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

Bank of America initiated its coverage on Akorn 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.