Investors Sell Shares of Akorn Inc. (AKRX) on Strength (AKRX)
Investors sold shares of Akorn Inc. (NASDAQ:AKRX) on strength during trading hours on Friday. $5.20 million flowed into the stock on the tick-up and $18.57 million flowed out of the stock on the tick-down, for a money net flow of $13.37 million out of the stock. Of all equities tracked, Akorn had the 0th highest net out-flow for the day. Akorn traded up $0.19 for the day and closed at $30.73
AKRX has been the subject of a number of research reports. Zacks Investment Research cut shares of Akorn from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Raymond James Financial Inc. cut shares of Akorn from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 2nd. RBC Capital Markets reaffirmed an “outperform” rating and set a $37.00 target price on shares of Akorn in a report on Thursday, July 28th. WallachBeth Capital upped their target price on shares of Akorn from $39.00 to $40.00 and gave the company a “buy” rating in a report on Friday, August 5th. Finally, Citigroup Inc. cut shares of Akorn to a “market perform” rating and increased their price objective for the stock from $33.80 to $34.00 in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $34.80.
The company’s 50-day moving average is $30.99 and its 200-day moving average is $27.46. The firm has a market capitalization of $3.87 billion and a price-to-earnings ratio of 20.71.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. The business had revenue of $280.70 million for the quarter, compared to analyst estimates of $272.99 million. The business’s revenue for the quarter was up 27.1% on a year-over-year basis. Equities research analysts forecast that Akorn Inc. will post $2.17 EPS for the current fiscal year.
In other news, Director Kenneth Abramowitz sold 14,675 shares of Akorn stock in a transaction that occurred on Friday, June 10th. The shares were sold at an average price of $30.16, for a total transaction of $442,598.00. Following the completion of the transaction, the director now directly owns 33,185 shares of the company’s stock, valued at approximately $1,000,859.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Joseph Bonaccorsi sold 6,500 shares of Akorn stock in a transaction that occurred on Tuesday, June 14th. The shares were sold at an average price of $29.84, for a total transaction of $193,960.00. Following the transaction, the senior vice president now directly owns 449,112 shares of the company’s stock, valued at $13,401,502.08. The disclosure for this sale can be found here.
Other institutional investors have recently bought and sold shares of the company. Mutual of America Capital Management LLC raised its position in Akorn by 3.3% in the fourth quarter. Mutual of America Capital Management LLC now owns 54,788 shares of the company’s stock valued at $2,044,000 after buying an additional 1,763 shares during the period. I.G. Investment Management LTD. raised its position in Akorn by 5.7% in the fourth quarter. I.G. Investment Management LTD. now owns 85,620 shares of the company’s stock valued at $3,194,000 after buying an additional 4,590 shares during the period. BNP Paribas Arbitrage SA raised 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 valued at $9,828,000 after buying an additional 56,708 shares during the period. Finally, Schroder Investment Management Group raised 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 valued at $18,248,000 after buying an additional 157,200 shares during the period.
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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