Akorn (AKRX) to Request NASDAQ Filing Extension; RBC Capital Reiterates Outperform

RBC Capital maintained an Outperform rating on Akorn (NASDAQ: AKRX), and cut the price target to $52.00 (from $65.00), following the company's announced request for a NASDAQ filing extension. AKRX will request a hearing (likely happens in ~1-2 months) for a 6-month extension. AKRX sees audit committee investigation completing by year-end and re-filing 2014 financials in 1Q2016.

Analyst Randall Stanicky commented, "AKRX announced that it will need to request a NASDAQ filing extension regarding its ongoing restatement which is a negative but generally expected given the 11/9 deadline. However, AKRX also provided a favorable 2015E update to guidance which combined with a growing cash balance should boost confidence in the P&L outlook. Overall, restatement risk remains but fundamental concerns should dissipate."

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 $26.61 yesterday.

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