BidaskClub Downgrades Akorn (AKRX) to Strong Sell

Akorn (NASDAQ:AKRX) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Thursday.

AKRX has been the topic of several other reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $34.00 price target on shares of Akorn in a research note on Sunday, August 20th. Zacks Investment Research raised shares of Akorn from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 24th. Jefferies Group set a $34.00 price target on shares of Akorn and gave the stock a “hold” rating in a research note on Sunday, October 29th. Finally, Piper Jaffray Companies set a $34.00 price target on shares of Akorn and gave the stock a “hold” rating in a research note on Sunday, October 22nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $30.71.

Akorn (AKRX) opened at $32.36 on Thursday. The company has a current ratio of 4.16, a quick ratio of 3.17 and a debt-to-equity ratio of 0.92. The stock has a market cap of $4,047.30, a price-to-earnings ratio of 20.10, a price-to-earnings-growth ratio of 2.02 and a beta of 1.33. Akorn has a twelve month low of $17.74 and a twelve month high of $34.00.

In related news, Director Brian Tambi sold 15,100 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $33.35, for a total transaction of $503,585.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 28.20% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in AKRX. Pentwater Capital Management LP acquired a new stake in Akorn during the second quarter worth about $132,148,000. CNH Partners LLC acquired a new stake in Akorn during the second quarter worth about $116,243,000. Cheyne Capital Management UK LLP acquired a new stake in Akorn during the third quarter worth about $1,686,000. Alpine Associates Management Inc. increased its position in Akorn by 395.7% during the third quarter. Alpine Associates Management Inc. now owns 1,189,216 shares of the company’s stock worth $39,469,000 after purchasing an additional 949,316 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in Akorn during the second quarter worth about $31,585,000. Hedge funds and other institutional investors own 73.53% of the company’s stock.

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About Akorn

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.

Analyst Recommendations for Akorn (NASDAQ:AKRX)

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