Akorn Inc. (AKRX) Stock Price Down 1.3%
Akorn Inc. (NASDAQ:AKRX)’s share price was down 1.3% during trading on Friday . The company traded as low as $26.07 and last traded at $26.33, with a volume of 654,457 shares. The stock had previously closed at $26.68.
A number of equities analysts have recently commented on AKRX shares. Zacks Investment Research lowered shares of Akorn from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Raymond James Financial Inc. lowered shares of Akorn from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 2nd. WallachBeth Capital lifted their target price on shares of Akorn from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. RBC Capital Markets reissued an “outperform” rating and set a $37.00 target price on shares of Akorn in a research note on Thursday, July 28th. Finally, Citigroup Inc. downgraded shares of Akorn to a “market perform” rating and lifted their target price for the stock from $33.80 to $34.00 in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. 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 a consensus rating of “Buy” and an average price target of $34.80.
The stock’s 50-day moving average price is $30.46 and its 200 day moving average price is $27.77. The firm has a market capitalization of $3.34 billion and a PE ratio of 17.84.
Akorn (NASDAQ:AKRX) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The company earned $280.70 million during the quarter, compared to the consensus estimate of $272.99 million. The business’s revenue was up 27.1% on a year-over-year basis. On average, equities analysts anticipate that Akorn Inc. will post $2.17 EPS for the current fiscal year.
In related news, COO Bruce Kutinsky sold 142,000 shares of the stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $31.12, for a total value of $4,419,040.00. Following the completion of the transaction, the chief operating officer now directly owns 58,695 shares in the company, valued at approximately $1,826,588.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Joseph Bonaccorsi sold 6,500 shares of the stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $29.84, for a total transaction of $193,960.00. Following the completion of the transaction, the senior vice president now owns 449,112 shares of the company’s stock, valued at $13,401,502.08. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Akorn stock. I.G. Investment Management LTD. raised its stake in Akorn Inc. (NASDAQ:AKRX) by 5.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,620 shares of the company’s stock after buying an additional 4,590 shares during the period. I.G. Investment Management LTD. owned 0.08% of Akorn worth $3,194,000 at the end of the most recent 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.