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Fly News Breaks for October 3, 2018
AKRX, FSNUY
Oct 3, 2018 | 08:42 EDT
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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