Insider Selling: Akorn CEO Sells 903,659 Shares of Stock (AKRX)
Akorn (NASDAQ:AKRX) CEO Rajat Rai sold 903,659 shares of the stock on the open market in a transaction dated Thursday, August 7th. The stock was sold at an average price of $33.62, for a total transaction of $30,381,015.58. Following the sale, the chief executive officer now directly owns 1,127,612 shares of the company’s stock, valued at approximately $37,910,315. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Akorn (NASDAQ:AKRX) traded up 2.72% during mid-day trading on Friday, hitting $34.32. The stock had a trading volume of 826,761 shares. Akorn has a 52 week low of $15.84 and a 52 week high of $37.55. The stock has a 50-day moving average of $33.4 and a 200-day moving average of $26.79. The company has a market cap of $3.572 billion and a P/E ratio of 82.70.
Akorn (NASDAQ:AKRX) last announced its earnings results on Tuesday, August 5th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.05. The company had revenue of $150.70 million for the quarter, compared to the consensus estimate of $145.16 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. The company’s revenue for the quarter was up 95.7% on a year-over-year basis. On average, analysts predict that Akorn will post $0.97 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Jefferies Group raised their price target on shares of Akorn from $31.00 to $40.00 in a research note on Wednesday. Separately, analysts at Piper Jaffray raised their price target on shares of Akorn from $33.00 to $45.00 in a research note on Wednesday. They now have an “overweight” rating on the stock. Finally, analysts at RBC Capital raised their price target on shares of Akorn from $26.00 to $36.00 in a research note on Wednesday. They now have a “sector perform” rating on the stock. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Akorn presently has an average rating of “Buy” and a consensus target price of $35.07.
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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