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Stock Market & Financial Investment News

News Breaks
January 17, 2013
14:50 EDTAKRXAkorn shares dip, then recover after issuing FY13 view
Shares of pharmaceutical maker Akorn (AKRX) dipped sharply then quickly recovered after the company issued its financial guidance for 2013 in a mid-afternoon announcement. The company reaffirmed its previously issued FY12 outlook, but guided to FY13 adjusted EPS of 57c-61c, below consensus of 66c. The company's expected revenue range of $325M-$335M came close to consensus of $330.73M at the mid-point. The company added its guidance excludes the impact from any products for which it has not yet received FDA approval and that it sees its overall gross margins for 2013 in the 54%-56% range. The company also said it expects improvement in the margins on its more competitive products following U.S. FDA approval of its Indian manufacturing site, adding that it sees FDA inspections of some facilities by late 2013 or early 2014. In a note to investors this morning, research firm Piper Jaffray said Akorn's 2013 guidance was likely to be conservative, given that management does not factor new approvals. In that pre-open note the firm reiterated an Overweight rating and $21 price target on the stock. In late afternoon trading following the guidance, Akorn shares are down 1c to $13.99.
News For AKRX From The Last 14 Days
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April 24, 2015
16:39 EDTAKRXAkorn down 10% after announcing additional financial restatements needed
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16:16 EDTAKRXAkorn to resume trading at 4:35 pm ET
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16:08 EDTAKRXAkorn backs FY15 adjusted EPS view $1.88-$1.98, consensus $1.95
16:07 EDTAKRXAkorn to make additional financial restatements
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April 21, 2015
11:57 EDTAKRXAkorn rises, Perrigo slips after Teva makes long-rumored Mylan bid
The shares of drugmaker Akorn (AKRX) are rising after Israeli pharmaceutical company Teva (TEVA) earlier today made a takeover bid for another company in the space, generic drugmaker Mylan (MYL). WHAT'S NEW: Teva announced an $82 per share takeover bid for generic drug maker Mylan earlier today. The latter company said that Teva's takeover offer is a more attractive option for it than acquiring another generic drug maker, Perrigo (PRGO). On April 8, Mylan made a $205 per share takeover offer for Perrigo. Teva's bid comes less than a week after Mylan Chairman Robert Coury said that rumors of potential interest from Teva had been "circulating for some time," but that such a combination was "without sound industrial logic or cultural fit" and would be unlikely to receive antitrust regulatory clearances. ANALYST OPINION: In a note to investors on April 15, RBC Capital analyst Randall Stanicky wrote that Perrigo may have been engaging other companies in talks after Mylan came public with its takeover offer. Stanicky said he saw no clear competing bidder for Perrigo, however, and used a $230 per share takeover while analyzing possible deals. The analyst added that Acorn is well-positioned as a derivative takeover target following Mylan's offer for Perrigo, noting Acorn's strong growth and high tax rate. In a note to investors yesterday, Citigroup said it believed a potential takeover of Mylan by Teva would have to be friendly after its legal due diligence indicated Mylan's poison pill "presents a legitimate roadblock" to a potential hostile takeover. Citi estimated an $80 per share bid for Mylan would be 25%-35% accretive from 2016 onward for Teva while a $90 per share bid would be 20%-30% accretive. The firm added that it believes it is likely that Mylan received resistance from shareholders since the announcement of its proposed acquisition of Perrigo. PRICE ACTION: In late morning trading, Akorn rose 2.2% to $55.85, Perrigo dropped 2.4% to $193.24, Mylan jumped 9.3% to $74.39, and Teva rose 2.1% to $64.64.
April 15, 2015
10:00 EDTAKRXOn The Fly: Analyst Initiation Summary
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09:02 EDTAKRXRBC sees Akorn as possible play on Perrigo takeover interest
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08:19 EDTAKRXAkorn management to meet with Deutsche Bank
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06:24 EDTAKRXAkorn initiated with an Overweight, $61 target at JPMorgan
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