Market Overview

UPDATE: Bank of America Initiates Akorn at Buy on Product, Revenue Mix

Related AKRX
Mid-Afternoon Market Update: Ukrainian Crisis Still Weighs on Select Equities as Plug Power Rallies on Cowen Note
Mid-Day Market Update: Akorn Shares Slip After Downbeat Outlook; Dendreon Gains

Bank of America initiated coverage on Akorn (NASDAQ: AKRX) with a Buy rating and a $18 price objective.

Bank of America commented, "We like AKRX's mix of niche pharma products in generic injectables and ophthalmology. We also like AKRX's diverse revenue base (generic/brand, Rx/OTC), low product concentration risk (top product contributes ~13% of revenues, vs. ~36% for HITK, IPXL), and targeted ex-US operations (sales and manufacturing), which set AKRX apart vs. its small generic peers. As such, we believe the recent pullback in the shares has created an attractive entry point for investors. While our thesis is based on AKRX as an independent entity, we see the company as an attractive asset in a consolidating generic pharma environment."

Akorn closed at $12.04 on Tuesday.

Posted-In: Bank of AmericaAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

Most Popular

Related Articles (AKRX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free