Akorn (NASDAQ:AKRX) Downgraded to “Hold” at BidaskClub

BidaskClub lowered shares of Akorn (NASDAQ:AKRX) from a buy rating to a hold rating in a research note published on Thursday, BidAskClub reports.

Several other research analysts have also commented on AKRX. Royal Bank of Canada set a $5.00 price target on Akorn and gave the stock a hold rating in a report on Thursday, May 30th. Zacks Investment Research upgraded DLH from a sell rating to a hold rating in a report on Tuesday. Finally, SunTrust Banks initiated coverage on Zoetis in a report on Tuesday, March 19th. They set a hold rating and a $100.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $6.58.

AKRX stock traded down $0.10 during midday trading on Thursday, reaching $4.48. The stock had a trading volume of 27,543 shares, compared to its average volume of 1,422,703. The firm has a fifty day moving average price of $4.53. The company has a current ratio of 3.26, a quick ratio of 2.30 and a debt-to-equity ratio of 2.31. The stock has a market cap of $610.37 million, a P/E ratio of -12.44 and a beta of 1.90. Akorn has a 52-week low of $2.64 and a 52-week high of $19.65.



Akorn (NASDAQ:AKRX) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.08. The company had revenue of $165.90 million for the quarter, compared to analyst estimates of $153.01 million. Akorn had a negative return on equity of 13.92% and a negative net margin of 67.38%. The business’s revenue was down 9.9% compared to the same quarter last year. On average, analysts predict that Akorn will post -0.36 EPS for the current fiscal year.

In related news, Director Alan D. Weinstein purchased 50,000 shares of Akorn stock in a transaction dated Friday, May 31st. The shares were acquired at an average price of $3.97 per share, for a total transaction of $198,500.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Terry Allison Rappuhn purchased 10,000 shares of Akorn stock in a transaction dated Monday, May 13th. The shares were bought at an average price of $4.03 per share, for a total transaction of $40,300.00. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 85,000 shares of company stock worth $337,800. Insiders own 3.90% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Comerica Bank grew its holdings in shares of Akorn by 52.2% during the 4th quarter. Comerica Bank now owns 91,024 shares of the company’s stock valued at $372,000 after purchasing an additional 31,225 shares during the last quarter. Prudential Financial Inc. grew its holdings in Akorn by 436.6% in the 4th quarter. Prudential Financial Inc. now owns 344,701 shares of the company’s stock worth $1,169,000 after acquiring an additional 280,466 shares during the last quarter. California Public Employees Retirement System grew its holdings in Akorn by 159.7% in the 4th quarter. California Public Employees Retirement System now owns 488,784 shares of the company’s stock worth $1,657,000 after acquiring an additional 300,600 shares during the last quarter. BlackRock Inc. grew its holdings in Akorn by 43.7% in the 4th quarter. BlackRock Inc. now owns 15,707,461 shares of the company’s stock worth $53,248,000 after acquiring an additional 4,776,900 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Akorn by 1.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,528,004 shares of the company’s stock worth $5,180,000 after acquiring an additional 29,016 shares during the last quarter. Hedge funds and other institutional investors own 66.82% of the company’s stock.

Akorn Company Profile

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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Analyst Recommendations for Akorn (NASDAQ:AKRX)

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