Gabelli & Co Downgrades KV Pharmaceuticals (KV.A) to Hold
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Gabelli & Co downgrades KV Pharmaceuticals (NYSE: KV.A) from Buy to Hold. Price target $2.
Gabelli analyst says, "Yesterday, during market hours, KV Pharmaceuticals announced that the company is indefinitely suspending distribution of all tablet products due to manufacturing and quality assurance concerns. This will impact the company's generic Ethex segment. Additionally, another lot of a specific product (hydromorphone HCl 2mg tablets) was recalled due to potential for being oversized...While we do not believe that Ethex is a lost cause, the lack of visibility gives us no assurance that the business is salvageable. Thus, we are assigning no value to that business and basing our PMV solely on the company's branded TherRx division."
K-V Pharmaceutical Company (KV) is a fully integrated specialty pharmaceutical company that develops, manufactures, acquires and markets branded and generic/non-branded prescription pharmaceutical products.
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