Akorn, Inc. (AKRX) Shares Bought by Texas Permanent School Fund
Texas Permanent School Fund raised its position in shares of Akorn, Inc. (NASDAQ:AKRX) by 1.0% during the second quarter, Holdings Channel reports. The institutional investor owned 63,657 shares of the company’s stock after buying an additional 601 shares during the period. Texas Permanent School Fund’s holdings in Akorn were worth $2,135,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of AKRX. NEXT Financial Group Inc increased its position in shares of Akorn by 990.9% in the first quarter. NEXT Financial Group Inc now owns 3,000 shares of the company’s stock worth $100,000 after buying an additional 2,725 shares in the last quarter. Meadow Creek Investment Management LLC increased its position in shares of Akorn by 8.3% in the first quarter. Meadow Creek Investment Management LLC now owns 4,368 shares of the company’s stock worth $105,000 after buying an additional 336 shares in the last quarter. Glen Harbor Capital Management LLC increased its position in shares of Akorn by 8.3% in the first quarter. Glen Harbor Capital Management LLC now owns 5,304 shares of the company’s stock worth $128,000 after buying an additional 408 shares in the last quarter. Private Advisor Group LLC acquired a new position in shares of Akorn during the first quarter worth $164,000. Finally, LS Investment Advisors LLC increased its position in shares of Akorn by 21.8% in the first quarter. LS Investment Advisors LLC now owns 7,850 shares of the company’s stock worth $189,000 after buying an additional 1,407 shares in the last quarter. Institutional investors and hedge funds own 74.73% of the company’s stock.
Shares of Akorn, Inc. (NASDAQ AKRX) opened at 33.32 on Friday. Akorn, Inc. has a 52-week low of $17.61 and a 52-week high of $34.00. The firm has a market cap of $4.16 billion, a PE ratio of 33.66 and a beta of 1.36. The company’s 50-day moving average price is $33.54 and its 200-day moving average price is $28.96.
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A number of brokerages have recently weighed in on AKRX. TheStreet upgraded Akorn from a “c+” rating to a “b-” rating in a report on Thursday, April 20th. 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. William Blair downgraded Akorn from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 25th. Piper Jaffray Companies reiterated a “hold” rating and set a $34.00 price target on shares of Akorn in a report on Thursday. Finally, Jefferies Group LLC downgraded Akorn from a “buy” rating to a “hold” rating and lifted their price target for the company from $24.00 to $34.00 in a report on Tuesday, April 25th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $28.56.
In other Akorn news, Director Brian Tambi sold 5,165 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $33.37, for a total transaction of $172,356.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Bruce Kutinsky sold 40,000 shares of the stock in a transaction dated Thursday, August 3rd. The stock was 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 of the company’s stock, valued at approximately $10,622,880.80. The disclosure for this sale can be found here. 28.20% of the stock is currently owned by corporate insiders.
Akorn Company Profile
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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