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Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) director Floyd F. Petersen has sold a total of 3,000 shares of the company's common stock, according to a recent SEC filing. The transactions were executed on September 5th, with the shares being sold at a weighted average price of $46.4724, bringing the total sale amount to approximately $139,417.
The sale was conducted in multiple transactions at prices ranging from $46.472 to $46.49 per share. Following the sale, Petersen's direct ownership in Amphastar Pharmaceuticals stands at 75,409 shares. The filing indicated that the director is prepared to provide additional details regarding the number of shares sold at each price upon request.
Amphastar Pharmaceuticals specializes in the development, manufacturing, and marketing of generic and proprietary injectable, inhalation, and intranasal products. The company is known for its focus on complex and innovative approaches to drug delivery.
Investors often monitor the buying and selling activities of company insiders as it can provide insights into their perspective on the company's future performance. However, such transactions can occur for a variety of reasons and may not necessarily be indicative of the company's operational performance or future outlook.
The details of the sale were made public through the Form 4 filing with the Securities and Exchange Commission, which documents the changes in ownership of company insiders.
In other recent news, Amphastar Pharmaceuticals has been the subject of multiple analyst reviews, following its second-quarter financial performance. Jefferies reduced its price target for Amphastar to $55.00, but maintained a Buy rating, expressing confidence in the company's revenue growth and financial flexibility. Piper Sandler also adjusted its outlook, cutting the stock target to $66 from $71, while retaining an Overweight rating.
Amphastar's second-quarter results revealed a diluted non-GAAP EPS of $0.94, surpassing estimates of $0.77, and revenue of $182.4 million, higher than the predicted $171.0 million. These results were largely attributed to the company's consistent production of injectable products.
In addition to financial performance, recent developments include Amphastar's acquisition of Baqsimi, a product expected to contribute positively to the company's financial performance. The company also received FDA approval for its generic inhalation product, AMP-008, anticipated to be available in the third quarter of 2024.
Piper Sandler and Jefferies both highlighted the potential for significant EBITDA growth, supported by products like Baqsimi and valuable complex generics. The launch of new products and the impact of Baqsimi are expected to expand profit margins and foster robust EBITDA growth. These are the recent developments for Amphastar Pharmaceuticals as it continues to focus on growth through strong product sales and new product launches.
InvestingPro Insights
Amphastar Pharmaceuticals (NASDAQ:AMPH) has been demonstrating a strong financial performance with significant revenue growth. According to InvestingPro data, the company's revenue over the last twelve months as of Q2 2024 has reached $712.89 million, marking a substantial increase of 31.8%. This growth is further underscored by a gross profit margin of 55.06% during the same period, reflecting the company's efficiency in managing its production costs relative to its sales.
In line with the company's robust financial metrics, InvestingPro Tips highlight that Amphastar's management has been actively engaging in share buybacks, signaling confidence in the company's value. Additionally, the company's valuation suggests a strong free cash flow yield, which is a positive indicator for investors looking for companies with the potential to generate cash and sustain growth.
Amphastar's stock is currently trading at a price-to-earnings (P/E) ratio of 13.21, which is considered low relative to its near-term earnings growth. This metric, combined with a PEG ratio of 0.21, suggests that the company's stock may be undervalued given its earnings growth prospects.
For those seeking more in-depth analysis, there are additional InvestingPro Tips available for Amphastar Pharmaceuticals, which can be accessed by visiting the specific InvestingPro page for the company. These tips can provide further insights into the company's performance and future potential.
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