Fly News Breaks for November 27, 2018
Nov 27, 2018 | 06:30 EDT
Piper Jaffray analyst David Amsellem views Akorn's (AKRX) approval of its generic of Voltaren Gel as an "encouraging development." The news demonstrates that the company can execute on the approval of products on the more technically challenging end of the generics spectrum, Amsellem tells investors in a research note. The analyst believes Akorn is well positioned for "significant EBITDA recovery" over the next two years. He sees a "high likelihood" that the company in 2018 will have worked through the bulk of the erosion of key generics due to competition and a "relatively high" probability of meaningful cost reductions if it loses its appeal in its case against Fresenius (FSNUY). Amsellem reiterates an Overweight rating on Akorn with a $9 price target.
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