Zacks: Analysts Anticipate Akorn, Inc. (AKRX) Will Post Quarterly Sales of $259.85 Million
Equities analysts expect Akorn, Inc. (NASDAQ:AKRX) to report sales of $259.85 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Akorn’s earnings, with estimates ranging from $255.20 million to $267.80 million. Akorn reported sales of $268.35 million in the same quarter last year, which would suggest a negative year over year growth rate of 3.2%. The company is expected to issue its next earnings report on Monday, January 1st.
On average, analysts expect that Akorn will report full-year sales of $259.85 million for the current fiscal year, with estimates ranging from $1.03 billion to $1.06 billion. For the next financial year, analysts forecast that the firm will report sales of $1.09 billion per share, with estimates ranging from $1.03 billion to $1.15 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Akorn.
AKRX has been the subject of several research analyst reports. Royal Bank Of Canada set a $34.00 target price on Akorn and gave the stock a “hold” rating in a research note on Tuesday. BidaskClub upgraded Akorn from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Zacks Investment Research upgraded Akorn from a “sell” rating to a “hold” rating in a research note on Monday, May 8th. Gabelli reaffirmed a “hold” rating on shares of Akorn in a report on Tuesday, April 25th. Finally, William Blair cut shares of Akorn from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 25th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $30.55.
Institutional investors have recently added to or reduced their stakes in the company. NEXT Financial Group Inc raised its position in Akorn by 990.9% in the first quarter. NEXT Financial Group Inc now owns 3,000 shares of the company’s stock worth $100,000 after buying an additional 2,725 shares in the last quarter. Meadow Creek Investment Management LLC increased its stake in Akorn by 8.3% in the first quarter. Meadow Creek Investment Management LLC now owns 4,368 shares of the company’s stock worth $105,000 after buying an additional 336 shares in the last quarter. Glen Harbor Capital Management LLC increased its stake in Akorn by 8.3% in the first quarter. Glen Harbor Capital Management LLC now owns 5,304 shares of the company’s stock worth $128,000 after buying an additional 408 shares in the last quarter. LS Investment Advisors LLC increased its stake in Akorn by 21.8% in the first quarter. LS Investment Advisors LLC now owns 7,850 shares of the company’s stock worth $189,000 after buying an additional 1,407 shares in the last quarter. Finally, Global Financial Private Capital LLC acquired a new stake in Akorn during the first quarter worth about $203,000. 76.31% of the stock is currently owned by institutional investors and hedge funds.
TRADEMARK VIOLATION NOTICE: This news story was reported by American Banking News and is the property of of American Banking News. If you are reading this news story on another publication, it was illegally stolen and republished in violation of United States & international copyright & trademark law. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2017/06/29/zacks-analysts-anticipate-akorn-inc-akrx-will-post-quarterly-sales-of-259-85-million.html.
Akorn (NASDAQ AKRX) traded down 0.045% during trading on Thursday, hitting $33.475. The stock had a trading volume of 544,839 shares. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of 22.850 and a beta of 1.42. Akorn has a 12-month low of $17.61 and a 12-month high of $35.40. The stock has a 50 day moving average price of $33.26 and a 200 day moving average price of $25.89.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Akorn Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Akorn Inc. and related companies with MarketBeat.com's FREE daily email newsletter.