Gamco Investors INC. ET AL grew its stake in Akorn, Inc. (NASDAQ:AKRX) by 7.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 370,010 shares of the company’s stock after purchasing an additional 25,010 shares during the period. Gamco Investors INC. ET AL owned about 0.29% of Akorn worth $1,406,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC purchased a new stake in Akorn in the 3rd quarter worth approximately $40,000. Bank of Montreal Can boosted its position in Akorn by 122.1% in the 2nd quarter. Bank of Montreal Can now owns 8,931 shares of the company’s stock worth $46,000 after purchasing an additional 4,909 shares in the last quarter. Advisor Group Inc. boosted its position in Akorn by 556.7% in the 2nd quarter. Advisor Group Inc. now owns 13,003 shares of the company’s stock worth $67,000 after purchasing an additional 11,023 shares in the last quarter. Moors & Cabot Inc. boosted its position in Akorn by 78.0% in the 3rd quarter. Moors & Cabot Inc. now owns 26,250 shares of the company’s stock worth $99,000 after purchasing an additional 11,500 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Akorn by 2,948.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 20,393 shares of the company’s stock valued at $105,000 after buying an additional 19,724 shares in the last quarter. Institutional investors and hedge funds own 67.95% of the company’s stock.
In other news, Director Steven J. Meyer bought 20,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was bought at an average cost of $2.60 per share, for a total transaction of $52,000.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 3.90% of the company’s stock.
A number of research analysts have recently issued reports on the company. SunTrust Banks increased their target price on Akorn from $3.50 to $4.00 and gave the company a “hold” rating in a research report on Friday, September 20th. BidaskClub upgraded Akorn from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. ValuEngine upgraded Akorn from a “hold” rating to a “buy” rating in a research report on Monday, October 7th. Royal Bank of Canada set a $5.00 target price on Akorn and gave the company a “hold” rating in a research report on Monday, August 12th. Finally, Zacks Investment Research upgraded Akorn from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a research report on Wednesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Akorn has an average rating of “Buy” and an average target price of $6.70.
Shares of NASDAQ:AKRX traded down $0.02 during midday trading on Friday, reaching $4.56. 878,100 shares of the company’s stock traded hands, compared to its average volume of 2,181,877. The company has a fifty day simple moving average of $4.31 and a two-hundred day simple moving average of $3.90. Akorn, Inc. has a 1 year low of $2.34 and a 1 year high of $7.25. The company has a market cap of $618.11 million, a P/E ratio of -12.67 and a beta of 1.96. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.36 and a current ratio of 0.53.
Akorn (NASDAQ:AKRX) last announced its earnings results on Thursday, October 31st. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.06. Akorn had a negative return on equity of 19.95% and a negative net margin of 53.62%. The company had revenue of $176.24 million during the quarter, compared to analysts’ expectations of $176.15 million. During the same period last year, the business posted ($0.06) EPS. Akorn’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, research analysts forecast that Akorn, Inc. will post -0.27 EPS for the current fiscal year.
Akorn, Inc, a specialty generic pharmaceutical company, develops, manufactures, and markets generic and branded prescription pharmaceuticals, over-the-counter (OTC) consumer health products, and animal health pharmaceuticals in the United States and internationally. The company operates in two segments, Prescription Pharmaceuticals and Consumer Health.
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