Short Interest in Akorn Inc. (AKRX) Decreases By 15.3%
Akorn Inc. (NASDAQ:AKRX) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 10,324,737 shares, a decrease of 15.3% from the October 31st total of 12,192,656 shares. Currently, 11.4% of the shares of the stock are sold short. Based on an average daily volume of 2,612,887 shares, the short-interest ratio is currently 4.0 days.
AKRX has been the subject of several recent research reports. Zacks Investment Research lowered shares of Akorn from a “hold” rating to a “sell” rating in a research note on Tuesday, August 9th. Piper Jaffray Cos. raised shares of Akorn from a “neutral” rating to an “overweight” rating and increased their target price for the company from $33.00 to $34.00 in a research note on Thursday, September 15th. Raymond James Financial Inc. lowered shares of Akorn from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 2nd. Jefferies Group reissued a “buy” rating and set a $35.00 target price on shares of Akorn in a research note on Monday, August 29th. Finally, WallachBeth Capital increased their target price on shares of Akorn from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, August 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. Akorn has a consensus rating of “Hold” and a consensus target price of $30.47.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Catalyst Capital Advisors LLC raised its position in Akorn by 400.0% in the third quarter. Catalyst Capital Advisors LLC now owns 4,000 shares of the company’s stock valued at $109,000 after buying an additional 3,200 shares during the last quarter. Charlemagne Capital Ltd. purchased a new position in Akorn during the second quarter valued at $138,000. Creative Planning raised its position in Akorn by 44.1% in the second quarter. Creative Planning now owns 4,898 shares of the company’s stock valued at $140,000 after buying an additional 1,500 shares during the last quarter. LS Investment Advisors LLC raised its position in Akorn by 74.5% in the second quarter. LS Investment Advisors LLC now owns 5,560 shares of the company’s stock valued at $158,000 after buying an additional 2,373 shares during the last quarter. Finally, Shelton Capital Management purchased a new position in Akorn during the second quarter valued at $203,000. 74.48% of the stock is currently owned by institutional investors and hedge funds.
Akorn (NASDAQ:AKRX) opened at 22.38 on Monday. The stock’s 50 day moving average is $24.15 and its 200 day moving average is $28.14. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 15.14 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 released its quarterly earnings data on Thursday, November 3rd. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.02. Akorn had a net margin of 16.58% and a return on equity of 32.92%. The business had revenue of $284 million for the quarter, compared to analyst estimates of $267.04 million. The business’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts expect that Akorn will post $2.24 EPS for the current year.
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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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