Top Performer for Thurs: Par Pharmaceutical (PRX)

Par Pharmaceutical Companies, Inc. (PRX - Snapshot Report) received a brokerage firm upgrade today, which is helping it to gain during a rather muted morning session.

In addition, PRX has been enjoying rising earnings estimates that have pushed the 2009 and 2010 Zacks Consensus Estimates higher in just the past 7 days.

The company made the Zacks #1 Rank Top Performers List for Thursday with shares that are up approximately 4.4%. Volume is at 716,000 shares; above the daily average of 301,000.

Par Pharmaceutical develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets.

It is part of the Medical-Generic Drugs industry. There are 3 other names from this space on today's Zacks #1 Rank List: Dr. Reddy's Laboratories Ltd. (RDY - Snapshot Report), Hi-Tech Pharmacal Company, Inc. (HITK - Snapshot Report) and Impax Laboratories, Inc. (IPXL - Snapshot Report).

Earnings Estimates

For this year, the Zacks Consensus Estimate is at $1.93 per share, which is up 2.7% from $1.88 in 7 days and up 9.7% from $1.76 in 2 months.

Looking toward next year, the Zacks Consensus Estimate is pegged at $1.25, marking a 3.3% gain in the past week from $1.21. Furthermore, the guidance has advanced more than 20% in the past 60 days.

Recent Events

Par Pharmaceutical reported its second-quarter results on Aug 4. Since that time, some noteworthy events include:

• PRX receiving, on Sep 10, final approval from the FDA for nateglinide tablets; a generic version of Novartis' Starlix. The tablets are to improve glycemic control in adults with Type II diabetes mellitus.

• PRX gaining approval, on Aug 18, from the FDA for a clonidine transdermal system, a generic version of the Catapres TTS high blood pressure patch. This is the first generic 7-day patch for the treatment of hypertension.

• On Aug 17, PRX announced that it won a patent dispute over the pain drug Ultram ER.

Second-Quarter Results

In early August, Par Pharmaceutical reported adjusted earnings per share of 65 cents on total revenues of $404 million for its second quarter.

The earnings result reversed a year-ago loss and also topped the Zacks Consensus Estimate by more than 35%. Meanwhile, revenue soared year over year from $112.9 million.

The big star of the quarter was Metoprolol, as net sales reached $306 million, up 173%. Metoprolol is the authorized generic version of AstraZeneca's Toprol XL, a treatment for angina, high blood pressure and heart failure.

Read the full analyst report on RDY

Read the full analyst report on IPXL

Read the full analyst report on PRX

Read the full analyst report on HITK