S&P 500 may face selling pressure as systematic funds reach full exposure
Gautam Patel, a director at Amneal Pharmaceuticals, Inc. (NYSE:NASDAQ:AMRX), recently sold 17,410 shares of the company's Class A common stock. The transaction, executed on January 2, 2025, was carried out at a weighted average price of $8.01 per share, amounting to a total sale value of $139,454. Following this transaction, Patel holds 2,031,476 shares directly. The $2.4 billion market cap pharmaceutical company has shown strong momentum, with InvestingPro data showing a 30.5% return over the past year and an overall financial health score rated as "GREAT."
The sale was conducted under a pre-arranged trading plan established on August 15, 2024, in compliance with Rule 10b5-1(c), which allows insiders to set up a predetermined plan for buying or selling stock. The shares were sold in multiple transactions with prices ranging from $8.00 to $8.06 per share. According to InvestingPro analysis, analyst targets range from $9 to $12, suggesting potential upside from current levels. Discover more insights and detailed financial analysis in the comprehensive Pro Research Report, available with an InvestingPro subscription.
In other recent news, Amneal Pharmaceuticals has been making significant strides in its product lineup and financial performance. The company resubmitted a New Drug Application (NDA) for its dihydroergotamine (DHE) autoinjector to the U.S. Food and Drug Administration (FDA) and received FDA approval for exenatide, a generic injectable glucagon-like peptide-1 (GLP-1) agonist. Both developments are expected to enhance the company's offerings.
Amneal also reported strong third-quarter financial results, with adjusted diluted earnings per share of $0.16 on revenues of $702 million, surpassing expectations. This was accompanied by a 13% increase in revenue across its generics and specialty product lines. Financial services firm Piper Sandler has subsequently upgraded its stock price target for Amneal from $9.00 to $11.00, maintaining its Overweight rating on the stock.
Other recent developments include the launch of CREXONT for Parkinson's disease, a partnership with Metsera for obesity treatment, and plans to expand manufacturing capabilities with two new facilities in India. These strategic moves have contributed to a surge in revenue and suggest clear prospects for sustained growth, according to Piper Sandler. Amneal has confirmed its revenue and adjusted EBITDA guidance for the full year of 2024, projecting ranges of $2.7 billion to $2.8 billion and $610 million to $630 million, respectively.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.