Investors Sell Shares of Akorn Inc. (AKRX) on Strength (AKRX)
Traders 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 stocks tracked, Akorn had the 22nd highest net out-flow for the day. Akorn traded up $0.19 for the day and closed at $30.73
Several analysts have recently commented on the stock. RBC Capital Markets reaffirmed an “outperform” rating and set a $37.00 price target on shares of Akorn in a research report on Thursday, July 28th. Citigroup Inc. lowered shares of Akorn to a “market perform” rating and lifted their price target for the company from $33.80 to $34.00 in a research report on Tuesday, August 2nd. They noted that the move was a valuation call. Raymond James Financial Inc. lowered shares of Akorn from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 2nd. Zacks Investment Research upgraded shares of Akorn from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 26th. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Akorn in a report on Monday, July 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $34.80.
The company has a 50-day moving average price of $30.99 and a 200 day moving average price of $27.46. The stock has a market capitalization of $3.87 billion and a PE ratio of 20.71.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.03. The firm had revenue of $280.70 million for the quarter, compared to analysts’ expectations of $272.99 million. Akorn’s revenue for the quarter was up 27.1% compared to the same quarter last year. Analysts expect that Akorn Inc. will post $2.17 EPS for the current year.
In other Akorn news, Director Alan D. Weinstein sold 50,000 shares of the stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $30.93, for a total transaction of $1,546,500.00. Following the transaction, the director now owns 83,857 shares of the company’s stock, valued at $2,593,697.01. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Bruce Kutinsky sold 142,000 shares of the stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of $31.12, for a total transaction of $4,419,040.00. Following the transaction, the chief operating officer now directly owns 58,695 shares in the company, valued at approximately $1,826,588.40. The disclosure for this sale can be found here.
Other institutional investors recently bought and sold shares of the company. Mutual of America Capital Management LLC increased 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 worth $2,044,000 after buying an additional 1,763 shares in the last quarter. I.G. Investment Management LTD. increased 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 worth $3,194,000 after buying an additional 4,590 shares in the last quarter. BNP Paribas Arbitrage SA increased 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 worth $9,828,000 after buying an additional 56,708 shares in the last quarter. Finally, Schroder Investment Management Group increased 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 worth $18,248,000 after buying an additional 157,200 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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