Akorn Inc. (AKRX) Shares Down 4.2%
Akorn Inc. (NASDAQ:AKRX) shares were down 4.2% during trading on Thursday . The company traded as low as $31.50 and last traded at $31.63, with a volume of 2,200,203 shares traded. The stock had previously closed at $33.01.
A number of research analysts have commented on AKRX shares. Leerink Swann restated a “market perform” rating on shares of Akorn in a research note on Saturday, April 16th. Jefferies Group restated a “buy” rating and set a $35.00 price objective on shares of Akorn in a research note on Wednesday, May 11th. TheStreet upgraded Akorn from a “hold” rating to a “buy” rating in a research note on Wednesday, May 11th. Royal Bank Of Canada restated an “outperform” rating and set a $37.00 price objective on shares of Akorn in a research note on Tuesday, May 17th. Finally, Zacks Investment Research cut Akorn from a “buy” rating to a “hold” rating in a research note on Tuesday, May 17th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Akorn has a consensus rating of “Buy” and a consensus price target of $34.80.
The company’s 50-day moving average is $30.74 and its 200-day moving average is $27.36. The company has a market capitalization of $3.70 billion and a P/E ratio of 24.72.
Akorn (NASDAQ:AKRX) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The firm had revenue of $280.70 million for the quarter, compared to analyst estimates of $272.99 million. The firm’s revenue for the quarter was up 27.1% compared to the same quarter last year. On average, equities research analysts predict that Akorn Inc. will post $2.16 EPS for the current fiscal year.
In other news, COO Bruce Kutinsky sold 142,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $31.12, for a total transaction of $4,419,040.00. Following the completion of the sale, the chief operating officer now owns 58,695 shares of the company’s stock, valued at $1,826,588.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Joseph Bonaccorsi sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $29.84, for a total transaction of $193,960.00. Following the sale, the senior vice president now directly owns 449,112 shares of the company’s stock, valued at approximately $13,401,502.08. The disclosure for this sale can be found here.
Other hedge funds have recently bought and sold shares of the company. Schroder Investment Management Group raised its stake in 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 during the last quarter. BNP Paribas Arbitrage SA raised 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 worth $9,828,000 after buying an additional 56,708 shares in the last quarter. I.G. Investment Management LTD. raised its stake in shares of Akorn by 5.7% in the fourth quarter. I.G. Investment Management LTD. now owns 85,620 shares of the company’s stock worth $3,194,000 after buying an additional 4,590 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its stake in shares of Akorn by 3.3% in the fourth quarter. Mutual of America Capital Management LLC now owns 54,788 shares of the company’s stock worth $2,044,000 after buying an additional 1,763 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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