Akorn Inc. (NASDAQ:AKRX) shares shot up 2.6% during mid-day trading on Thursday . The company traded as high as $31.13 and last traded at $31.03, with a volume of 1,049,066 shares. The stock had previously closed at $30.23.

A number of research firms have recently issued reports on AKRX. Leerink Swann restated a “hold” rating on shares of Akorn in a research report on Thursday, May 26th. Zacks Investment Research downgraded shares of Akorn from a “buy” rating to a “hold” rating in a research report on Tuesday, May 24th. Guggenheim reiterated a “buy” rating and issued a $40.00 price objective on shares of Akorn in a research report on Tuesday, May 17th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $37.00 price objective on shares of Akorn in a research report on Tuesday, May 17th. Finally, TheStreet upgraded shares of Akorn from a “hold” rating to a “buy” rating in a research report on Wednesday, May 11th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $34.25.

The stock has a 50-day moving average of $29.85 and a 200 day moving average of $27.49. The firm has a market cap of $3.72 billion and a P/E ratio of 24.84.

Akorn (NASDAQ:AKRX) last announced its quarterly earnings results on Monday, May 16th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.11. The business earned $268 million during the quarter. During the same quarter in the previous year, the business earned $0.16 earnings per share. Akorn’s revenue for the quarter was up 18.0% on a year-over-year basis. Equities analysts expect that Akorn Inc. will post $2.16 earnings per share for the current fiscal year.

In other news, Director Alan D. Weinstein sold 50,000 shares of the business’s stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $30.93, for a total value of $1,546,500.00. Following the sale, the director now owns 83,857 shares in the company, valued at approximately $2,593,697.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Joseph Bonaccorsi sold 90,250 shares of the business’s stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $31.23, for a total transaction of $2,818,507.50. Following the completion of the sale, the senior vice president now owns 470,862 shares in the company, valued at approximately $14,705,020.26. The disclosure for this sale can be found here.

Several large investors have recently modified their holdings of the stock. OppenheimerFunds Inc. increased its stake in shares of Akorn by 41.8% in the fourth quarter. OppenheimerFunds Inc. now owns 921,715 shares of the company’s stock valued at $34,390,000 after buying an additional 271,655 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of Akorn by 47.4% in the fourth quarter. Schroder Investment Management Group now owns 489,100 shares of the company’s stock valued at $18,248,000 after buying an additional 157,200 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Akorn by 15.3% in the fourth quarter. New York State Common Retirement Fund now owns 481,176 shares of the company’s stock valued at $17,953,000 after buying an additional 63,868 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Akorn by 27.4% in the fourth quarter. BNP Paribas Arbitrage SA now owns 263,419 shares of the company’s stock valued at $9,828,000 after buying an additional 56,708 shares in the last quarter. Finally, Gabelli Funds LLC increased its stake in shares of Akorn by 8.6% in the fourth quarter. Gabelli Funds LLC now owns 221,000 shares of the company’s stock valued at $8,246,000 after buying an additional 17,500 shares in the last quarter.

Akorn Inc (Akorn), together with its wholly owned subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as animal and over-the-counter (OTC) consumer health products. The Company specializes in sterile and non-sterile dosage forms, including ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays.

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