Akorn (AKRX) Shares Gap Up to $3.57

Akorn, Inc. (NASDAQ:AKRX) gapped up prior to trading on Friday . The stock had previously closed at $3.58, but opened at $3.57. Akorn shares last traded at $3.77, with a volume of 78435 shares trading hands.

AKRX has been the topic of a number of analyst reports. Zacks Investment Research lowered shares of Akorn from a “hold” rating to a “sell” rating in a research note on Friday, December 7th. BidaskClub upgraded shares of Akorn from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 6th. Piper Jaffray Companies upgraded shares of Akorn from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $5.00 to $9.00 in a research report on Wednesday, October 17th. Royal Bank of Canada set a $9.00 target price on shares of Akorn and gave the company a “hold” rating in a research report on Wednesday, November 7th. Finally, Craig Hallum upgraded shares of Akorn from a “hold” rating to a “buy” rating in a research report on Thursday, October 4th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $13.67.

The company has a debt-to-equity ratio of 1.26, a current ratio of 3.47 and a quick ratio of 2.46.

Akorn (NASDAQ:AKRX) last released its quarterly earnings data on Tuesday, November 6th. The company reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.17). Akorn had a negative return on equity of 14.97% and a negative net margin of 34.69%. The business had revenue of $165.63 million for the quarter, compared to analyst estimates of $185.36 million. Analysts anticipate that Akorn, Inc. will post -0.13 earnings per share for the current year.

In other news, EVP Joseph Bonaccorsi bought 25,000 shares of the stock in a transaction dated Friday, December 14th. The stock was bought at an average price of $4.48 per share, for a total transaction of $112,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.50% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue bought a new stake in Akorn in the fourth quarter valued at $107,000. Retirement Systems of Alabama raised its position in Akorn by 383.0% in the 4th quarter. Retirement Systems of Alabama now owns 587,300 shares of the company’s stock worth $1,991,000 after buying an additional 465,709 shares during the last quarter. Vanguard Group Inc raised its position in Akorn by 1.7% in the 3rd quarter. Vanguard Group Inc now owns 8,545,884 shares of the company’s stock worth $110,926,000 after buying an additional 141,746 shares during the last quarter. Marshall Wace LLP raised its position in Akorn by 44.9% in the 3rd quarter. Marshall Wace LLP now owns 2,998,492 shares of the company’s stock worth $38,920,000 after buying an additional 929,107 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Akorn by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 8,545,884 shares of the company’s stock worth $110,926,000 after buying an additional 141,746 shares during the last quarter. Institutional investors own 64.90% of the company’s stock.

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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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