Buy Akorn (AKRX) on Sell-Off, Guggenheim Says

Guggenheim analyst Louise Chen is telling clients to Buy the weakness in Akorn (NASDAQ: AKRX) with shares down 20.9% after it announced that there will be additional financial restatements for '14. Chen notes this means the company's 10-K will need to be filed again. Also, AKRX's 1Q15 earnings results will be delayed. She estimates this could take several months.

"That being said, we see this as a buying opportunity for AKRX shares," Chen said. "AKRX's stock is down 20% intraday while the S&P500 is flat. We continue to believe that AKRX can meet or beat its '15 financial guidance, which management reaffirmed in a press release last Friday. Furthermore, the restatement is historical and should not impact '15 results. Finally, we believe AKRX is an interesting company in a consolidating industry."

For an analyst ratings summary and ratings history on Akorn click here. For more ratings news on Akorn click here.

Shares of Akorn closed at $55.24 yesterday.

You May Also Be Interested In

• Goldman Sachs on Meta Platforms Inc. (META): 'We expect investors to have an initial negative reaction'
• First Bancorp. (FBNC) Misses Q1 EPS by 2c
• Evercore ISI Comments on IBM (IBM) Earnings