Fly News Breaks for December 18, 2019
Dec 18, 2019 | 12:32 EDT
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.
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