William Blair Starts Akorn (AKRX) at Outperform

William Blair initiated coverage on Akorn (NASDAQ: AKRX) with an Outperform rating and a price target of $50.00.

Analyst Tim Lugo said that Akorn is "one of the fastest-growing companies in the specialty pharmaceuticals sector that markets and produces ophthalmic and hospital-based injectable therapies. While the company approached bankruptcy in 2009, management has turned the company around and now markets a diversified portfolio of more than 130 therapies and has made two significant acquisitions over the past 16 months."

He added, "Consolidation will likely continue within the specialty/generics market, and given the quality of Akorn, the company represents an attractive asset. Shares have traded between 23 and 32 times in the past two years with an average P/E multiple of 24.5 times. Since we consider the company to be of high quality and expect greater than 40% top-line growth from 2014 to 2016, we are launching coverage with an Outperform rating."

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 $39.75 yesterday.

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