Akorn Receives Consensus Rating of “Buy” from Brokerages (NASDAQ:AKRX)
Shares of Akorn (NASDAQ:AKRX) have received an average rating of “Buy” from the ten brokerages that are covering the company, AnalystRatings.NET reports. Four investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $35.30.
In other Akorn news, Director John N. Kapoor sold 50,000 shares of the stock on the open market in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $38.99, for a total value of $1,949,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of Akorn (NASDAQ:AKRX) traded up 0.31% on Friday, hitting $38.90. The stock had a trading volume of 59,456 shares. Akorn has a 1-year low of $17.77 and a 1-year high of $39.48. The stock has a 50-day moving average of $35.51 and a 200-day moving average of $28.32. The company has a market cap of $4.051 billion and a price-to-earnings ratio of 95.99. Akorn also was the recipient of a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 10,222,392 shares, an increase of 11.1% from the July 31st total of 9,204,277 shares. Based on an average daily volume of 1,541,814 shares, the days-to-cover ratio is currently 6.6 days. Approximately 14.5% of the shares of the stock are sold short.
Akorn (NASDAQ:AKRX) last announced its 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 $1.02 earnings per share for the current fiscal year.
AKRX has been the subject of a number of recent research reports. Analysts at Zacks upgraded shares of Akorn from a “neutral” rating to an “outperform” rating in a research note on Monday, August 11th. They now have a $36.90 price target on the stock. Separately, 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. Finally, 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.
Akorn, Inc (NASDAQ:AKRX) 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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