NEW YORK (TheStreet) -- Shares of Akorn (AKRX) - Get Report are down 14.31% to $44.42 today as the company reaffirmed its 2015 guidance issued on February 26, calling for revenue of between $960 million and $980 million, and adjusted diluted earnings per share of between $1.88 and $1.98.

The average of 15 analysts' estimates expects 2015 revenue of $973.8 million and EPS of $1.98.

The reaffirmation comes after the Lake Forest, IL-based company filed a notification of late filing with the SEC because it had experienced "unforeseen delays in collecting and compiling certain financial and other related data that would be included in the Form 10-K relating to the VersaPharm and Hi-Tech Pharmacal subsidiaries which were not integrated into the company's centralized accounting department and accounting systems as of December 31, 2014."

Adding pressure to the stock today is a "surprise" launch of a competing product by Actavis (ACT) - Get Report that prompted Jefferies to cut its price target to $56 from $59 today.

"ACT disclosed that it has launched an AB-rated version of Temovate, a competitor to AKRX's clobetasol cream 0.05%. Last quarter this drug quickly became one of AKRX's largest after hefty price increases were enacted in August 2014. In fact, we estimate that clobetasol franchise sales at about 10%, or $100 million of AKRX's total revenues. This launch was unexpected and there likely will be another competitor. That said, new FDA approvals are the trigger for our thesis, which remains unchanged," Jefferies said, maintaining its "buy" rating.

"Based on information from IMS, a few other companies, including Teva Pharmaceutical Industries (TEVA) - Get Report, have FDA approved ANDAs for a variety of formulations (e.g. cream, ointment, etc.) and could thus re-enter the market if they so choose," Jefferies added.

Akorn is a manufacturer and markets a full line of diagnostic and therapeutic ophthalmic pharmaceuticals, as well as hospital drugs and injectable pharmaceuticals.

Separately, TheStreet Ratings team rates AKORN INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate AKORN INC (AKRX) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, increase in net income and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• AKRX's very impressive revenue growth greatly exceeded the industry average of 10.4%. Since the same quarter one year prior, revenues leaped by 168.2%. Growth in the company's revenue appears to have helped boost the earnings per share.
• The gross profit margin for AKORN INC is rather high; currently it is at 62.81%. It has increased from the same quarter the previous year. Along with this, the net profit margin of 15.02% is above that of the industry average.
• Net operating cash flow has increased to $16.65 million or 11.61% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of -11.57%.
• The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Pharmaceuticals industry. The net income increased by 105.3% when compared to the same quarter one year prior, rising from $16.68 million to $34.23 million.
• Powered by its strong earnings growth of 107.14% and other important driving factors, this stock has surged by 112.08% over the past year, outperforming the rise in the S&P 500 Index during the same period. We feel that the stock's sharp appreciation over the last year has driven it to a price level which is now somewhat expensive compared to the rest of its industry. The other strengths this company shows, however, justify the higher price levels.
• You can view the full analysis from the report here: AKRX Ratings Report