Fly News Breaks for October 2, 2018
Oct 2, 2018 | 06:09 EDT
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.
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