$252.74 Million in Sales Expected for Akorn, Inc. (NASDAQ:AKRX) This Quarter
Brokerages forecast that Akorn, Inc. (NASDAQ:AKRX) will post $252.74 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Akorn’s earnings, with estimates ranging from $243.20 million to $260.83 million. Akorn posted sales of $280.73 million during the same quarter last year, which suggests a negative year over year growth rate of 10%. The company is expected to report its next earnings report on Monday, January 1st.
On average, analysts expect that Akorn will report full-year sales of $252.74 million for the current financial year, with estimates ranging from $1.03 billion to $1.06 billion. For the next fiscal year, analysts expect that the firm will report sales of $1.09 billion per share, with estimates ranging from $1.03 billion to $1.15 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Akorn.
Several equities research analysts have recently commented on the stock. TheStreet raised shares of Akorn from a “c+” rating to a “b-” rating in a research report on Thursday, April 20th. Royal Bank Of Canada set a $34.00 target price on shares of Akorn and gave the stock a “hold” rating in a research report on Saturday, May 27th. William Blair downgraded shares of Akorn from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 25th. Jefferies Group LLC downgraded shares of Akorn from a “buy” rating to a “hold” rating and boosted their target price for the stock from $24.00 to $34.00 in a research report on Tuesday, April 25th. Finally, Craig Hallum downgraded shares of Akorn from a “buy” rating to a “hold” rating in a research report on Tuesday, April 25th. Three equities research 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. The stock presently has an average rating of “Hold” and a consensus target price of $30.55.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Akorn by 12,960.9% in the first quarter. BlackRock Inc. now owns 9,080,983 shares of the company’s stock worth $218,671,000 after buying an additional 9,011,455 shares during the last quarter. Vanguard Group Inc. boosted its position in Akorn by 4.0% in the first quarter. Vanguard Group Inc. now owns 6,945,369 shares of the company’s stock worth $167,245,000 after buying an additional 267,203 shares during the last quarter. William Blair Investment Management LLC boosted its position in Akorn by 8.0% in the first quarter. William Blair Investment Management LLC now owns 4,492,169 shares of the company’s stock worth $108,171,000 after buying an additional 333,086 shares during the last quarter. FMR LLC boosted its position in Akorn by 54.0% in the first quarter. FMR LLC now owns 3,560,997 shares of the company’s stock worth $85,748,000 after buying an additional 1,249,329 shares during the last quarter. Finally, Columbia Wanger Asset Management LLC boosted its position in Akorn by 127.5% in the first quarter. Columbia Wanger Asset Management LLC now owns 2,682,821 shares of the company’s stock worth $64,602,000 after buying an additional 1,503,366 shares during the last quarter. Hedge funds and other institutional investors own 76.09% of the company’s stock.
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Shares of Akorn (NASDAQ:AKRX) traded down 0.15% during midday trading on Friday, reaching $33.60. 3,516,788 shares of the company traded hands. The company has a 50-day moving average of $33.48 and a 200 day moving average of $27.81. The firm has a market capitalization of $4.19 billion, a PE ratio of 22.94 and a beta of 1.36. Akorn has a 12-month low of $17.61 and a 12-month high of $35.40.
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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