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AKRX

Akorn

$1.35

0.1 (8.00%)

, PRGO

Perrigo

$50.24

0.515 (1.04%)

12:08
01/13/20
01/13
12:08
01/13/20
12:08

Report of Perrigo buying Akorn 'not likely true,' says Cantor Fitzgerald

Cantor Fitzgerald analyst Louise Chen said that a news articles, which she attributed to Street Account, stated that Perrigo (PRGO) may be interested in acquiring Akorn (AKRX). However, after she had a chance to speak to investor relations at Perrigo she said that she thinks "based on what the company has factually put out there in terms of its M&A strategy" that this deal would not make sense. She noted that Perrigo has been interested in divesting its generics business and bringing on another mostly generics asset would further delay its intended strategy. Chen has an Overweight rating on Perrigo shares. The Fly notes that a report in Okdiario was cited by its trading contacts as the source of the Perrigo for Akorn talks rumor.

AKRX

Akorn

$1.35

0.1 (8.00%)

PRGO

Perrigo

$50.24

0.515 (1.04%)

  • 13

    Jan

  • 13

    Jan

AKRX Akorn
$1.35

0.1 (8.00%)

12/19/19
RAJA
12/19/19
NO CHANGE
RAJA
Market Perform
Media attention 'mainstreamed' idea of Akorn bankruptcy, says Raymond James
Raymond James analyst Elliot Wilbur noted that a retreat yesterday in shares of Akorn was apparently due to the market digesting disclosures contained in a Monday 8-K filing and media mention of language therein regarding potential Chapter 11 scenarios, which perhaps "mainstreamed" a bankruptcy scenario. His initial read of the disclosures was "a mere suggestion of the possibility, although unusual, rather than a probability" of a Chapter 11 bankruptcy filing, said Wilbur, who keeps a Market Perform rating on Akorn shares.
12/18/19
GABE
12/18/19
NO CHANGE
GABE
Hold
Akorn's ability to avoid bankruptcy remains in limbo, says Gabelli
Gabelli analyst Kevin Kedra maintained a Hold rating on Akorn after the company announced an agreement to extend the standstill period with lenders to February 7, 2020. While Akorn shares do trade at a 49% discount to his 2020 PMV of $6.50 per share, Kedra tells investors in a research note that the company's ability to avoid bankruptcy remains in limbo with the standstill extension, adding that between the debt, FDA warning letters at two facilities and legal liabilities, Akorn has too many near-term uncertainities beyond the day-to-day operations in a still-challenging U.S. generic drug market. The analyst now expects adjusted EPS to be flat in 2020 vs. his prior view of 20c, and 10c in 2021 compared to his prior 25c view.
05/08/19
RBCM
05/08/19
NO CHANGE
Target $5
RBCM
Sector Perform
Akorn price target raised to $5 from $4 at RBC Capital
RBC Capital analyst Randall Stanicky raised his price target on Akorn to $5 with a Sector Perform and Speculative Risk rating following the company's above consensus Q1 earnings and FY19 guidance. The analyst expects the outlook to reduce the uncertainty that had previously constrained the stock price, but also sees a "long way" toward getting past the company's manufacturing challenges and high leverage.
03/19/19
RHCO
03/19/19
INITIATION
Target $4
RHCO
Hold
Akorn initiated with a Hold at SunTrust
SunTrust analyst Gregg Gilbert started Akorn with a Hold rating and $4 price target. The company is dealing with quality issues at key facilities that could delay new approvals and potentially impact on-market products, Gilbert tells investors in a research note. Further, he believes that while expectations have been reset, the stock is "not inexpensive relative to its peers."
PRGO Perrigo
$50.24

0.515 (1.04%)

10/11/19
10/11/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Workday (WDAY) upgraded to Buy from Neutral at Goldman Sachs with analyst Heather Bellini saying recent partner checks suggest accelerating momentum in the company's cloud based financial migrations. 2. Perrigo (PRGO) upgraded to Buy from Hold at Argus with analyst Jasper Hellweg stating that given his expectation that the company will begin to show initial results from its consumer-focused transition later in the year, shares appear attractively valued at 13.1-times his 2019 EPS estimates. 3. Square (SQ) upgraded to Positive from Neutral at Susquehanna with analyst James Friedman noting the stock's underperformance was due to valuation, decelerating margin expansion and decelerating GPV growth and saying he sees the company's return on margin reinvestment on the horizon. 4. Hexo (HEXO) upgraded to Hold from Underperform at Jefferies with analyst Owen Bennett stating the pressures facing the company are now better understood following its weaker than expected outlook. 5. USA Technologies (USAT) upgraded to Buy from Hold at Lake Street with analyst Jaeson Schmidt saying the company's filing of audited financials earlier this week, while containing a lot of moving parts, is a net positive. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/11/19
ARGS
10/11/19
UPGRADE
ARGS
Buy
Perrigo upgraded to Buy as business transformation progresses at Argus
Argus analyst Jasper Hellweg upgraded Perrigo to Buy from Hold. In a research note to investors, Hellweg says that given his expectation that the company will begin to show initial results from its consumer-focused transition later in the year, shares appear attractively valued at 13.1-times his 2019 EPS estimate, toward the low end of the company's five-year historical range. The company continues to advance its Project Momentum cost savings program, which is expected to have a positive impact on the company's earnings starting in 2020, and in July management raised its adjusted earnings guidance for 2019, the analyst notes.
10/11/19
ARGS
10/11/19
UPGRADE
ARGS
Buy
Perrigo upgraded to Buy from Hold at Argus
09/30/19
WELS
09/30/19
NO CHANGE
Target $52
WELS
Market Perform
Perrigo price target raised to $52 from $45 at Wells Fargo
Wells Fargo analyst David Maris raised his price target for Perrigo to $52 from $45 following quarterly results and after talking with management. The analyst likes the company's progress thus far but the outlook for robust growth is still not dramatically improved even though Perrigo is better focused. Maris reiterates a Market Perform rating on the shares.

TODAY'S FREE FLY STORIES

SPOT

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  • 17

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IMVT

Immunovant

$17.04

-0.01 (-0.06%)

17:27
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TBLT

ToughBuilt

$0.33

-0.0255 (-7.11%)

17:20
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MYO

Myomo

$0.32

0.0062 (1.98%)

17:18
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Conference/Events
Myomo to host special shareholder meeting »

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  • 21

    Jan

SRRA

Sierra Oncology

$0.40

-0.02 (-4.76%)

17:14
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Conference/Events
Sierra Oncology to host virtual special shareholder meeting »

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  • 21

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SRNE

Sorrento Therapeutics

$4.26

-0.15 (-3.40%)

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AKER

Akers Biosciences

$3.45

-0.1 (-2.82%)

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ECA

Encana

$4.09

-0.18 (-4.22%)

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  • 29

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MBRX

Moleculin Biotech

$0.96

0.0122 (1.29%)

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VOD

Vodafone

$20.07

-0.225 (-1.11%)

, BT

BT Group

$0.00

(0.00%)

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Options
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APLS

Apellis

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$NSD

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LGC

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GNUS

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BBY

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