Akron (AKRX) late Friday said it would have to restate its 2014 financials, estimating that it overstated revenue and pre-tax income from continuing operations by $20 million to $35 million. Akron shares fell 14.4% to 47.28 in after-hours action. Akron said the “errors related to the understatementments of rebates and other sales allowances,” mostly from companies and products acquired last year. The drugmaker also named Terry Allison to its board
Today’s IBD 50 roundup features five top drugmakers that have been making headlines. Even though they’ve all now extended past buying range, they may yet form new bases, and investors won’t want to be late to blink-and-you’ll-miss-it key price ranges. Specialty drugmaker Akorn (AKRX) has been on a bit of a ride lately. After climbing out of an area of consolidation in early February, Akron choppily hovered around a buy range before reaching a new
Akorn (AKRX) shares made big gains in the stock market today. The drugmaker had to restate its Q2 and Q3 2014 financial statements because of an error that led to an overstatement of revenue and earnings in Q2. But investors seem to be relieved by the move. Watch this video for a breakdown of this highly rated stock’s chart action. Other drug stocks that moved on big news this week include Regeneron (REGN), Amgen (AMGN), Sanofi (SNY), Esperion