Akorn, Inc. (NASDAQ:AKRX) COO Bruce Kutinsky Sells 40,000 Shares
Akorn, Inc. (NASDAQ:AKRX) COO Bruce Kutinsky sold 40,000 shares of Akorn stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $33.46, for a total value of $1,338,400.00. Following the transaction, the chief operating officer now owns 317,480 shares in the company, valued at approximately $10,622,880.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Akorn, Inc. (NASDAQ:AKRX) opened at 33.40 on Wednesday. Akorn, Inc. has a 52-week low of $17.61 and a 52-week high of $34.00. The company’s 50-day moving average price is $33.55 and its 200-day moving average price is $28.60. The firm has a market cap of $4.17 billion, a PE ratio of 33.74 and a beta of 1.36.
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A number of research analysts have recently weighed in on the company. Royal Bank Of Canada set a $34.00 price target on Akorn and gave the company a “hold” rating in a report on Saturday, May 27th. Jefferies Group LLC reiterated a “hold” rating and set a $34.00 price target on shares of Akorn in a report on Wednesday, July 19th. BidaskClub downgraded Akorn from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Gabelli reiterated a “hold” rating on shares of Akorn in a report on Tuesday, April 25th. Finally, TheStreet downgraded Akorn from a “b-” rating to a “c” rating in a report on Tuesday, August 1st. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $28.56.
Institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Akorn during the fourth quarter worth about $20,171,000. Fosun International Ltd boosted its position in Akorn by 134.5% in the first quarter. Fosun International Ltd now owns 2,048,869 shares of the company’s stock worth $49,336,000 after buying an additional 1,175,306 shares during the period. Bank of Montreal Can boosted its position in Akorn by 116.9% in the first quarter. Bank of Montreal Can now owns 99,320 shares of the company’s stock worth $2,392,000 after buying an additional 53,525 shares during the period. Dimensional Fund Advisors LP boosted its position in Akorn by 21.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,104,530 shares of the company’s stock worth $24,110,000 after buying an additional 194,528 shares during the period. Finally, First Quadrant L P CA boosted its position in Akorn by 322,209.4% in the first quarter. First Quadrant L P CA now owns 170,824 shares of the company’s stock worth $4,113,000 after buying an additional 170,771 shares during the period. Hedge funds and other institutional investors own 74.73% of the company’s stock.
Akorn Inc (Akorn), together with its subsidiaries, is a specialty generic 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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