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AKRX

Akorn

$7.49

0.11 (1.49%)

, FSNUY

Fresenius SE

$0.00

(0.00%)

17:27
11/06/18
11/06
17:27
11/06/18
17:27

Akorn says can't predict timing of Fresenius appeal decision

The company said in tonight's earnings release, "What are Akorn's expectations for the appeal of the Delaware Court of Chancery ruling? We believe in the merit of our appeal, but the ultimate decision is up to the Supreme Court of the State of Delaware, which will hear oral arguments on December 5, 2018. We cannot predict the timing of the decision, however, we were pleased that the Court granted our Motion to Expedite. What happens if Akorn loses the appeal? When will you give guidance? It is premature to communicate any forward-looking guidance; we appreciate your patience as we work through the appeal process. If we do not prevail, we will continue our focus on creating long-term shareholder value and advancing our mission to improve patients' lives through the quality, availability and affordability of our products. What's the value proposition for shareholders now? Akorn has a long history of creating shareholder value through the manufacture and marketing of generic and branded prescription pharmaceuticals, as well as animal and consumer health products. We specialize in difficult-to-manufacture sterile and non-sterile dosage forms including ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays. While the ongoing litigation has created distractions and included many misleading and false allegations about Akorn, our commitment to running the business, complying with regulatory requirements and pursuing avenues for growth has not changed."

AKRX

Akorn

$7.49

0.11 (1.49%)

FSNUY

Fresenius SE

$0.00

(0.00%)

AKRX Akorn
$7.49

0.11 (1.49%)

10/04/18
CHLM
10/04/18
UPGRADE
Target $11
CHLM
Buy
Akorn upgraded to Buy from Hold at Craig-Hallum
10/04/18
10/04/18
UPGRADE
Target $11

Buy
Akorn upgraded to Buy after 'overreaction' to court rule at Craig-Hallum
As previously reported, Craig-Hallum analyst Matt Hewitt upgraded Akorn (AKRX) to Buy from Hold saying that while the ruling in favor of Fresenius (FMS) by the Deleware Court of Chancery was a major disappointment for investors, the 50%-plus drop in Akorn's stock price these past few days is unwarranted and values the company well below what it is worth on a standalone basis. The analyst also lowered his price target for Akorn's shares to $11 from $14.
10/17/18
PIPR
10/17/18
UPGRADE
Target $9
PIPR
Overweight
Akorn upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst David Amsellem upgraded Akorn (AKRX) to Overweight and raised his price target for the shares to $9 from $5. After taking a closer look at the company's base generics business in the wake of the lower court decision that sided with Fresenius (FSNUY) in its efforts to terminate its merger with Akorn, Amsellem believes annual EBITDA of no worse than $125M-$135M starting in 2019 is realistic. The analyst says that based on trends associated with a number of its notable products, as well as his recent conversation with management, he believes a picture of sustainable EBITDA is emerging at Akorn that is better than what he had previously envisioned. Assuming Akorn loses its appeal, management "strongly suggested" that it address its cost structure, Amsellem tells investors in a research note.
10/17/18
10/17/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Infosys (INFY) upgraded to Market Perform from Underperform at William Blair WITH analyst Maggie Nolan citing Q2 results. 2. American Airlines (AAL), Delta Air Lines (DAL), and United Continental (UAL) upgraded to Buy from Hold at Deutsche Bank. 3. Akorn (AKRX) upgraded to Overweight from Neutral at Piper Jaffray with analyst David Amsellem saying based on trends associated with a number of its notable products, as well as his recent conversation with management, he believes a picture of sustainable EBITDA is emerging at Akorn that is better than what he had previously envisioned. 4. Workday (WDAY) upgraded to Outperform from Market Perform at Bernstein with analyst Mark Moerdler saying he determined that even if the ERP market moves reasonably slowly to the Cloud, it is large enough and the fact there are only a few vendors with a competitive SaaS solution should allow Workday to continue to gain share. 5. Domino's Pizza (DPZ) upgraded to Buy from Hold at Maxim with analyst Stephen Anderson saying the pullback in the stock price is overdone and expects accelerated cost savings and solid comps to yield higher earnings, raising his FY20 EPS view to $12.01 from $11.72. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
FSNUY Fresenius SE
$0.00

(0.00%)

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.
10/02/18
PIPR
10/02/18
NO CHANGE
Target $5
PIPR
Neutral
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.
10/02/18
RBCM
10/02/18
NO CHANGE
Target $10
RBCM
Sector Perform
Akorn price target lowered to $10 from $27 at RBC Capital
RBC Capital analyst Randall Stanicky lowered his price target on Akorn (AKRX) to $10 and kept his Sector Perform rating, saying his bearish case outcome materialized from the Delaware court ruling in favor of Fresenius (FSNUY) in its efforts to terminate its merger agreement with Akorn. The analyst notes that the subsequent price decline reflects the "standalone FDA regulatory concerns and only limited optionality for success on appeal".
10/03/18
JEFF
10/03/18
NO CHANGE
Target $6
JEFF
Hold
Jefferies expects Akorn to remain independent, cuts price target to $6 from $34
Jefferies analyst David Steinberg lowered his price target for Akorn (AKRX) to $6 from $34 after Judge Laster ruled in favor of Fresenius (FSNUY), allowing the company to withdraw from its agreement to acquire Akorn. The generic drugmaker closed yesterday up 29c to $5.65. While Akorn will appeal, Steinberg assumes the company will remain independent. The analyst forecasts a quarterly revenue run rate of $175M with annual earnings power in the 35c-40c per share range. In the long-term, if the 64 abbreviated new drug application pipeline remains intact, the business "should grow nicely," Steinberg tells investors in a research note. However, the analyst has near-term concerns about Akorn's "over-reliance on one large product," a lack of drug application filings this year, and its ongoing manufacturing deficiencies. He keeps a Hold rating on the shares.

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