BidaskClub Lowers Akorn (AKRX) to Strong Sell

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

Several other brokerages also recently issued reports on AKRX. Zacks Investment Research upgraded shares of Akorn from a “strong sell” rating to a “hold” rating in a report 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 report on Sunday, October 29th. Piper Jaffray Companies set a $34.00 price target on shares of Akorn and gave the stock a “hold” rating in a report on Sunday, October 22nd. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $34.00 price target on shares of Akorn in a report on Tuesday, October 3rd. Two equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $29.17.

Shares of Akorn (NASDAQ AKRX) traded down $0.05 during trading hours on Friday, hitting $33.01. 1,865,843 shares of the stock traded hands, compared to its average volume of 1,404,936. The firm has a market capitalization of $4,134.83, a P/E ratio of 33.34, a PEG ratio of 1.70 and a beta of 1.33. The company has a quick ratio of 3.17, a current ratio of 4.16 and a debt-to-equity ratio of 0.92. Akorn has a 52 week low of $17.74 and a 52 week high of $34.00.

In other Akorn news, Director Brian Tambi sold 15,100 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $33.35, for a total transaction of $503,585.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 28.20% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Aperio Group LLC boosted its position in Akorn by 12.4% during the third quarter. Aperio Group LLC now owns 27,867 shares of the company’s stock valued at $925,000 after acquiring an additional 3,076 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Akorn by 26.2% during the third quarter. Ameriprise Financial Inc. now owns 332,030 shares of the company’s stock valued at $11,019,000 after purchasing an additional 68,844 shares during the period. Crossmark Global Holdings Inc. acquired a new position in shares of Akorn during the third quarter valued at about $597,000. Dimensional Fund Advisors LP raised its holdings in shares of Akorn by 2.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,169,587 shares of the company’s stock valued at $39,228,000 after purchasing an additional 27,520 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. raised its holdings in shares of Akorn by 1,277.6% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 331,214 shares of the company’s stock valued at $10,992,000 after purchasing an additional 307,171 shares during the period. 73.44% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Akorn (NASDAQ:AKRX)

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