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Fly News Breaks for March 22, 2016
AKRX
Mar 22, 2016 | 13:40 EDT
Craig-Hallum analyst Matt Hewitt noted that Akorn management reiterated their confidence in hitting their May 9 deadline for restating the company's FY14 and FY15 financials and he believes that event could be a near-term catalyst for the shares. Hewitt, who thinks generic Restasis could be Akorn's biggest drug ever, views a takeout scenario, which could involve a premium multiple, as "very likely." The analyst reiterates a Buy rating on Akorn, though he lowered his price target on the stock to $40 from $45 to reflect lower multiples in the space.
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