Akorn Inc. (AKRX) Stock Price Up 2.9%
Akorn Inc. (NASDAQ:AKRX) rose 2.9% during mid-day trading on Wednesday . The stock traded as high as $33.96 and last traded at $33.82, with a volume of 437,765 shares traded. The stock had previously closed at $32.86.
AKRX has been the subject of several recent research reports. Zacks Investment Research downgraded Akorn from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 19th. Leerink Swann restated a “market perform” rating on shares of Akorn in a research note on Saturday, April 16th. TheStreet upgraded Akorn from a “hold” rating to a “buy” rating in a research note on Wednesday, May 11th. Royal Bank Of Canada restated a “buy” rating on shares of Akorn in a research note on Monday, July 18th. Finally, RBC Capital Markets restated an “outperform” rating and issued a $37.00 price objective on shares of Akorn in a research note on Tuesday, July 19th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $34.46.
The stock has a 50 day moving average price of $30.14 and a 200 day moving average price of $27.12. The company has a market cap of $4.08 billion and a price-to-earnings ratio of 27.21.
Akorn (NASDAQ:AKRX) last posted its earnings results on Monday, May 16th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. The firm earned $268 million during the quarter. During the same quarter in the prior year, the company earned $0.16 EPS. The company’s quarterly revenue was up 18.0% compared to the same quarter last year. Equities analysts expect that Akorn Inc. will post $2.16 earnings per share for the current fiscal year.
In related news, SVP Joseph Bonaccorsi sold 6,500 shares of the business’s stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $29.84, for a total value of $193,960.00. Following the sale, the senior vice president now directly owns 449,112 shares in the company, valued at $13,401,502.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth Abramowitz sold 14,675 shares of the business’s stock in a transaction dated Friday, June 10th. The stock was sold at an average price of $30.16, for a total value of $442,598.00. Following the completion of the sale, the director now owns 33,185 shares in the company, valued at $1,000,859.60. The disclosure for this sale can be found here.
Several large investors have recently bought and sold shares of the company. Gamco Investors INC. ET AL increased its stake in Akorn by 5.4% in the fourth quarter. Gamco Investors INC. ET AL now owns 31,100 shares of the company’s stock worth $1,160,000 after buying an additional 1,600 shares in the last quarter. Mutual of America Capital Management LLC increased its stake 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 worth $2,044,000 after buying an additional 1,763 shares in the last quarter. Comerica Bank increased its stake in Akorn by 3.3% in the fourth quarter. Comerica Bank now owns 88,358 shares of the company’s stock worth $3,311,000 after buying an additional 2,818 shares in the last quarter. I.G. Investment Management LTD. increased its stake in 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, Gabelli Funds LLC increased its stake 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 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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