Akorn Upgraded to Outperform by Zacks (AKRX)
Akorn (NASDAQ:AKRX) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research note issued to investors on Monday. The firm currently has a $36.90 price target on the stock. Zacks‘s price objective points to a potential upside of 7.52% from the company’s current price.
Shares of Akorn (NASDAQ:AKRX) traded up 2.10% on Monday, hitting $35.04. 1,073,020 shares of the company’s stock traded hands. Akorn has a one year low of $15.76 and a one year high of $37.55. The stock has a 50-day moving average of $33.32 and a 200-day moving average of $26.79. The company has a market cap of $3.647 billion and a P/E ratio of 84.95.
Akorn (NASDAQ:AKRX) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.25 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.14 earnings per share. The company’s quarterly revenue 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.
In other Akorn news, CEO Rajat Rai unloaded 903,659 shares of Akorn stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $33.62, for a total value of $30,381,015.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of other firms have also recently commented on AKRX. Analysts at Jefferies Group raised their price target on shares of Akorn from $31.00 to $40.00 in a research note on Wednesday, August 6th. 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, August 6th. 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, August 6th. They now have a “sector perform” rating on the stock. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $35.30.
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.
To view Zacks’ full report, visit Zacks’ official website.
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