In a recent transaction, Floyd F. Petersen, a director of Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH), sold 500 shares of the company's common stock. The sale, conducted on May 1, 2024, amounted to a total of $20,836, with the shares being sold at a weighted average price of $41.6739.
The transaction was carried out under a pre-arranged trading plan, known as Rule 10b5-1, which Petersen had adopted on June 13, 2023. This plan allows company insiders to set up a predetermined schedule for buying and selling stocks at a time when they are not in possession of material non-public information, providing a defense against accusations of insider trading.
According to the details provided, the sales were executed in multiple transactions at prices ranging from $41.38 to $42.22. Following this sale, Petersen still holds 78,833 shares of Amphastar Pharmaceuticals directly.
Investors and followers of Amphastar Pharmaceuticals may find this sale of interest as it reflects a transaction by a top executive within the company. The shares were sold at market prices, indicating a cash-out of equity at prevailing stock values.
Amphastar Pharmaceuticals, based in Rancho Cucamonga, California, operates in the pharmaceutical preparations industry and continues to be a key player in its sector. The company's stock movements and insider transactions are closely watched for indications of executive confidence and potential future performance.
The transaction was officially filed on May 2, 2024, and full information regarding the number of shares sold at each separate price is available upon request from the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission.
InvestingPro Insights
Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) has been demonstrating a strong financial performance with a notable revenue growth of 29.14% over the last twelve months as of Q4 2023. This growth is further highlighted by an impressive gross profit margin of 54.91%, indicating the company's ability to maintain profitability amid its expansion efforts. Investors may find these figures particularly compelling when assessing the company's market position and future potential.
One of the InvestingPro Tips for Amphastar Pharmaceuticals points out that the company has been aggressively buying back shares. This is often a sign of management's confidence in the company's value and future prospects. Additionally, Amphastar is trading at a low P/E ratio of 14.93 relative to near-term earnings growth, which could suggest that the stock is undervalued at its current price.
From a financial health perspective, another InvestingPro Tip indicates that Amphastar's liquid assets exceed its short-term obligations, which can provide investors with reassurance about the company's ability to meet its financial commitments.
For those interested in further insights, there are additional InvestingPro Tips available that could shed more light on Amphastar's performance and outlook. Readers are encouraged to explore these tips and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. With six more tips listed on InvestingPro, investors can gain a deeper understanding of the company's financial nuances and strategic direction.
Lastly, it's worth noting that the fair value of Amphastar's stock, as estimated by analysts, stands at $62, which is significantly higher than the previous close price of $42.08. This disparity could potentially indicate an attractive opportunity for investors.
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