California State Teachers Retirement System reduced its stake in shares of Akorn, Inc. (NASDAQ:AKRX) by 9.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,606 shares of the company’s stock after selling 15,372 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Akorn worth $4,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. grew its holdings in Akorn by 2.4% during the 2nd quarter. BlackRock Inc. now owns 9,297,346 shares of the company’s stock valued at $311,834,000 after buying an additional 216,363 shares in the last quarter. Vanguard Group Inc. grew its holdings in Akorn by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 7,121,766 shares of the company’s stock valued at $238,865,000 after buying an additional 176,397 shares in the last quarter. FMR LLC grew its holdings in Akorn by 22.1% during the 2nd quarter. FMR LLC now owns 4,347,905 shares of the company’s stock valued at $145,829,000 after buying an additional 786,908 shares in the last quarter. Pentwater Capital Management LP purchased a new stake in Akorn during the 2nd quarter valued at approximately $132,148,000. Finally, CNH Partners LLC purchased a new stake in Akorn during the 2nd quarter valued at approximately $116,243,000. 73.44% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on the stock. BidaskClub raised shares of Akorn from a “strong sell” rating to a “sell” rating in a report on Thursday, January 11th. Royal Bank of Canada reiterated a “hold” rating and set a $34.00 target price on shares of Akorn in a research report on Tuesday, October 3rd. Piper Jaffray Companies set a $34.00 target price on Akorn and gave the company a “hold” rating in a research report on Sunday, October 22nd. Zacks Investment Research upgraded Akorn from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Finally, Jefferies Group set a $34.00 target price on Akorn and gave the company a “hold” rating in a research report on Sunday, October 29th. Two investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $29.17.
In related news, Director Brian Tambi sold 15,100 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $33.35, for a total value of $503,585.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 28.20% of the stock is owned by company insiders.
Shares of Akorn, Inc. (AKRX) opened at $33.06 on Friday. The stock has a market capitalization of $4,130.00, a price-to-earnings ratio of 56.03, a P/E/G ratio of 1.72 and a beta of 1.33. Akorn, Inc. has a 52-week low of $17.74 and a 52-week high of $34.00. The company has a debt-to-equity ratio of 0.92, a current ratio of 4.16 and a quick ratio of 3.17.
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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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