WallachBeth Capital Lowers Akorn Inc. (AKRX) to Hold
WallachBeth Capital lowered shares of Akorn Inc. (NASDAQ:AKRX) from a buy rating to a hold rating in a report issued on Monday morning. The brokerage currently has $22.00 price target on the stock, down from their prior price target of $40.00.
AKRX has been the topic of several other reports. Jefferies Group restated a buy rating and set a $35.00 target price on shares of Akorn in a report on Monday, August 29th. Piper Jaffray Cos. upgraded shares of Akorn from a neutral rating to an overweight rating and raised their target price for the stock from $33.00 to $34.00 in a report on Thursday, September 15th. Zacks Investment Research downgraded shares of Akorn from a hold rating to a sell rating in a report on Friday, October 21st. JPMorgan Chase & Co. set a $45.00 target price on shares of Akorn and gave the stock a buy rating in a report on Friday, August 5th. Finally, Deutsche Bank AG downgraded shares of Akorn from a buy rating to a hold rating and set a $33.00 target price on the stock. in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $30.47.
Shares of Akorn (NASDAQ:AKRX) opened at 21.90 on Monday. The stock has a 50 day moving average of $25.92 and a 200-day moving average of $28.35. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 14.76 and a beta of 1.15. Akorn has a 52 week low of $17.57 and a 52 week high of $39.46.
Akorn (NASDAQ:AKRX) last announced its earnings results on Thursday, November 3rd. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.54 by $0.02. The firm had revenue of $284 million for the quarter, compared to the consensus estimate of $267.04 million. Akorn had a net margin of 16.58% and a return on equity of 32.92%. Akorn’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts expect that Akorn will post $2.22 earnings per share for the current year.
In related news, Director Kenneth Abramowitz sold 2,691 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $30.44, for a total value of $81,914.04. Following the transaction, the director now directly owns 20,786 shares in the company, valued at $632,725.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 30.10% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charlemagne Capital Ltd. acquired a new position in Akorn during the second quarter worth approximately $138,000. Creative Planning raised its stake in shares of Akorn by 44.1% in the second quarter. Creative Planning now owns 4,898 shares of the company’s stock worth $140,000 after buying an additional 1,500 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Akorn by 74.5% in the second quarter. LS Investment Advisors LLC now owns 5,560 shares of the company’s stock worth $158,000 after buying an additional 2,373 shares during the last quarter. Shelton Capital Management purchased a new stake in shares of Akorn during the second quarter worth about $203,000. Finally, Timber Hill LLC purchased a new stake in shares of Akorn during the second quarter worth about $209,000. Hedge funds and other institutional investors own 73.43% of the company’s stock.
Akorn Company Profile
Akorn Inc, together with its subsidiaries, is a specialty 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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