at $39,726,000 after purchasing an additional 228,262 shares during the period. Finally, Bridgeway Capital Management LLC lifted its stake in shares of Amphastar Pharmaceuticals by 267.0% in the third quarter. Bridgeway Capital Management LLC now owns 312,337 shares of the company's stock worth $8,324,000 after buying an additional 227,225 shares during the last quarter. Institutional investors and hedge funds own 65.09% of the company's stock.

Insider Transactions at Amphastar Pharmaceuticals

In related news, Director Richard K. Prins sold 7,973 shares of Amphastar Pharmaceuticals stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $20.30, for a total value of $161,851.90. Following the completion of the transaction, the director directly owned 29,625 shares of the company's stock, valued at $601,387.50. The trade was a 21.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO William J. Peters sold 8,180 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $22.48, for a total transaction of $183,886.40. Following the sale, the chief financial officer directly owned 172,846 shares in the company, valued at $3,885,578.08. This trade represents a 4.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 29.60% of the company's stock.

Amphastar Pharmaceuticals Price Performance

Shares of AMPH opened at $22.01 on Monday. The company has a quick ratio of 1.71, a current ratio of 2.40 and a debt-to-equity ratio of 0.79. The company has a 50-day moving average price of $20.22 and a two-hundred day moving average price of $20.73. The stock has a market cap of $936.31 million, a price-to-earnings ratio of 13.02, a P/E/G ratio of 4.24 and a beta of 0.89. Amphastar Pharmaceuticals, Inc. has a 12 month low of $16.65 and a 12 month high of $31.26.

Amphastar Pharmaceuticals (NASDAQ:AMPH - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.29. The company had revenue of $183.90 million for the quarter, compared to analyst estimates of $179.92 million. Amphastar Pharmaceuticals had a return on equity of 14.98% and a net margin of 10.76%. Equities analysts predict that Amphastar Pharmaceuticals, Inc. will post 2.46 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Amphastar Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Piper Sandler cut their target price on shares of Amphastar Pharmaceuticals from $21.00 to $20.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. Barclays upped their price target on shares of Amphastar Pharmaceuticals from $20.00 to $23.00 and gave the company an "equal weight" rating in a report on Tuesday, August 18th. Wells Fargo & Company raised their price target on Amphastar Pharmaceuticals from $19.00 to $20.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Finally, Bank of America reiterated an "underperform" rating and issued a $20.00 price objective (down from $25.00) on shares of Amphastar Pharmaceuticals in a research note on Monday, June 29th. Six investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $22.50.

Amphastar Pharmaceuticals Profile

Amphastar Pharmaceuticals, Inc is a specialty pharmaceutical company headquartered in Rancho Cucamonga, California. Founded in 2004, Amphastar focuses on the development, manufacturing and commercialization of injectable and inhalation products. The company's manufacturing facilities in California produce both generic and proprietary formulations designed to address urgent and chronic medical conditions.

Amphastar's portfolio includes a range of injectable generics such as epinephrine, naloxone and lidocaine, serving hospital, emergency medical and retail pharmacy channels.

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