Bank of New York Mellon Corp Makes New Investment in Amphastar Pharmaceuticals, Inc. $AMPH

Key Points

• Bank of New York Mellon acquired 232,343 Amphastar shares worth approximately $4.7 million, giving it a 0.53% stake. Institutional investors collectively own 65.09% of the company.
• Analyst sentiment remains cautious: Amphastar has an average “Reduce” rating and a consensus price target of $22.50, with recent target cuts from Piper Sandler and Bank of America.
• Amphastar reported quarterly EPS of $0.91, beating estimates of $0.62, while revenue of $183.9 million also exceeded expectations. Insiders have nevertheless sold 19,340 shares valued at about $421,000 over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 232,343 shares of the company's stock, valued at approximately $4,689,000. Bank of New York Mellon Corp owned about 0.53% of Amphastar Pharmaceuticals as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Marshall Wace LLP increased 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 buying an additional 363,216 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Amphastar Pharmaceuticals by 382.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 392,310 shares of the company's stock valued at $10,455,000 after acquiring an additional 311,071 shares during the period. UBS Group AG boosted its holdings in shares of Amphastar Pharmaceuticals by 367.2% in the 3rd quarter. UBS Group AG now owns 312,274 shares of the company's stock valued at $8,322,000 after acquiring an additional 245,440 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Amphastar Pharmaceuticals by 12.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,027,947 shares of the company's stock valued at $39,726,000 after acquiring an additional 228,262 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased 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 acquiring an additional 227,225 shares during the period. Hedge funds and other institutional investors own 65.09% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on AMPH. Wall Street Zen raised Amphastar Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a report 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 report on Friday, August 7th. Zacks Research upgraded Amphastar Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 21st. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Amphastar Pharmaceuticals in a report on Wednesday, July 8th. Finally, Bank of America reiterated an "underperform" rating and set a $20.00 price target (down from $25.00) on shares of Amphastar Pharmaceuticals in a research report on Monday, June 29th. Six equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $22.50.

Insiders Place Their Bets

In other news, Director Richard Prins sold 7,973 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $20.30, for a total transaction of $161,851.90. Following the completion of the sale, the director owned 29,625 shares in the company, valued at $601,387.50. This trade represents a 21.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Rong Zhou sold 3,187 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $23.63, for a total value of $75,308.81. Following the sale, the executive vice president directly owned 169,203 shares of the company's stock, valued at approximately $3,998,266.89. This trade represents a 1.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 19,340 shares of company stock valued at $421,047 over the last ninety days. Company insiders own 29.60% of the company's stock.

Amphastar Pharmaceuticals Stock Down 2.8%

NASDAQ AMPH opened at $23.18 on Friday. The business has a fifty day moving average price of $20.51 and a 200 day moving average price of $20.61. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.71 and a current ratio of 2.40. The company has a market cap of $986.08 million, a P/E ratio of 13.72, a P/E/G ratio of 4.47 and a beta of 0.92. Amphastar Pharmaceuticals, Inc. has a one year low of $16.65 and a one year high of $29.78.

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

About Amphastar Pharmaceuticals

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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