Tushar Bhikhubhai Patel Sells 5,000,000 Shares of Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX) Stock

Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX) major shareholder Tushar Bhikhubhai Patel sold 5,000,000 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $8.35, for a total value of $41,750,000.00. Following the sale, the insider now owns 48,578,209 shares of the company’s stock, valued at $405,628,045.15. The trade was a 9.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Amneal Pharmaceuticals Stock Performance

Shares of AMRX opened at $8.62 on Tuesday. Amneal Pharmaceuticals, Inc. has a 52 week low of $5.18 and a 52 week high of $9.48. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of -12.68 and a beta of 1.05. The stock has a fifty day moving average of $8.32 and a 200-day moving average of $8.36.

Amneal Pharmaceuticals (NASDAQ:AMRX) last announced its quarterly earnings results on Friday, February 28th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.03). Amneal Pharmaceuticals had a negative net margin of 6.88% and a negative return on equity of 346.26%. The firm had revenue of $730.52 million during the quarter, compared to the consensus estimate of $708.21 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. As a group, equities analysts forecast that Amneal Pharmaceuticals, Inc. will post 0.53 EPS for the current year.

Analyst Ratings Changes

AMRX has been the subject of several recent analyst reports. Barclays upped their target price on Amneal Pharmaceuticals from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Monday, March 3rd. JPMorgan Chase & Co. upgraded Amneal Pharmaceuticals from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $9.00 to $12.00 in a research note on Monday, February 24th. Finally, StockNews.com cut Amneal Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 19th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Amneal Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $10.80.

Institutional Trading of Amneal Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. MetLife Investment Management LLC increased its holdings in Amneal Pharmaceuticals by 2.5% in the fourth quarter. MetLife Investment Management LLC now owns 94,639 shares of the company’s stock valued at $750,000 after purchasing an additional 2,297 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Amneal Pharmaceuticals by 3.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 90,460 shares of the company’s stock valued at $716,000 after purchasing an additional 2,911 shares during the period. Franklin Resources Inc. increased its holdings in Amneal Pharmaceuticals by 4.9% in the third quarter. Franklin Resources Inc. now owns 89,887 shares of the company’s stock valued at $778,000 after purchasing an additional 4,178 shares during the period. Gladius Capital Management LP acquired a new stake in Amneal Pharmaceuticals in the third quarter valued at $37,000. Finally, Arizona State Retirement System increased its holdings in Amneal Pharmaceuticals by 13.6% in the fourth quarter. Arizona State Retirement System now owns 40,401 shares of the company’s stock valued at $320,000 after purchasing an additional 4,851 shares during the period. 31.82% of the stock is currently owned by institutional investors and hedge funds.

Amneal Pharmaceuticals Company Profile

Amneal Pharmaceuticals, Inc, together with its subsidiaries, develops, manufactures, markets, and distributes generics, injectables, biosimilars, and specialty branded pharmaceutical products worldwide. The company operates through three segments: Generics, Specialty, and AvKARE. The Generics segment offers immediate and extended release oral solid, powder, liquid, sterile injectable, nasal spray, inhalation and respiratory, biosimilar, ophthalmic, film, transdermal patch, and topical products.