Akorn Inc. (AKRX) Short Interest Update
Akorn Inc. (NASDAQ:AKRX) saw a large increase in short interest in October. As of October 31st, there was short interest totalling 12,192,656 shares, an increase of 24.2% from the October 14th total of 9,816,227 shares. Based on an average daily volume of 1,094,278 shares, the short-interest ratio is presently 11.1 days. Currently, 13.4% of the company’s stock are short sold.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AKRX. BlackRock Inc. raised its position in Akorn by 24.2% in the first quarter. BlackRock Inc. now owns 35,311 shares of the company’s stock worth $831,000 after buying an additional 6,881 shares during the last quarter. BlackRock Group LTD raised its position in Akorn by 17.3% in the first quarter. BlackRock Group LTD now owns 70,131 shares of the company’s stock worth $1,649,000 after buying an additional 10,348 shares during the last quarter. M&T Bank Corp raised its position in Akorn by 32.1% in the first quarter. M&T Bank Corp now owns 11,106 shares of the company’s stock worth $262,000 after buying an additional 2,698 shares during the last quarter. State Street Corp raised its position in Akorn by 7.1% in the first quarter. State Street Corp now owns 2,964,924 shares of the company’s stock worth $69,763,000 after buying an additional 197,347 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position in Akorn by 12.0% in the first quarter. Nuveen Asset Management LLC now owns 35,407 shares of the company’s stock worth $833,000 after buying an additional 3,805 shares during the last quarter. 74.52% of the stock is owned by institutional investors and hedge funds.
Shares of Akorn (NASDAQ:AKRX) opened at 23.27 on Wednesday. The company has a market capitalization of $2.91 billion, a P/E ratio of 15.74 and a beta of 1.15. Akorn has a 12 month low of $17.57 and a 12 month high of $39.46. The company’s 50 day moving average price is $25.30 and its 200 day moving average price is $28.27.
Akorn (NASDAQ:AKRX) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.02. The business earned $284 million during the quarter, compared to analyst estimates of $267.04 million. Akorn had a return on equity of 32.92% and a net margin of 16.58%. The business’s revenue was up 10.6% compared to the same quarter last year. Analysts expect that Akorn will post $2.24 EPS for the current fiscal year.
A number of equities research analysts have recently issued reports on the company. Zacks Investment Research upgraded Akorn from a “sell” rating to a “hold” rating in a research note on Monday, November 7th. WallachBeth Capital boosted their target price on Akorn from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, August 5th. RBC Capital Markets reissued an “outperform” rating and set a $37.00 target price on shares of Akorn in a report on Thursday, July 28th. Citigroup Inc. lowered Akorn to a “market perform” rating and boosted their target price for the stock from $33.80 to $34.00 in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Finally, Royal Bank Of Canada lowered Akorn from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $37.00 to $24.00 in a report on Friday, November 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. Akorn currently has a consensus rating of “Hold” and an average price target of $30.47.
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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