Short Interest in Akorn, Inc. (NASDAQ:AKRX) Rises By 29.3%
Akorn, Inc. (NASDAQ:AKRX) was the recipient of a significant growth in short interest in July. As of July 31st, there was short interest totalling 9,353,832 shares, a growth of 29.3% from the July 14th total of 7,236,730 shares. Based on an average trading volume of 2,894,826 shares, the days-to-cover ratio is currently 3.2 days. Approximately 10.3% of the company’s stock are short sold.
In related news, Director Brian Tambi sold 5,165 shares of Akorn stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $33.37, for a total value of $172,356.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Bruce Kutinsky sold 40,000 shares of Akorn stock in a transaction dated 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 completion of the sale, the chief operating officer now owns 317,480 shares of the company’s stock, valued at $10,622,880.80. The disclosure for this sale can be found here. Insiders own 28.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Akorn by 12,960.9% in the first quarter. BlackRock Inc. now owns 9,080,983 shares of the company’s stock worth $218,671,000 after buying an additional 9,011,455 shares in the last quarter. Columbia Wanger Asset Management LLC increased its position in Akorn by 127.5% in the first quarter. Columbia Wanger Asset Management LLC now owns 2,682,821 shares of the company’s stock worth $64,602,000 after buying an additional 1,503,366 shares in the last quarter. FMR LLC increased its position in Akorn by 54.0% in the first quarter. FMR LLC now owns 3,560,997 shares of the company’s stock worth $85,748,000 after buying an additional 1,249,329 shares in the last quarter. Fosun International Ltd increased 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 in the last quarter. Finally, Thornburg Investment Management Inc. purchased a new position in Akorn during the first quarter worth about $24,748,000. Hedge funds and other institutional investors own 74.73% of the company’s stock.
Shares of Akorn (NASDAQ:AKRX) opened at 33.32 on Friday. The company has a 50-day moving average price of $33.54 and a 200-day moving average price of $28.96. Akorn has a 12 month low of $17.61 and a 12 month high of $34.00. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 33.66 and a beta of 1.36.
Several analysts recently weighed in on the company. Royal Bank Of Canada set a $34.00 price objective on Akorn and gave the company a “hold” rating in a report on Saturday, May 27th. Jefferies Group LLC reiterated a “hold” rating and issued a $34.00 target price on shares of Akorn in a research note on Wednesday, July 19th. Piper Jaffray Companies reiterated a “hold” rating and issued a $34.00 target price on shares of Akorn in a research note on Thursday. BidaskClub lowered Akorn from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Gabelli reiterated a “hold” rating on shares of Akorn in a research note on Tuesday, April 25th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $28.56.
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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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