OppenheimerFunds Inc. trimmed its holdings in Akorn, Inc. (NASDAQ:AKRX) by 80.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,443 shares of the company’s stock after selling 34,690 shares during the quarter. OppenheimerFunds Inc.’s holdings in Akorn were worth $272,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. State of Alaska Department of Revenue purchased a new stake in shares of Akorn in the fourth quarter worth approximately $199,000. LMR Partners LLP bought a new position in Akorn in the third quarter worth approximately $200,000. Opera Trading Capital bought a new position in Akorn in the fourth quarter worth approximately $274,000. ING Groep NV bought a new position in Akorn in the fourth quarter worth approximately $275,000. Finally, FNY Partners Fund LP bought a new position in Akorn in the third quarter worth approximately $371,000. Hedge funds and other institutional investors own 77.41% of the company’s stock.
Shares of AKRX stock opened at $18.38 on Friday. The company has a current ratio of 4.27, a quick ratio of 3.19 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $2,319.78, a price-to-earnings ratio of 18.57, a price-to-earnings-growth ratio of 0.69 and a beta of 1.78. Akorn, Inc. has a 52-week low of $16.79 and a 52-week high of $34.00.
Several research analysts recently issued reports on AKRX shares. BidaskClub cut Akorn from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 14th. Zacks Investment Research cut Akorn from a “hold” rating to a “sell” rating in a research note on Wednesday, January 24th. Deutsche Bank set a $34.00 price objective on Akorn and gave the stock a “hold” rating in a research note on Thursday, February 22nd. William Blair reissued a “hold” rating on shares of Akorn in a research note on Thursday, March 1st. Finally, Piper Jaffray Companies set a $34.00 price objective on Akorn and gave the stock a “hold” rating in a research note on Wednesday, March 7th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $32.00.
In other Akorn news, major shareholder John N. Kapoor sold 13,629 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $32.67, for a total transaction 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 currently owned by company insiders.
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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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