New York State Teachers Retirement System Has $3,902,000 Position in Akorn Inc. (AKRX)
New York State Teachers Retirement System raised its stake in shares of Akorn Inc. (NASDAQ:AKRX) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,000 shares of the company’s stock after buying an additional 500 shares during the period. New York State Teachers Retirement System’s holdings in Akorn were worth $3,902,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of AKRX. Jacobs Levy Equity Management Inc. acquired a new position in shares of Akorn during the first quarter valued at about $9,710,000. Envestnet Asset Management Inc. raised its position in shares of Akorn by 4.9% in the first quarter. Envestnet Asset Management Inc. now owns 38,098 shares of the company’s stock valued at $896,000 after buying an additional 1,794 shares during the last quarter. Bayesian Capital Management LP acquired a new position in shares of Akorn during the first quarter valued at about $318,000. Nuveen Asset Management LLC raised its position in shares of Akorn by 12.0% in the first quarter. Nuveen Asset Management LLC now owns 35,407 shares of the company’s stock valued at $833,000 after buying an additional 3,805 shares during the last quarter. Finally, Granahan Investment Management Inc. MA raised its position in shares of Akorn by 26.1% in the first quarter. Granahan Investment Management Inc. MA now owns 592,793 shares of the company’s stock valued at $13,948,000 after buying an additional 122,600 shares during the last quarter. 73.62% of the stock is currently owned by institutional investors.
Shares of Akorn Inc. (NASDAQ:AKRX) traded down 0.77% on Friday, hitting $27.11. 637,495 shares of the company traded hands. Akorn Inc. has a 12 month low of $17.57 and a 12 month high of $39.46. The stock’s 50-day moving average price is $27.67 and its 200-day moving average price is $28.40. The company has a market capitalization of $3.42 billion, a PE ratio of 18.27 and a beta of 1.12.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. Akorn had a net margin of 17.00% and a return on equity of 32.83%. The company had revenue of $280.70 million for the quarter, compared to the consensus estimate of $272.99 million. Akorn’s quarterly revenue was up 27.1% on a year-over-year basis. On average, equities analysts predict that Akorn Inc. will post $2.17 earnings per share for the current year.
AKRX has been the subject of several recent analyst reports. Royal Bank Of Canada restated a “buy” rating on shares of Akorn in a research note on Monday, July 18th. RBC Capital Markets restated an “outperform” rating and issued a $37.00 target price on shares of Akorn in a research note on Tuesday, July 19th. Zacks Investment Research downgraded shares of Akorn from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 19th. Citigroup Inc. downgraded shares of Akorn to a “market perform” rating and raised their target price for the company from $33.80 to $34.00 in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Finally, Raymond James Financial Inc. downgraded shares of Akorn from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company. Akorn has a consensus rating of “Buy” and an average price target of $34.75.
In other Akorn news, Director Kenneth Abramowitz sold 2,691 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $30.44, for a total value of $81,914.04. Following the sale, the director now directly owns 20,786 shares of the company’s stock, valued at approximately $632,725.84. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 30.10% of the stock is currently owned by company insiders.
Akorn Inc, together with its subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as private-label over-the-counter (OTC) consumer health products and animal health pharmaceuticals. The Company operates through two segments: Prescription Pharmaceuticals and the Consumer Health.
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