Akorn (AKRX) Shares Gap Down to $6.42

Shares of Akorn, Inc. (NASDAQ:AKRX) gapped down before the market opened on Thursday . The stock had previously closed at $6.55, but opened at $6.42. Akorn shares last traded at $6.34, with a volume of 3260299 shares traded.

A number of analysts have issued reports on AKRX shares. Zacks Investment Research upgraded shares of Akorn from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Monday, August 27th. BidaskClub upgraded shares of Akorn from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 6th. Craig Hallum upgraded shares of Akorn from a “hold” rating to a “buy” rating in a research note on Thursday, October 4th. Jefferies Financial Group cut their price target on shares of Akorn to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, October 3rd. Finally, ValuEngine upgraded shares of Akorn from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Five equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $14.17.

The company has a current ratio of 3.94, a quick ratio of 2.87 and a debt-to-equity ratio of 1.13.

Akorn (NASDAQ:AKRX) last announced its quarterly earnings data on Wednesday, August 1st. The company reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.14). Akorn had a negative return on equity of 12.84% and a negative net margin of 24.21%. The company had revenue of $190.94 million for the quarter, compared to analyst estimates of $187.40 million. On average, analysts predict that Akorn, Inc. will post 0.37 EPS for the current year.

Several institutional investors have recently made changes to their positions in the company. Northern Trust Corp boosted its holdings in Akorn by 75.7% in the second quarter. Northern Trust Corp now owns 1,409,291 shares of the company’s stock valued at $23,379,000 after purchasing an additional 607,101 shares in the last quarter. WINTON GROUP Ltd boosted its holdings in Akorn by 61.9% in the second quarter. WINTON GROUP Ltd now owns 196,261 shares of the company’s stock valued at $3,256,000 after purchasing an additional 75,067 shares in the last quarter. PointState Capital LP boosted its holdings in Akorn by 933.8% in the second quarter. PointState Capital LP now owns 1,255,027 shares of the company’s stock valued at $20,821,000 after purchasing an additional 1,133,627 shares in the last quarter. MetLife Investment Advisors LLC boosted its holdings in Akorn by 75.0% in the second quarter. MetLife Investment Advisors LLC now owns 102,600 shares of the company’s stock valued at $1,702,000 after purchasing an additional 43,974 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in Akorn by 79.2% in the second quarter. Metropolitan Life Insurance Co. NY now owns 55,326 shares of the company’s stock valued at $918,000 after purchasing an additional 24,449 shares in the last quarter. 69.81% of the stock is owned by institutional investors and hedge funds.

Akorn Company Profile (NASDAQ:AKRX)

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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