Royal Bank of Canada Analysts Give Akorn, Inc. (AKRX) a $34.00 Price Target
Akorn, Inc. (NASDAQ:AKRX) has been given a $34.00 price objective by stock analysts at Royal Bank of Canada in a research report issued to clients and investors on Saturday. The firm currently has a “hold” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 2.38% from the stock’s current price.
Other equities research analysts have also recently issued research reports about the company. Deutsche Bank AG reiterated a “hold” rating and set a $24.00 target price on shares of Akorn in a report on Monday, April 10th. Gabelli reissued a “hold” rating on shares of Akorn in a research note on Tuesday, April 25th. Jefferies Group LLC lowered Akorn from a “buy” rating to a “hold” rating and increased their price target for the stock from $24.00 to $34.00 in a research note on Tuesday, April 25th. Zacks Investment Research lowered Akorn from a “hold” rating to a “sell” rating in a research note on Tuesday, February 28th. Finally, William Blair lowered Akorn from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 25th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company. Akorn presently has a consensus rating of “Hold” and a consensus target price of $30.55.
Akorn (NASDAQ:AKRX) opened at 33.21 on Friday. The stock has a market cap of $4.14 billion, a P/E ratio of 22.67 and a beta of 1.12. The company’s 50-day moving average price is $32.97 and its 200-day moving average price is $24.49. Akorn has a 12 month low of $17.61 and a 12 month high of $35.40.
Akorn (NASDAQ:AKRX) last announced its earnings results on Wednesday, March 1st. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. The firm had revenue of $283.70 million for the quarter, compared to analysts’ expectations of $287.91 million. Akorn had a return on equity of 38.59% and a net margin of 16.58%. Akorn’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. Equities analysts forecast that Akorn will post $1.63 earnings per share for the current year.
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Hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its position in shares of Akorn by 10.8% in the first quarter. Public Employees Retirement System of Ohio now owns 112,180 shares of the company’s stock valued at $2,701,000 after buying an additional 10,938 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Akorn by 5.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,282,064 shares of the company’s stock valued at $30,872,000 after buying an additional 71,158 shares during the period. HighTower Advisors LLC raised its position in shares of Akorn by 6.4% in the first quarter. HighTower Advisors LLC now owns 26,457 shares of the company’s stock valued at $637,000 after buying an additional 1,585 shares during the period. Blue Sky Asset Management LLC purchased a new position in shares of Akorn during the first quarter valued at $620,000. Finally, Clough Capital Partners L P raised its position in shares of Akorn by 70.9% in the first quarter. Clough Capital Partners L P now owns 485,371 shares of the company’s stock valued at $11,688,000 after buying an additional 201,400 shares during the period. 74.75% of the stock is currently owned by institutional investors and hedge funds.
Akorn Company Profile
Akorn Inc (Akorn), together with its subsidiaries, is a specialty generic pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as private-label over-the-counter (OTC) consumer health products and animal health pharmaceuticals. The Company operates through two segments: Prescription Pharmaceuticals and the Consumer Health.
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