Traders Buy Akorn Inc. (AKRX) on Weakness
Investors purchased shares of Akorn Inc. (NASDAQ:AKRX) on weakness during trading hours on Wednesday. $10.14 million flowed into the stock on the tick-up and $4.88 million flowed out of the stock on the tick-down, for a money net flow of $5.26 million into the stock. Of all stocks tracked, Akorn had the 16th highest net in-flow for the day. Akorn traded down ($0.38) for the day and closed at $27.73
A number of analysts have recently issued reports on the stock. WallachBeth Capital increased their price target on shares of Akorn from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, August 5th. RBC Capital Markets reissued an “outperform” rating and issued a $37.00 price target on shares of Akorn in a research report on Thursday, July 28th. Citigroup Inc. lowered shares of Akorn to a “market perform” rating and increased their price target for the stock from $33.80 to $34.00 in a research report on Tuesday, August 2nd. They noted that the move was a valuation call. Raymond James Financial Inc. lowered shares of Akorn from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 2nd. Finally, Zacks Investment Research raised shares of Akorn from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $34.75.
The stock has a 50 day moving average of $28.70 and a 200 day moving average of $27.98. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 18.69 and a beta of 1.08.
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Akorn (NASDAQ:AKRX) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. Akorn had a return on equity of 32.83% and a net margin of 17.00%. The business earned $280.70 million during the quarter, compared to analyst estimates of $272.99 million. Akorn’s quarterly revenue was up 27.1% compared to the same quarter last year. Analysts expect that Akorn Inc. will post $2.17 EPS for the current year.
In related news, Director Kenneth Abramowitz sold 2,691 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $30.44, for a total value of $81,914.04. Following the completion of the transaction, the director now directly owns 20,786 shares in the company, valued at approximately $632,725.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 30.10% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Apex Capital Management boosted its stake in Akorn by 5.5% in the first quarter. Apex Capital Management now owns 1,995,745 shares of the company’s stock valued at $46,960,000 after buying an additional 104,351 shares during the last quarter. Pacad Investment Ltd. boosted its stake in Akorn by 299.1% in the first quarter. Pacad Investment Ltd. now owns 25,944 shares of the company’s stock valued at $610,000 after buying an additional 19,444 shares during the last quarter. Franklin Resources Inc. boosted its stake in Akorn by 23.5% in the first quarter. Franklin Resources Inc. now owns 1,380,150 shares of the company’s stock valued at $32,475,000 after buying an additional 262,450 shares during the last quarter. BlackRock Inc. boosted its stake in Akorn by 24.2% in the first quarter. BlackRock Inc. now owns 35,311 shares of the company’s stock valued at $831,000 after buying an additional 6,881 shares during the last quarter. Finally, BlackRock Group LTD boosted its stake in Akorn by 17.3% in the first quarter. BlackRock Group LTD now owns 70,131 shares of the company’s stock valued at $1,649,000 after buying an additional 10,348 shares during the last quarter. Institutional investors and hedge funds own 73.62% of the company’s stock.
Akorn Company Profile
Akorn Inc (Akorn), together with its wholly owned subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as animal and over-the-counter (OTC) consumer health products. The Company specializes in sterile and non-sterile dosage forms, including ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays.
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