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LCI

Lannett

$5.58

-7.925 (-58.70%)

12:56
08/20/18
08/20
12:56
08/20/18
12:56

Lannett downgraded to Hold on end of JSP relationship at Craig-Hallum

As previously reported, Craig-Hallum analyst Matt Hewitt downgraded Lannett to Hold from Buy, stating that the ending of the company's "fruitful long-time partnership" with Jerome Stephens Pharmaceuticals is a "significant disappointment" that creates a noticeable cash flow void and creates a risk that the company's debt gets refinanced at higher interest rates. Separate from the JSP announcement, Lannett also preannounced Q4 results that were below consensus, noted Hewitt, who lowered his price target on the stock to $7 from $32. Lannett shares, which were also downgraded earlier to Neutral from Buy at Roth Capital, are down $7.92, or 59%, to $5.58 in afternoon trading.

  • 20

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    Aug

LCI Lannett
$5.58

-7.925 (-58.70%)

06/18/18
DBAB
06/18/18
NO CHANGE
DBAB
Lannett falls after Deutsche Bank addresses 'elephant in the room'
Shares of Lannett after falling after Deutsche Bank analyst Gregg Gilbert told investors to brace for "significant volatility" on the upcoming levothyroxine outcome. The "elephant in the room" is that depending on ongoing negotiations with Lannett's partner Jerome Stevens Pharmaceuticals, the company's largest product levothyroxine, which represented 34% of sales in fiscal 2018, could go away in March 2019, Gilbert wrote earlier in a research note. The product, however, could remain part of the Lannett portfolio for years to come if the partnership term is extended, the analyst added. Gilbert predicts the stock "could crumble" if the agreement is not extended. On the flip side, the shares could spike as "shorts are squeezed" if Lannett were to reach a new deal with Jerome Stevens, Gilbert says. He expects to see this situation "come to a head" over the next two months. Lannett's new CEO Tim Crew has a sense of urgency to get this done, Gilbert believes. The analyst sees the most likely outcome as an extension to the agreement, "perhaps at some additional cost" to Lannett. Such an outcome "could help the shares move higher in the short term, and set the stage for interesting strategic options longer term," Gilbert explains. He keeps a Hold rating on Lannett. The stock in morning trading is down 6%, or $1.00, to $14.90.
08/20/18
ROTH
08/20/18
DOWNGRADE
ROTH
Neutral
Lannett downgraded to Neutral from Buy at Roth Capital
08/20/18
ROTH
08/20/18
DOWNGRADE
Target $8
ROTH
Neutral
Lannett downgraded to Neutral from Buy at Roth Capital
Roth Capital analyst Scott Henry downgraded Lannett Company to Neutral from Buy and reduced his price target to $8 from $23 after the company announced that Jerome Stevens Pharmaceuticals will not renew its contract, impacting key revenue streams for the company, including levothyroxine, digoxin and butalbital. Henry tells investors in a research note that valuation is "interesting," but the risk profile remains "high" given its debt load.
08/20/18
CHLM
08/20/18
DOWNGRADE
CHLM
Hold
Lannett downgraded to Hold from Buy at Craig-Hallum

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