UPDATE: Piper Jaffray Lowering Price Target On Impax Laboratories

Piper Jaffray is out with a research report on Impax Laboratories IPXL and is lowering its price target to $32 from $33, and it has an Overweight rating after it reported earnings. In a note to clients, Piper Jaffray writes, "Yesterday, Impax reported 2Q11 adjusted diluted EPS of $0.22, beating the Street estimate of $0.19 and our estimate of $0.20. Management continues to make progress in remediating the deficiencies sited by the FDA at the Hayward, CA facility. Though it is not clear if IPXL will be able to keep exclusivity on its generic for Trilipix (they need a tentative approval (TA) by 3/1/12), we note that the product is generally not reflected in Street estimates. We remain bullish on the prospects of key driver IPX066 for Parkinson's disease (PD), and are confident in a positive outcome from the ASCEND-PD study, results of which are expected in late August. We reiterate our Overweight rating and are lowering our PT to $32 from $33, on slightly higher R&D estimates and lower gross margin estimates." Shares of IPXL lost $1.14 yesterday to close at $19.96.