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AKRX

Akorn

$5.36

-7.63 (-58.74%)

, FSNUY

Fresenius SE

$0.00

(0.00%)

06:09
10/02/18
10/02
06:09
10/02/18
06:09

Akorn price target lowered to $5 from $34 at Piper Jaffray

Piper Jaffray analyst David Amsellem lowered his price target for Akorn (AKRX) to $5 from $34 after a Delaware court ruled in favor of Fresenius (FSNUY) in its efforts to terminate its merger agreement with Akorn. While Akorn shares are essentially reflecting the reality that the company will be a stand-alone entity, the current state of the business suggests that there is still potential for further downside, Amsellem tells investors in a research note titled "Apres Fresenius, Le Deluge; Staying Far Away From AKRX Shares." The analyst reiterates a Neutral rating on the shares.

AKRX

Akorn

$5.36

-7.63 (-58.74%)

FSNUY

Fresenius SE

$0.00

(0.00%)

AKRX Akorn
$5.36

-7.63 (-58.74%)

05/24/18
RBCM
05/24/18
NO CHANGE
RBCM
Outperform
RBC still believes Akorn takeover by Fresenius can close
After speaking with a legal expert "well-versed in Delaware law," RBC Capital analyst Randall Stanicky says he still has not heard anything that makes him believe Akorn's (AKRX) takeover by Fresenius SE (FSNUY) cannot close. While the outcome remains high risk and debate will continue, Akorn shares have high potential reward relative to the closing deal price of $34 per share, Stanicky tells investors in a research note. The legal expert the analyst spoke to expects a reasonably quick trial from Chancery Judge Laster with the decision likely in July. An appeal would go to the Delaware Supreme Court and could last several months, but expectations are that the trial decision will be "tough" to reverse given this is an issue of fact, the analyst adds. Stanicky has a Sector Perform rating on Akorn shares with a $25 price target.
07/03/18
DBAB
07/03/18
NO CHANGE
DBAB
Akorn upside/downside 'looks interesting' into trial, says Deutsche Bank
The breach of contract case in the Delaware Chancery Court between Akorn (AKRX) and Fresenius (FSNUY) is scheduled to go to trial on July 9, Deutsche Bank analyst Gregg Gilbert tells investors in a research note. Akorn is seeking a ruling that Fresenius be required to complete its acquisition per the merger agreement, which Fresenius purported to terminate in April. The analyst believes the upside versus downside profile for Akorn from the current price is worth considering. He sees three potential scenarios: Fresenius is required to acquire Akorn for $34 per share, representing 102% upside; the deal breaks and Akorn trades down to single digits on a standalone basis, or 69% downside; the companies settle for a price below $34 but well above the current stock price, which could yield more upside than downside, the analyst believes. Gilbert believes Akorn's upside/downside "looks interesting" ahead of the key event.
08/23/18
DBAB
08/23/18
NO CHANGE
DBAB
Buy
Akorn risk/reward favorable into closing arguments, says Deutsche Bank
Deutsche Bank analyst Gregg Gilbert believes the risk/reward on Akorn (AKRX) shares is favorable into today's closing arguments in the breach of contract case against Fresenius (FSNUY). The analyst sees more potential upside if the takeover closes than downside if it does not. A favorable outcome for Akorn is more likely than not, as the bar is "quite high" for Fresenius to prove the data integrity issues it alleges, Gilbert tells investors in a research note. He points out a ruling in favor of Akorn that compels Fresenius to complete the acquisition at the original deal price of $34 per share could yield 90% upside in Akorn shares. Gilbert keeps a Buy rating on the shares.
09/12/18
DBAB
09/12/18
NO CHANGE
Target $34
DBAB
Hold
Judge ruling in Akorn case unlikely in coming days, says Deutsche Bank
After dialing into yesterday's teleconference scheduled by Judge Laster to discuss the roadmap ahead for Fresenius SE's (FSNUY) attempt to terminate its acquisition of Akorn (AKRX), Deutsche Bank analyst Gregg Gilbert says he did not hear anything to suggest that the judge is leaning one way or the other. It feels like a ruling is not likely to happen in the coming days, Gilbert tells investors in a research note. The analyst continues to assume a ruling will come by sometime in November. He also believes the judge continues to suggest that he knows he will not have the final say, suggesting that an appeal is inevitable. Gilbert keeps a Hold rating on Akorn with a price target of $34.
FSNUY Fresenius SE
$0.00

(0.00%)

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