Akorn, Inc. (AKRX) Position Raised by Gotham Asset Management LLC
Gotham Asset Management LLC boosted its stake in Akorn, Inc. (NASDAQ:AKRX) by 256.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 218,027 shares of the company’s stock after purchasing an additional 156,794 shares during the quarter. Gotham Asset Management LLC owned about 0.17% of Akorn worth $7,313,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Akorn by 22.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,228 shares of the company’s stock valued at $108,000 after purchasing an additional 599 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Akorn by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,177 shares of the company’s stock valued at $140,000 after purchasing an additional 626 shares during the last quarter. World Asset Management Inc bought a new stake in Akorn in the second quarter valued at about $210,000. Two Sigma Securities LLC bought a new stake in Akorn in the first quarter valued at about $220,000. Finally, Suntrust Banks Inc. bought a new stake in Akorn in the second quarter valued at about $234,000. Institutional investors and hedge funds own 69.98% of the company’s stock.
A number of equities research analysts recently commented on the company. Jefferies Group LLC reiterated a “hold” rating and issued a $34.00 price objective on shares of Akorn in a report on Wednesday, July 19th. Piper Jaffray Companies reiterated a “hold” rating and issued a $34.00 price objective on shares of Akorn in a report on Thursday, August 10th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $34.00 price objective on shares of Akorn in a report on Sunday, August 20th. BidaskClub downgraded Akorn from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Finally, TheStreet downgraded Akorn from a “b-” rating to a “c” rating in a report on Tuesday, August 1st. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. Akorn currently has a consensus rating of “Hold” and a consensus price target of $28.56.
Shares of Akorn, Inc. (AKRX) opened at 32.92 on Tuesday. Akorn, Inc. has a one year low of $17.61 and a one year high of $34.00. The firm has a 50 day moving average price of $32.92 and a 200 day moving average price of $32.50. The company has a market capitalization of $4.11 billion, a P/E ratio of 33.25 and a beta of 1.40.
In other news, COO Bruce Kutinsky sold 40,000 shares of the business’s 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 directly owns 317,480 shares of the company’s stock, valued at approximately $10,622,880.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian Tambi sold 5,165 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $33.37, for a total value of $172,356.05. The disclosure for this sale can be found here. 28.20% of the stock is owned by insiders.
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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