Akorn's Current Price Is Nuts
Andrew Walker, CFA • 10 Comments
Andrew Walker, CFA • 10 Comments
Fri, Sep. 16, 12:07 PM
- C.R. Bard (NYSE:BCR) upgraded to Outperform from Market Perform by Wells Fargo.
- DexCom (NASDAQ:DXCM) upgraded to Buy from Hold by Desjardins. Downgraded to Neutral from Buy with a $92 (1% downside risk) price target by BTIG Research.
- Alimera Sciences (NASDAQ:ALIM) upgraded to Outperform from Market Perform by Cowen & Company.
- Seattle Genetics (NASDAQ:SGEN) upgraded to Neutral from Sell by Goldman Sachs. Price target raised to $47 (13% downside risk) from $30.
- Akorn (NASDAQ:AKRX) upgraded to Overweight from Neutral by Piper Jaffray. Price target raised to $34 (19% upside) from $33.
- Community Health Systems (NYSE:CYH) upgraded to Positive from Neutral by Susquehanna. Price target raised to $18 (66% upside).
- AstraZeneca (NYSE:AZN) upgraded to Buy from Hold by Jefferies. Price target raised to GBX 5,800 (14% upside) from GBX 5,400. Downgraded to Neutral from Outperform with a GBX 5,200 (2% upside) price target by BNP Paribas.
- McKesson (NYSE:MCK) downgraded to Neutral from Buy by Goldman Sachs. Price target lowered to $189 (15% upside) from $210.
- Cardinal Health (NYSE:CAH) downgraded to Neutral from Buy by Goldman Sachs. Price target lowered to $83 (8% upside) from $90.
- Novavax (NASDAQ:NVAX) downgraded to Neutral from Outperform by Wedbush. Price target lowered to $2 (44% upside) from $14. Downgraded to Neutral from Buy by Citigroup. Price target lowered to $1.50 (8% upside) from $12. Downgraded to Neutral from Overweight by JPMorgan and Piper Jaffray.
- Raptor Pharmaceutical (NASDAQ:RPTP) downgraded to Market Perform from Outperform by Cowen & Company.
- Vitae Pharmaceuticals (NASDAQ:VTAE) downgraded to Market Perform from Outperform by BMO Capital.
- Atara Biotherapeutics (NASDAQ:ATRA) downgraded to Sell from Neutral by Goldman Sachs. Price target lowered to $16 (18% downside risk) from $23.
- GlaxoSmithKline (NYSE:GSK) downgraded to Underperform from Neutral with a GBX 1,520 (6% downside risk) price target by BNP Paribas.
- Applied Genetic Technologies (NASDAQ:AGTC) downgraded to Neutral from Buy by Roth Capital. Price target lowered to $12 (34% upside) from $34. Downgraded to Hold from Buy by Cantor Fitzgerald. Price target lowered to $15 (68% upside) from $32.
- Cepheid (NASDAQ:CPHD) downgraded to Neutral from Outperform by Baird.
Thu, Aug. 18, 9:00 AM
Thu, Aug. 4, 7:21 AM
Wed, Aug. 3, 5:30 PM
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Mon, May 16, 4:52 PM
Mon, May 16, 4:43 PM
Tue, May 10, 9:16 AM
Tue, May 10, 6:57 AM
Tue, Mar. 22, 12:41 PM
Tue, Mar. 22, 11:23 AM
- On a preliminary basis, Akorn's (AKRX +37.7%) 2015 EPS was $1.14 on revenues of $985M. Non-GAAP EPS was $1.93, non-GAAP EBITDA was $455M and CF Ops was $345M.
- The company launched 12 new products during the year. It received 15 product approvals from the FDA along with two tentative approvals.
- It expects to file its restated 2014 financials and its delinquent 2015 financials by May 9.
- 2016 Guidance: Revenues: $1,060M - 1,080M (+9%); EPS: $1.56 - 1.66 (+41%); Non-GAAP EPS: $2.10 - 2.20 (+11%); Non-GAAP EBITDA: $485M - 505M (+9%).
- Shares are up 38% on more than double normal volume.
- Update: In a statement released on May 6, the company says it will file its 2015 10-K on Monday, May 9 and its 10-Q for Q1 2016 after the close on May 16. Management will host a conference call at 10:00 am ET on Tuesday, May 17 to discuss its Q1 results and provide a business update.
Tue, Mar. 22, 9:20 AM
Tue, Mar. 22, 7:06 AM
- Akorn (NASDAQ:AKRX): FY15 Adjusted EPS of $1.93
- Revenue of approx. $985M
Wed, Jan. 27, 6:36 PM
- The Audit Committee of Akorn's (NASDAQ:AKRX) Board of Directors concludes its investigation into the company's accounting and other matters. The inquiry began last April after accounting errors were found related to transactions involving sales to wholesalers, direct purchasers and other transactions.
- The Committee found no instances of fraud or intentional misconduct but it did make remedial recommendations to management and the board, which have either already been implemented or will be implemented shortly.
- Previously: Akorn to restate financial statements; shares drop after hours (April 24, 2015)
Dec. 22, 2015, 7:54 AM
- Noting significant short interest and recent selloffs, analyst Randall Stanicky makes INSY and SGNT his top "out of consensus" picks for 2016. INSY's short interest is 46% of the float and SGNT's is 4.4%.
- Though M&A will continue next year, there will be greater deal scrutiny and fewer targets, and Stanicky favors the targets vs. the accretive acquirers.
- Mylan (NASDAQ:MYL) and Impax Labs (NASDAQ:IPXL) are seen as most likely to pursue "transformative" deals, while Teva (NYSE:TEVA), Perrigo (NYSE:PRGO), Sagent, Eagle (NASDAQ:EGRX), Depomed (NASDAQ:DEPO), and Endo (NASDAQ:ENDP) are likely to pursue bolt-on purchases.
- Most likely targets: Akorn (NASDAQ:AKRX) and Flexion (NASDAQ:FLXN).
- Top large-cap picks: Endo and Teva.
- Related: 45% Upside For 2016's Top Takeover Target (Dec. 1)
Nov. 13, 2015, 6:24 PM
- Akorn (AKRX +4.5%) has received a noncompliance notice from Nasdaq for not timely filing its 10Q for the quarter ended Sept. 30, the company says.
- The delay is linked to restatement of financials that the company said in April that it would pursue. At the time, it said it would restate for the annual period ended Dec. 31, 2014, and for the quarters ended in June, September and December.
- It expects to file those amended reports in the first quarter of 2016.
- Separately, Nasdaq had notified the company on Nov. 3 that it would be subject to delisting unless it requested a hearing; it's been granted a hearing but says there's "no assurance" that its request for continued listing will be granted as it works back to compliance.
- Previously: Akorn to restate financial statements; shares drop after hours (Apr. 24 2015)
Oct. 22, 2015, 12:52 PM
- Specialty generic drugs firm Akorn (AKRX -9.9%) tries to stem the bleeding engulfing some pharma companies over their use of specialty pharmacies to distribute products. In a statement, it says that it does not use alternative fulfillment systems or specialty pharmacies to distribute its products nor does it have a financial interest in such systems or specialty pharmacies.
- Shares are down ~30% this week as a result of investors taking a broad view of the risks. Bulls, no doubt, see the weakness as a buying opportunity.