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LCI

Lannett

$5.40

-8.1 (-60.00%)

14:49
08/20/18
08/20
14:49
08/20/18
14:49

Lannett downgraded to Market Perform as JSP walks away from renewal at Raymond James

As previously reported, Raymond James analyst Elliot Wilbur downgraded Lannett to Market Perform from Outperform after Jerome Stevens terminated its strategic distribution agreement with the company, a deal that provided Lannett with several key products but mainly levothyroxine, which is expected to account for 35% of FY18 sales and 44% of gross profit. From a monetary perspective, the analyst believes it makes "zero sense" why JSP would walk away from the deal, inflicting significant damage on its own holdings of Lannett shares. This suggests either JSP has no confidence in the recovery value of its holdings from current levels or has sold down or hedged a substantial portion of its holdings despite prior representations from Lannett management to the contrary, Wilbur contends.

  • 20

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    Aug

LCI Lannett
$5.40

-8.1 (-60.00%)

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
08/20/18
08/20/18
DOWNGRADE
Target $7

Hold
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.
08/20/18
RAJA
08/20/18
DOWNGRADE
RAJA
Market Perform
Lannett downgraded to Market Perform from Outperform at Raymond James

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