Stock Update (NASDAQ:AKRX): Akorn, Inc. Launches Buprenorphine/Naloxone Sublingual Tablets and Tobramycin Injection
Akorn, Inc. (NASDAQ:AKRX), a leading specialty generic pharmaceutical company, today announced that it has launched Buprenorphine and Naloxone Sublingual Tablets CIII in 2mg/0.5mg and 8mg/2mg strengths. This launch follows an October 15, 2015 Food and Drug Administration (FDA) approval for the product. Additionally, Akorn recently launched Tobramycin Injection, USP 40 mg/mL in 2 mL and 30 mL multi-dose vials. This launch follows a September 2014 approval for the product. (Original Source)
Shares of Akorn closed last Friday at $28.51. AKRX has a 1-year high of $57.10 and a 1-year low of $19.08. The stock’s 50-day moving average is $35.15 and its 200-day moving average is $36.03.
On the ratings front, Akorn has been the subject of a number of recent research reports. In a report issued on January 15, Craig-Hallum analyst Matt Hewitt maintained a Buy rating on AKRX, with a price target of $45, which implies an upside of 57.8% from current levels. Separately, on January 13, Nomura’s Shibani Malhotra maintained a Buy rating on the stock and has a price target of $46.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Matt Hewitt and Shibani Malhotra have a total average return of 87.6% and 15.6% respectively. Hewitt has a success rate of 50.0% and is ranked #435 out of 3582 analysts, while Malhotra has a success rate of 56.8% and is ranked #243.
Overall, 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $45.75 which is 60.5% above where the stock closed last Friday.
Akorn Inc manufactures and markets a full line of diagnostic and therapeutic ophthalmic pharmaceuticals as well as niche hospital drugs and injectable pharmaceuticals.