Paloma Partners Management Co raised its stake in Akorn, Inc. (NASDAQ:AKRX) by 217.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 72,500 shares of the company’s stock after purchasing an additional 49,648 shares during the quarter. Paloma Partners Management Co’s holdings in Akorn were worth $2,337,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of AKRX. State of Alaska Department of Revenue acquired a new position in Akorn in the fourth quarter valued at about $199,000. LMR Partners LLP acquired a new stake in shares of Akorn during the third quarter worth about $200,000. Opera Trading Capital acquired a new stake in shares of Akorn during the fourth quarter worth about $274,000. ING Groep NV acquired a new stake in shares of Akorn during the fourth quarter worth about $275,000. Finally, Stone Ridge Asset Management LLC acquired a new stake in shares of Akorn during the fourth quarter worth about $290,000. 77.52% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on the stock. Piper Jaffray Companies set a $34.00 price target on shares of Akorn and gave the stock a “hold” rating in a research report on Wednesday, March 7th. William Blair reissued a “hold” rating on shares of Akorn in a research report on Thursday, March 1st. Deutsche Bank set a $34.00 target price on shares of Akorn and gave the company a “hold” rating in a report on Thursday, February 22nd. BidaskClub cut shares of Akorn from a “sell” rating to a “strong sell” rating in a report on Thursday, February 22nd. Finally, Zacks Investment Research cut shares of Akorn from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $32.00.
In related news, major shareholder John N. Kapoor sold 13,629 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $32.67, for a total value of $445,259.43. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 28.20% of the stock is owned by company insiders.
Shares of Akorn, Inc. (NASDAQ:AKRX) opened at $18.96 on Wednesday. The firm has a market cap of $2,376.15, a P/E ratio of 19.15, a P/E/G ratio of 0.71 and a beta of 1.78. Akorn, Inc. has a 1-year low of $16.79 and a 1-year high of $34.00. The company has a quick ratio of 3.19, a current ratio of 4.27 and a debt-to-equity ratio of 0.98.
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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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