AKRX - Akorn, Inc.

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
0.1720
-0.0131 (-7.08%)
At close: 4:00PM EDT
Stock chart is not supported by your current browser
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Gap Down

Gap Down

Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close0.1851
Open0.1830
Bid0.1760 x 1200
Ask0.1785 x 1400
Day's Range0.1700 - 0.1894
52 Week Range0.1700 - 5.4600
Volume21,781,258
Avg. Volume11,969,531
Market Cap22.902M
Beta (5Y Monthly)1.14
PE Ratio (TTM)N/A
EPS (TTM)-3.1730
Earnings DateMay 11, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMay 24, 1991
1y Target Est2.00
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
XX.XX
Overvalued
Research that delivers an independent perspective, consistent methodology and actionable insight
Related Research
View more
  • Bloomberg

    Akorn Seeks Bankruptcy After Failed Takeover, FDA Warnings

    (Bloomberg) -- Akorn Inc. sought bankruptcy protection from creditors after a series of deficiencies uncovered about its quality-control methods resulted in the collapse of rival Fresenius SA’s buyout of the generic drugmaker and subsequent warning letters from the U.S. Food and Drug Administration.The Lake Forest, Illinois-based company listed as much as $10 billion of debt and $10 billion of assets in its Chapter 11 petition, filed on Wednesday in the Delaware bankruptcy court.In December of 2018, Fresenius SE backed out of its $4.3 billion offer for the company after it discovered issues with Akorn’s pharmaceutical production, quality control and drug testing. A Delaware judge later blessed that decision and is still considering whether Akorn owes Fresenius more than $70 million in damages over the collapsed deal. In the wake of the court ruling, the FDA fired off warning letters to Akorn relating to two of its plants -- one in New Jersey and the other in Illinois -- after finding manufacturing violations.“The overhang of the Fresenius litigation, related shareholder litigation with the remaining opt-outs, and ongoing debt service obligations have obstructed out-of-court solutions” to the company’s problems, Duane Portwood, its chief financial officer, said in court filings.Lender AgreementAkorn said in a statement it has reached an agreement with lenders representing more than 75% of its secured debt who will collectively serve as a “stalking horse” bidder in the sale of its business. The lenders will provide additional liquidity to fund business operations during this process, the company said.Akorn said it obtained consent to use cash collateral from all of its existing lenders and received commitments from certain of its lenders for $30 million in debtor-in-possession financing.From more than $4 billion in 2017, the market capitalization of the generic drugmaker has fallen to about $28 million in the wake of the failed Fresenius deal and other business problems. Portwood said that Akorn has “not made an annual profit in two years and generated $310 million in negative Ebitda in 2018.”Profitability DoubtsAfter a 10-day trial, Delaware Chancery Court Judge Travis Laster concluded in 2018 Fresenius had valid reasons for canceling the buyout because Akorn hid a litany of miscues that cast doubt on the validity of its data and the profitability of its operations. The deal’s blow up prompted Akorn CEO Raj Rai to step down.During the trial, Fresenius’s lawyers produced evidence showing Akorn’s computer system security was so poor that anyone on the premises could alter test data. That raised questions about the validity of the company’s testing regime. The German company contends four Akorn executives, including its former head of quality control, either altered data or provided phony test data to the FDA as part of new-drug applications. The Delaware Supreme Court upheld Laster’s ruling.FDA inspectors also found an anesthetic produced at Akorn’s plant in Somerset, New Jersey, was tainted with metal shavings. In addition, sterile eye drops had to be recalled after failing quality testing. Regulators found the manufacturing miscues “pose a risk to the public.”Manufacturing ImprovementsIn response to the FDA’s findings, Akorn officials said in their bankruptcy filings they’ve made improvements in manufacturing operations, such as equipment upgrades and barriers on aseptic manufacturing lines to cut contamination.“Plans have been developed to implement enhanced electronic quality management systems at all facilities,” he added.Akorn’s new management shopped the company around, but never got any bids that would cover its debt, Portwood said. Executives hope the bankruptcy process will provide a “value-maximizing, in-court sale process that will publicly ‘market test’ the value of their business—to address the debtors’ capital-structure needs and litigation liabilities in a single forum.”The drugmaker is asking U.S. Bankruptcy Judge Karen Owens to schedule an Aug. 7 auction. Akorn officials said in a court filing they “remain optimistic that sufficient interest exists to maximize the value of their business and expect to move expeditiously to select a winning bidder and consummate the contemplated sale of their assets.”The case is Akorn Inc., 20-11177, U.S. Bankruptcy Court, District of Delaware (Wilmington).(Updates with date of auction in 14th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • TheStreet.com

    Akorn Files Chapter 11 After Failure to Be Acquired

    Generic-drug maker Akorn filed a Chapter 11 petition. A deal with its lenders will enable it to continue a search for a buyer.

  • SmarterAnalyst

    Akorn Plummets 27% In Pre-Market On Bankruptcy Filing

    Shares in niche pharmaceutical company Akorn (AKRX) are plunging 27% in Thursday’s pre trading on the news that the company has filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code.The filing, made in United States Bankruptcy Court for the District of Delaware, is to execute an in‑court sale of its business while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership.In connection with the filing, the company announced that it has also executed a Restructuring Support Agreement with lenders representing more than 75% of its secured debt, who will collectively serve as a “stalking horse” bidder in the company’s sale process. This means they will provide additional liquidity to fund the Akon’s business operations during this process.To help fund and protect its operations during the Chapter 11 process, Akorn will use cash collateral from all of its existing lenders, and has received commitments from certain of its lenders for $30 million in debtor-in-possession financing.Doug Boothe, Akorn’s CEO, commented, “We look forward to separating legacy litigation and debt from the Company’s most valuable assets – our products, our people, our manufacturing facilities and our knowledge – so that we can move forward unencumbered by these liability exposures under new ownership that believes in our future.”The Chapter 11 cases include Akorn and each of its U.S. subsidiaries. The company’s entities in India and Switzerland are not included in the Chapter 11 filing.RBC Capital’s Randall Stanicky previously rated the stock a hold with a $2 price target, writing “Given the magnitude of risk and uncertainty involved, we believe our price target and implied return support our Sector Perform, Speculative Risk rating.”He also notes that the company’s attempted sale process was negatively impacted by broader market uncertainties related to COVID-19. Akorn announced at the end of March no bids in its ongoing sale process sufficient to pay off the company’s Term Loan obligations, resulting in an immediate event of default.So far year-to-date AKRX is trading down over 80%. (See Akorn stock analysis on TipRanks)Related News: Gilead and Galapagos Score Positive Topline Results For Ulcerative Colitis Trial Moderna Spikes 21% Amid “Positive” Early-Stage Covid-19 Vaccine Data AstraZeneca-Merck Lynparza Prostate Cancer Treatment Gets FDA Approval More recent articles from Smarter Analyst: * AngloGold Halts Production At World’s Deepest Gold Mine, Due To Covid-19 Outbreak * IBM Is Said To Make Far-Reaching Job Cuts Across The U.S. * Twilio To Power New York’s COVID-19 Contact Tracing Initiative; Shares Jump 7.5%   * NBA In Talks With Disney To Reopen Season At Disney World In July

  • Akorn to Use Voluntary Chapter 11 Process to Position Business for Long-Term Success
    PR Newswire

    Akorn to Use Voluntary Chapter 11 Process to Position Business for Long-Term Success

    Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company ("Akorn" or the "Company"), today announced that the Company and its U.S. subsidiaries filed for voluntary protection under Chapter 11 ("Chapter 11") of the U.S. Bankruptcy Code in United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") to execute an in‑court sale of its business while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership. In connection with the filing, the Company has executed a Restructuring Support Agreement with lenders representing more than 80% of its secured debt, who will collectively serve as a "stalking horse" bidder in the Company's sale process and provide additional liquidity to fund the Company's business operations during this process.

  • Reuters

    Forescout sues Advent to complete $1.9 billion merger

    Forescout Technologies Inc sued Advent International Corp on Wednesday, after the private equity firm pulled out of a deal to buy the U.S. cybersecurity company for $1.9 billion. Forescout asked the Delaware Court of Chancery to force Advent to complete the deal after the buyout firm notified it last Friday it would back out. In a statement, Advent responded that it had informed Forescout of the company's failure to maintain operations and financial resources as required under the agreement.

  • GlobeNewswire

    Akorn Provides First Quarter 2020 Results

    LAKE FOREST, Ill., May 11, 2020 -- Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced its financial results for the first quarter of 2020..

  • Enphase Energy and Paylocity Set to Join S&P MidCap 400; Core Laboratories and Meredith to Join S&P SmallCap 600
    PR Newswire

    Enphase Energy and Paylocity Set to Join S&P MidCap 400; Core Laboratories and Meredith to Join S&P SmallCap 600

    S&P; Dow Jones Indices will make the following changes to the S&P; MidCap 400 and S&P; SmallCap 600 effective prior to the open of trading on Friday, May 1:

  • WeWork Directors Sue SoftBank Over Decision to Abandon Deal
    Bloomberg

    WeWork Directors Sue SoftBank Over Decision to Abandon Deal

    (Bloomberg) -- Two independent WeWork directors sued SoftBank Group Corp., its biggest shareholder, after the Japanese investor scrapped a $3 billion deal to buy stock from ex-Chief Executive Officer Adam Neumann and other shareholders to bail out the struggling workplace provider.SoftBank reneged on promises to “use its reasonable best efforts to consummate” the stock-purchase agreement because of “buyer’s remorse,” the directors, which make up a special committee of WeWork’s board, said in the Delaware Chancery Court lawsuit.“Instead of abiding by its contractual obligations, SoftBank, under increasing pressure from activist investors, has engaged in a purposeful campaign to avoid completion of the tender offer,” said Bruce Dunlevie and Lew Frankfort, who make up the committee. The pair regret “the fact SoftBank continues to put its own interests ahead of those of WeWork’s minority stockholders,” according to an emailed statement.A spokesperson for SoftBank said it would vigorously defend the lawsuit. “Nothing in the special committee’s filing today credibly refutes SoftBank’s decision to terminate the tender offer,” the spokesperson said Tuesday in a statement. Softbank said several conditions for completing the tender were not met and called the special committee’s filing a “desperate and misguided attempt” to revise history.“The Special Committee will not prevail in this mistaken attempt to force SoftBank to purchase their shares when it is not legally obligated to do so,” the spokesperson said.Paul Singer’s Elliott Management Corp., a major investor in Softbank, has advocated for the Japanese company to boost its own value by engaging in stock buybacks.Bailout PackageSoftBank agreed to buy shares from Neumann, Benchmark Capital and others as part of a bailout package last year, but notified stockholders in mid-March that some of the deal’s conditions hadn’t been met. After the deal’s closing deadline passed last week, SoftBank confirmed it was pulling the offer.In a message to shareholders last month, Softbank cited nearly a half-dozen conditions that WeWork officials hadn’t met as the basis for pulling out of purchase, including its failure to renegotiate some leases in the wake of the economic havoc caused by the Covid-19 pandemic. Of the tender offer, $450 million is currently allocated to current and former employees, according to a person with knowledge of the matter.The directors pointed to efforts by SoftBank executives to “thwart” a consolidation of WeWork’s Chinese joint venture as evidence that they had second thoughts about the deal. Softbank cited the failure to complete the “roll-up” of the China unit as one of the conditions that hadn’t been met, while WeWork executives accused their erstwhile partner of creating a pretext for pulling out of the agreement.Softbank’s argument that WeWork failed to gain the necessary regulatory approvals for the deal also doesn’t fly because the only country left to sign off on the transaction was Mexico and WeWork has until August to gain that country’s okay, according to the suit.“SoftBank’s apparent buyer’s remorse” was spurred by its own declining financial condition, the WeWork directors said in the suit. “SoftBank’s enormous and growing debt burden, which is now over $109 billion, led Moody’s to issue a rare two-notch downgrade in SoftBank’s debt rating in March 2020,” according to the suit.‘Material Adverse Effect’The directors also noted the agreement doesn’t contain a so-called “material adverse effect” provision or similar termination right that is common in such deals. Two years ago, a Delaware judge found such a provision permitted Germany’s Fresenius SE to walk away from its takeover of U.S. rival generic drugmaker Akorn Inc.The WeWork directors want a chancery judge to order Softbank to carry out the stock purchase and acknowledge it trampled on the rights of some investors in the workplace provider. “SoftBank’s actions harmed the company’s minority stockholders by depriving them of liquidity, which was the primary consideration they were to receive under” the agreement, the suit said.The suit was filed in Delaware because it’s the corporate home to WeWork and more than half of U.S. public companies.The case is The We Company v. Softbank Group Corp, No. 2020-0258, Delaware Chancery Court (Wilmington)(Adds comment from Softbank in fourth and fifth paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    Bed Bath sues 1-800-Flowers for trying to renege on deal over COVID-19

    Bed Bath & Beyond Inc has asked a judge to hold 1-800-Flowers.Com Inc to a $252 million deal between the companies in what appears to one of the first examples of a corporate sale coming unraveled due to the coronavirus pandemic. Bed Bath said in its complaint, filed in Delaware's Court of Chancery, that 1-800-Flowers told it on March 24 the COVID-19 outbreak, the disease caused by the coronavirus, denied the company the resources to close the deal and integrate the business. "Even a calamitous event such as COVID-19 does not permit a party to avoid its obligations," the lawsuit said.

  • Akorn Provides Update on Sale Process
    PR Newswire

    Akorn Provides Update on Sale Process

    Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced that it no longer has any bids in the Sale Process that are sufficient to pay all obligations under its term loan agreement. Accordingly, the Company now toggles to the alternative milestones that were detailed in the Second Amended Standstill Agreement and are summarized in the 8-K filed earlier today.

  • US$4.00: That's What Analysts Think Akorn, Inc. Is Worth After Its Latest Results
    Simply Wall St.

    US$4.00: That's What Analysts Think Akorn, Inc. Is Worth After Its Latest Results

    Shareholders in Akorn, Inc. (NASDAQ:AKRX) had a terrible week, as shares crashed 21% to US$1.16 in the week since its...

  • GlobeNewswire

    Akorn Provides Fourth Quarter and Full Year 2019 Results

    LAKE FOREST, Ill., Feb. 26, 2020 -- Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced its financial results for the quarter and year ended.

  • Akorn (AKRX) to Report Q4 Earnings: What's in the Cards?
    Zacks

    Akorn (AKRX) to Report Q4 Earnings: What's in the Cards?

    Akorn's (AKRX) fourth-quarter 2019 results are likely to reflect a decline in sales volume due to stiffening competition.

  • Akorn Announces New Extension of Standstill with Lenders and Agrees to Pursue a Sale of its Business
    PR Newswire

    Akorn Announces New Extension of Standstill with Lenders and Agrees to Pursue a Sale of its Business

    Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced it has reached an agreement with certain of its lenders to extend the standstill period. The agreement defines a path forward and outlines milestones to execute a sale of Akorn's business, potentially using Chapter 11 protection in order to address Akorn's litigation-related overhangs and execute a transaction that maximizes value.

  • Akorn Continues Negotiations with Lenders
    PR Newswire

    Akorn Continues Negotiations with Lenders

    Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today confirmed that negotiations with certain of its lenders are ongoing following the expiration of its standstill agreement on February 7, 2020. Akorn continues to evaluate strategic alternatives to address the Company's litigation-related liabilities and position Akorn for long-term success.

  • How Many Akorn, Inc. (NASDAQ:AKRX) Shares Did Insiders Buy, In The Last Year?
    Simply Wall St.

    How Many Akorn, Inc. (NASDAQ:AKRX) Shares Did Insiders Buy, In The Last Year?

    We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. The...

  • Moody's

    Akorn, Inc. -- Moody's announces completion of a periodic review of ratings of Akorn, Inc.

    Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Akorn, Inc. New York, January 14, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Akorn, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.

  • Akorn Enters Oversold Territory
    Zacks

    Akorn Enters Oversold Territory

    Akorn, Inc. (AKRX) has been on a bit of a cold streak lately, but there might be light at the end of the tunnel for this overlooked stock.

  • GlobeNewswire

    Akorn Announces Extension of Standstill Agreement

    Akorn, Inc. (AKRX), a leading specialty pharmaceutical company, today announced that Akorn and certain of its lenders have reached an agreement that extends the standstill period to February 7, 2020. Additional information is available on Akorn’s website at www.akorn.com.

  • Is Akorn, Inc. (AKRX) Going To Burn These Hedge Funds ?
    Insider Monkey

    Is Akorn, Inc. (AKRX) Going To Burn These Hedge Funds ?

    Although the masses and most of the financial media blame hedge funds for their exorbitant fee structure and disappointing performance, these investors have proved to have great stock picking abilities over the years (that's why their assets under management continue to swell). We believe hedge fund sentiment should serve as a crucial tool of an […]

  • Easy Come, Easy Go: How Akorn (NASDAQ:AKRX) Shareholders Got Unlucky And Saw 90% Of Their Cash Evaporate
    Simply Wall St.

    Easy Come, Easy Go: How Akorn (NASDAQ:AKRX) Shareholders Got Unlucky And Saw 90% Of Their Cash Evaporate

    Akorn, Inc. (NASDAQ:AKRX) shareholders will doubtless be very grateful to see the share price up 33% in the last...

  • Akorn (AKRX) Moves to Strong Buy: Rationale Behind the Upgrade
    Zacks

    Akorn (AKRX) Moves to Strong Buy: Rationale Behind the Upgrade

    Akorn (AKRX) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 1 (Strong Buy).

  • Generic Drugmakers Gain as Price-Fixing Probe Nears an End
    Zacks

    Generic Drugmakers Gain as Price-Fixing Probe Nears an End

    Shares of generic drugmakers rose on Monday on a possible end to the persistent price-fixing probe.

  • Teva, Bausch Could Be Next to File for Bankruptcy
    GuruFocus.com

    Teva, Bausch Could Be Next to File for Bankruptcy

    The number of pharmaceutical and biotechnology companies seeking Chapter 11 protection has nearly tripled the 10-year average in 2019 and is expected to continue to rise Continue reading...

  • The Zacks Analyst Blog Highlights: Forterra, Barrett Business, Chuy's, Akorn and Quanex
    Zacks

    The Zacks Analyst Blog Highlights: Forterra, Barrett Business, Chuy's, Akorn and Quanex

    The Zacks Analyst Blog Highlights: Forterra, Barrett Business, Chuy's, Akorn and Quanex.