Akorn Price Target Raised to $36.50 at Needham & Company LLC (AKRX)
Needham & Company LLC raised their target price on shares of Akorn (NASDAQ:AKRX) from $30.00 to $36.50 in a research note issued on Tuesday. Needham & Company LLC’s price target would indicate a potential upside of 9.77% from the company’s current price.
Akorn (NASDAQ:AKRX) traded up 5.08% during mid-day trading on Tuesday, hitting $34.94. The stock had a trading volume of 3,533,926 shares. Akorn has a 52 week low of $13.34 and a 52 week high of $33.31. The stock has a 50-day moving average of $28.50 and a 200-day moving average of $24.80. The company has a market cap of $3.631 billion and a price-to-earnings ratio of 75.74.
Akorn (NASDAQ:AKRX) last announced its earnings results on Tuesday, May 6th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. The company had revenue of $90.60 million for the quarter, compared to the consensus estimate of $91.44 million. During the same quarter in the previous year, the company posted $0.10 earnings per share. The company’s revenue for the quarter was up 22.6% on a year-over-year basis. Analysts expect that Akorn will post $0.86 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Bank of America reiterated a “buy” rating on shares of Akorn in a research note on Thursday, June 5th. They now have a $28.00 price target on the stock, down previously from $33.00. Separately, analysts at Goldman Sachs initiated coverage on shares of Akorn in a research note on Monday, June 2nd. They set a “neutral” rating and a $27.00 price target on the stock. Finally, analysts at Jefferies Group reiterated a “buy” rating on shares of Akorn in a research note on Thursday, May 15th. They now have a $28.00 price target on the stock. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Akorn presently has a consensus rating of “Buy” and an average target price of $29.61.
Akorn, Inc is a manufacturer and markets a full line of diagnostic and therapeutic ophthalmic pharmaceuticals, as well as niche hospital drugs and injectable pharmaceuticals.
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