Investors Sell Shares of Akorn Inc. (AKRX) on Strength (AKRX)
Traders sold shares of Akorn Inc. (NASDAQ:AKRX) on strength during trading on Monday. $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 0th highest net out-flow for the day. Akorn traded up $0.19 for the day and closed at $30.73
A number of research firms have issued reports on AKRX. Zacks Investment Research cut Akorn from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. WallachBeth Capital increased their price target on Akorn from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, August 5th. JPMorgan Chase & Co. set a $45.00 target price on Akorn and gave the stock a “buy” rating in a research report on Friday, August 5th. Deutsche Bank AG lowered Akorn from a “buy” rating to a “hold” rating and set a $33.00 target price on the stock. in a research report on Friday, August 5th. Finally, Raymond James Financial Inc. lowered Akorn from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $34.80.
The firm has a market capitalization of $3.79 billion and a PE ratio of 20.24. The stock’s 50-day moving average price is $31.07 and its 200 day moving average price is $27.50.
Akorn (NASDAQ:AKRX) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.03. The business earned $280.70 million during the quarter, compared to the consensus estimate of $272.99 million. The company’s quarterly revenue was up 27.1% on a year-over-year basis. Analysts expect that Akorn Inc. will post $2.17 earnings per share for the current fiscal year.
In related news, COO Bruce Kutinsky sold 142,000 shares of Akorn 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 sale, the chief operating officer now directly owns 58,695 shares in the company, valued at $1,826,588.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 value of $193,960.00. Following the sale, the senior vice president now owns 449,112 shares in the company, valued at $13,401,502.08. The disclosure for this sale can be found here.
Other large investors have recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC raised 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 valued at $2,044,000 after buying an additional 1,763 shares in the last quarter. I.G. Investment Management LTD. raised 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 valued at $3,194,000 after buying an additional 4,590 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake 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 in the last quarter. Finally, Schroder Investment Management Group raised its stake 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 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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