Leerink Swann Raises Akorn Price Target to $40.00 (AKRX)
Analysts at Leerink Swann boosted their price objective on shares of Akorn (NASDAQ:AKRX) from $26.00 to $40.00 in a research report issued to clients and investors on Thursday. Leerink Swann’s target price indicates a potential upside of 2.56% from the stock’s previous close.
In other Akorn news, Director John N. Kapoor sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $38.99, for a total value of $1,949,500.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
A number of other analysts have also recently weighed in on AKRX. 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. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Akorn has an average rating of “Buy” and an average target price of $35.82.
Akorn (NASDAQ:AKRX) traded down 1.10% on Thursday, hitting $38.56. 294,815 shares of the company’s stock traded hands. Akorn has a 52 week low of $18.11 and a 52 week high of $39.48. The stock has a 50-day moving average of $35.89 and a 200-day moving average of $28.72. The company has a market cap of $4.015 billion and a price-to-earnings ratio of 96.51. Akorn also saw a significant growth in short interest in August. As of August 15th, there was short interest totalling 10,222,392 shares, a growth of 11.1% from the July 31st total of 9,204,277 shares. Based on an average daily trading volume, of 1,541,814 shares, the short-interest ratio is presently 6.6 days. Approximately 14.5% of the shares of the stock are sold short.
Akorn (NASDAQ:AKRX) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.25 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.14 earnings per share. Akorn’s revenue was up 95.7% compared to the same quarter last year. On average, analysts predict that Akorn will post $1.02 earnings per share for the current fiscal year.
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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