NEW YORK ( TheStreet) -- Shares of Impax Laboratories (Nasdaq: IPXL) were gapping up Monday morning with an open price 12.5% higher than Friday's closing price. The stock closed at $16.80 Friday and opened today's trading at $18.90.

The average volume for Impax has been 794,100 shares per day over the past 30 days. Impax has a market cap of $1.1 billion and is part of the health care sector and drugs industry. Shares are down 16.5% year to date as of the close of trading on Friday.

Impax Laboratories, Inc., a specialty pharmaceutical company, engages in the development, manufacture, and marketing of bioequivalent pharmaceutical products. The company operates in two divisions, Global Pharmaceuticals and Impax Pharmaceuticals. The company has a P/E ratio of 9.6, above the average drugs industry P/E ratio of 9.5 and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Impax as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, expanding profit margins, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Impax Ratings Report.

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