Seven Eight Capital LP purchased a new stake in Akorn, Inc. (NASDAQ:AKRX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,448 shares of the company’s stock, valued at approximately $552,000.

Several other institutional investors have also recently modified their holdings of AKRX. Profund Advisors LLC raised its position in shares of Akorn by 5.7% in the first quarter. Profund Advisors LLC now owns 15,431 shares of the company’s stock worth $372,000 after acquiring an additional 838 shares during the period. Glen Harbor Capital Management LLC raised 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 acquiring an additional 408 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Akorn by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 30,756 shares of the company’s stock worth $741,000 after acquiring an additional 400 shares during the period. Wells Fargo & Company MN raised its position in shares of Akorn by 49.4% in the first quarter. Wells Fargo & Company MN now owns 881,528 shares of the company’s stock worth $21,227,000 after acquiring an additional 291,625 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Akorn in the first quarter worth about $289,000. Institutional investors and hedge funds own 69.71% of the company’s stock.

In other Akorn news, Director Brian Tambi sold 5,165 shares of Akorn stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $33.37, for a total transaction of $172,356.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Bruce Kutinsky sold 40,000 shares of Akorn stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $33.46, for a total transaction 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. Insiders own 28.20% of the company’s stock.

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Shares of Akorn, Inc. (NASDAQ:AKRX) opened at 33.10 on Friday. 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 is $33.04 and its 200 day moving average is $31.16. The stock has a market cap of $4.13 billion, a PE ratio of 33.43 and a beta of 1.38.

A number of research analysts have weighed in on the stock. Piper Jaffray Companies set a $34.00 price objective on shares of Akorn and gave the stock a “hold” rating in a research report on Tuesday, August 29th. Zacks Investment Research downgraded shares of Akorn from a “hold” rating to a “strong sell” rating in a research report on Friday, August 25th. Royal Bank Of Canada restated a “sector perform” rating and set a $34.00 price target on shares of Akorn in a research report on Sunday, August 20th. BidaskClub downgraded shares of Akorn from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. Finally, TheStreet downgraded shares of Akorn from a “b-” rating to a “c” rating in a research report on Tuesday, August 1st. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. Akorn has a consensus rating of “Hold” and a consensus price target of $28.56.

Akorn 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.

Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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