Akorn, Inc. (NASDAQ:AKRX) announced that the U.S. Food and Drug Administration (FDA) conducted a re-inspection of its Decatur, Illinois manufacturing facility from December 5, 2016 to December 9, 2016, with no Form 483 observations.
The re-inspection was conducted to verify the implementation and effectiveness of Akorn’s responses to the observations from the June 2016 FDA inspection. (Original Source)
Shares of Akorn are up nearly 3% to $19.22 in pre-market trading. AKRX has a 1-year high of $39.46 and a 1-year low of $17.57. The stock’s 50-day moving average is $21.92 and its 200-day moving average is $27.48.
On the ratings front, Akorn has been the subject of a number of recent research reports. In a report issued on November 7, Merrill Lynch analyst Sumant Kulkarni downgraded AKRX to Sell, with a price target of $22, which implies an upside of 18% from current levels. Separately, on the same day, Deutsche Bank’s Gregg Gilbert upgraded the stock to Buy and has a price target of $28.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Sumant Kulkarni and Gregg Gilbert have a yearly average loss of 8.7% and -7.0% respectively. Kulkarni has a success rate of 33% and is ranked #3947 out of 4273 analysts, while Gilbert has a success rate of 31% and is ranked #4048.
Akorn, Inc. is a niche pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals as well as animal and consumer health products. It specializes in difficult-to-manufacture sterile and non-sterile dosage forms including: ophthalmics, injectables, oral liquids, otics, topicals, inhalants, and nasal sprays. The company markets its products to retail pharmacies, ophthalmologists, optometrists, physicians, veterinarians, hospitals, clinics, wholesalers, distributors, group purchasing organizations, and government agencies. It operates through the following segments: Prescription Pharmaceuticals and Consumer Health. The Prescription Pharmaceuticals segment engages in the sales of generic and branded prescription pharmaceuticals including ophthalmics, injectables, oral liquids, otics, topicals, inhalants, and nasal sprays. The Consumer Health segment engages in the sales of animal health and over-the-counter OTC products, both branded and private label.