Akorn Inc. (AKRX) Upgraded at Piper Jaffray Cos.
Piper Jaffray Cos. upgraded shares of Akorn Inc. (NASDAQ:AKRX) from a neutral rating to an overweight rating in a report published on Thursday morning. The firm currently has $34.00 price objective on the stock, up from their prior price objective of $33.00.
Several other equities analysts have also commented on the stock. Jefferies Group reaffirmed a buy rating and issued a $35.00 price objective on shares of Akorn in a research report on Monday, August 29th. Zacks Investment Research lowered shares of Akorn from a hold rating to a sell rating in a research report on Tuesday, August 9th. WallachBeth Capital increased their price objective on shares of Akorn from $39.00 to $40.00 and gave the company a buy rating in a research report on Friday, August 5th. JPMorgan Chase & Co. set a $45.00 price objective on shares of Akorn and gave the company a buy rating in a research report on Friday, August 5th. Finally, Deutsche Bank AG lowered shares of Akorn from a buy rating to a hold rating and set a $33.00 price objective for the company. in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $34.75.
Akorn (NASDAQ:AKRX) opened at 28.11 on Thursday. Akorn has a 52-week low of $17.57 and a 52-week high of $39.46. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of 18.94 and a beta of 1.08. The firm has a 50 day moving average of $28.85 and a 200-day moving average of $27.98.
Akorn (NASDAQ:AKRX) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The business earned $280.70 million during the quarter, compared to analyst estimates of $272.99 million. Akorn had a net margin of 17.00% and a return on equity of 32.83%. The firm’s revenue was up 27.1% on a year-over-year basis. Equities analysts expect that Akorn will post $2.17 EPS for the current year.
In other Akorn news, Director Kenneth Abramowitz sold 2,691 shares of Akorn stock in a transaction on Monday, August 15th. The shares were sold at an average price of $30.44, for a total transaction of $81,914.04. Following the sale, the director now owns 20,786 shares of the company’s stock, valued at approximately $632,725.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 30.10% of the company’s stock.
Large investors have recently made changes to their positions in the company. Charlemagne Capital Ltd. acquired a new stake in shares of Akorn during the second quarter valued at about $138,000. Creative Planning raised its position in Akorn by 44.1% in the second quarter. Creative Planning now owns 4,898 shares of the company’s stock valued at $140,000 after buying an additional 1,500 shares in the last quarter. LS Investment Advisors LLC raised its position in Akorn by 74.5% in the second quarter. LS Investment Advisors LLC now owns 5,560 shares of the company’s stock valued at $158,000 after buying an additional 2,373 shares in the last quarter. Shelton Capital Management bought a new position in Akorn during the second quarter valued at approximately $203,000. Finally, Timber Hill LLC bought a new position in Akorn during the second quarter valued at approximately $209,000. 73.62% of the stock is currently owned by institutional investors.
Akorn Company Profile
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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