Akorn Inc. (NASDAQ:AKRX) traded up 3.9% during mid-day trading on Wednesday . The company traded as high as $31.66 and last traded at $31.52, with a volume of 495,094 shares traded. The stock had previously closed at $30.35.

A number of equities research analysts have recently issued reports on the company. Guggenheim reissued a “buy” rating and set a $40.00 price target on shares of Akorn in a research report on Tuesday, May 17th. Zacks Investment Research raised Akorn from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Wednesday, May 18th. Jefferies Group reissued a “buy” rating and set a $35.00 price target on shares of Akorn in a research report on Wednesday, May 11th. RBC Capital Markets reissued an “outperform” rating and set a $37.00 price target on shares of Akorn in a research report on Tuesday. Finally, Leerink Swann reissued a “hold” rating on shares of Akorn in a research report on Thursday, May 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. Akorn presently has an average rating of “Buy” and an average target price of $34.46.

The firm has a market capitalization of $3.84 billion and a PE ratio of 25.64. The firm’s 50 day moving average is $29.99 and its 200 day moving average is $27.39.

Akorn (NASDAQ:AKRX) last released 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 firm earned $268 million during the quarter. During the same quarter last year, the company earned $0.16 earnings per share. Akorn’s revenue for the quarter was up 18.0% on a year-over-year basis. Analysts forecast that Akorn Inc. will post $2.16 earnings per share for the current year.

In related news, Director Ronald M. Johnson sold 7,542 shares of Akorn stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $31.49, for a total value of $237,497.58. Following the sale, the director now owns 111,807 shares of the company’s stock, valued at $3,520,802.43. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alan D. Weinstein sold 50,000 shares of Akorn stock in a transaction dated 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 completion of the sale, the director now directly owns 83,857 shares in the company, valued at approximately $2,593,697.01. The disclosure for this sale can be found here.

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