RBC Capital Downgrades Akorn (AKRX) to Sector Perform
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RBC Capital downgraded Akorn (NASDAQ: AKRX) from Outperform to Sector Perform with a price target of $24.00 (from $37.00) on a higher risk profile and challenged P&L visibility.
Analyst Randall Stanicky commented, "As previewed on Monday, we entered 3Q looking for better clarity around FDA manufacturing concerns and 2017 outlook. We leave with greater concerns around both and are lowering forecasts materially. While we're clearly late given yesterday's move, we see AKRX as rangebound until P&L visibility improves. We lower our price target to $24."
Shares of Akorn closed at $20.27 yesterday.
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