Akorn (NASDAQ:AKRX) Cut to “Sell” at BidaskClub

BidaskClub lowered shares of Akorn (NASDAQ:AKRX) from a hold rating to a sell rating in a report issued on Thursday morning, BidAskClub reports.

Several other analysts have also commented on AKRX. Zacks Investment Research raised shares of Golub Capital BDC from a hold rating to a buy rating and set a $20.00 target price for the company in a research note on Tuesday, July 16th. Royal Bank of Canada set a $5.00 target price on shares of Akorn and gave the company a hold rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $6.58.

Shares of NASDAQ:AKRX opened at $3.84 on Thursday. The stock has a 50 day moving average of $4.57. Akorn has a twelve month low of $2.64 and a twelve month high of $19.65. The company has a quick ratio of 2.30, a current ratio of 3.26 and a debt-to-equity ratio of 2.31.



Akorn (NASDAQ:AKRX) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.08. Akorn had a negative net margin of 67.38% and a negative return on equity of 13.92%. The company had revenue of $165.90 million during the quarter, compared to analyst estimates of $153.01 million. Akorn’s quarterly revenue was down 9.9% on a year-over-year basis. Equities analysts forecast that Akorn will post -0.36 earnings per share for the current year.

In other news, Director Steven J. Meyer acquired 15,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average cost of $4.10 per share, with a total value of $61,500.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Terry Allison Rappuhn acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average cost of $4.03 per share, with a total value of $40,300.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 85,000 shares of company stock worth $337,800. 3.90% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of AKRX. BlackRock Inc. boosted its holdings in Akorn by 43.7% in the 4th quarter. BlackRock Inc. now owns 15,707,461 shares of the company’s stock valued at $53,248,000 after purchasing an additional 4,776,900 shares during the period. Norges Bank bought a new stake in Akorn in the 4th quarter valued at $4,789,000. Millennium Management LLC boosted its holdings in Akorn by 166.8% in the 4th quarter. Millennium Management LLC now owns 2,068,124 shares of the company’s stock valued at $7,011,000 after purchasing an additional 1,292,897 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Akorn by 77.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,375 shares of the company’s stock valued at $8,978,000 after purchasing an additional 1,153,675 shares during the period. Finally, Deutsche Bank AG boosted its holdings in Akorn by 102.7% in the 4th quarter. Deutsche Bank AG now owns 1,886,403 shares of the company’s stock valued at $6,393,000 after purchasing an additional 955,906 shares during the period. 66.82% of the stock is owned by hedge funds and other institutional investors.

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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