Mackay Shields LLC grew its holdings in Akorn, Inc. (NASDAQ:AKRX) by 6,129.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 722,600 shares of the company’s stock after buying an additional 711,000 shares during the quarter. Mackay Shields LLC’s holdings in Akorn were worth $2,746,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. CIBC Private Wealth Group LLC purchased a new position in Akorn in the 3rd quarter valued at approximately $40,000. Bank of Montreal Can increased its position in Akorn by 122.1% during the second quarter. Bank of Montreal Can now owns 8,931 shares of the company’s stock worth $46,000 after buying an additional 4,909 shares in the last quarter. Advisor Group Inc. increased its position in Akorn by 556.7% during the second quarter. Advisor Group Inc. now owns 13,003 shares of the company’s stock worth $67,000 after buying an additional 11,023 shares in the last quarter. Moors & Cabot Inc. increased its position in Akorn by 78.0% during the third quarter. Moors & Cabot Inc. now owns 26,250 shares of the company’s stock worth $99,000 after buying an additional 11,500 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in Akorn by 2,948.3% during the second quarter. Tower Research Capital LLC TRC now owns 20,393 shares of the company’s stock worth $105,000 after buying an additional 19,724 shares in the last quarter. 67.90% of the stock is owned by institutional investors and hedge funds.

Shares of AKRX stock traded down $0.05 during mid-day trading on Wednesday, hitting $4.14. 2,170 shares of the company’s stock were exchanged, compared to its average volume of 2,171,265. Akorn, Inc. has a fifty-two week low of $2.34 and a fifty-two week high of $7.25. The stock has a 50-day simple moving average of $4.33 and a two-hundred day simple moving average of $3.92. The company has a quick ratio of 0.36, a current ratio of 0.53 and a debt-to-equity ratio of 0.07. The stock has a market cap of $575.22 million, a price-to-earnings ratio of -11.50 and a beta of 1.96.

Akorn (NASDAQ:AKRX) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.06. Akorn had a negative return on equity of 19.95% and a negative net margin of 53.62%. The business had revenue of $176.24 million for the quarter, compared to analysts’ expectations of $176.15 million. During the same quarter last year, the firm earned ($0.06) earnings per share. The business’s revenue was up 6.4% on a year-over-year basis. As a group, analysts anticipate that Akorn, Inc. will post -0.27 earnings per share for the current fiscal year.

AKRX has been the subject of several recent research reports. ValuEngine raised Akorn from a “hold” rating to a “buy” rating in a research report on Monday, October 7th. SunTrust Banks raised their price target on Akorn from $3.50 to $4.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. BidaskClub downgraded Akorn from a “hold” rating to a “sell” rating in a research report on Wednesday. Zacks Investment Research raised Akorn from a “hold” rating to a “buy” rating and set a $5.50 price target for the company in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada set a $5.00 price target on Akorn and gave the stock a “hold” rating in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $6.70.

Akorn Company Profile

Akorn, Inc, a specialty generic pharmaceutical company, develops, manufactures, and markets generic and branded prescription pharmaceuticals, over-the-counter (OTC) consumer health products, and animal health pharmaceuticals in the United States and internationally. The company operates in two segments, Prescription Pharmaceuticals and Consumer Health.

Further Reading: Treasury Bonds

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Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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