Akorn, Inc. (AKRX) Raised to “Hold” at Zacks Investment Research
Akorn, Inc. (NASDAQ:AKRX) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Akorn, Inc. manufactures and markets diagnostic and therapeutic pharmaceuticals in specialty areas such as ophthalmology, rheumatology, anesthesia and antidotes, among others. They also market ophthalmic surgical instruments and related products. Customers include physicians, optometrists, wholesalers, group purchasing organizations and other pharmaceutical companies. They also provide contract manufacturing services. “
AKRX has been the subject of a number of other research reports. BidaskClub lowered Akorn from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. Royal Bank Of Canada set a $34.00 price target on Akorn and gave the company a “hold” rating in a research report on Sunday, July 30th. Piper Jaffray Companies set a $34.00 price target on Akorn and gave the company a “hold” rating in a research report on Tuesday, August 29th. TheStreet lowered Akorn from a “b-” rating to a “c” rating in a research report on Tuesday, August 1st. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $34.00 price target on shares of Akorn in a research report on Wednesday, July 19th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $28.56.
Akorn (AKRX) traded down 0.09% during midday trading on Tuesday, reaching $33.26. The company had a trading volume of 430,144 shares. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of 33.60 and a beta of 1.40. Akorn has a one year low of $17.61 and a one year high of $34.00. The company has a 50-day moving average price of $33.08 and a 200-day moving average price of $33.16.
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In other Akorn news, Director Brian Tambi sold 5,165 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $33.37, for a total transaction of $172,356.05. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Bruce Kutinsky sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $33.46, for a total value of $1,338,400.00. Following the transaction, the chief operating officer now owns 317,480 shares in the company, valued at approximately $10,622,880.80. The disclosure for this sale can be found here. 28.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of AKRX. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Akorn by 22.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,228 shares of the company’s stock worth $108,000 after acquiring an additional 599 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Akorn by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,177 shares of the company’s stock worth $140,000 after acquiring an additional 626 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Akorn during the 2nd quarter worth approximately $209,000. World Asset Management Inc purchased a new position in shares of Akorn during the 2nd quarter worth approximately $210,000. Finally, Suntrust Banks Inc. purchased a new position in shares of Akorn during the 2nd quarter worth approximately $234,000. Hedge funds and other institutional investors own 69.31% of the company’s stock.
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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