Akorn, Inc. (AKRX) Rating Lowered to Strong Sell at BidaskClub
Akorn, Inc. (NASDAQ:AKRX) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Saturday.
AKRX has been the topic of a number of other reports. Royal Bank Of Canada set a $34.00 price target on Akorn and gave the stock a “hold” rating in a research report on Saturday, May 27th. William Blair cut Akorn from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 25th. Piper Jaffray Companies reissued a “hold” rating and issued a $34.00 price target on shares of Akorn in a research report on Thursday, August 10th. Jefferies Group LLC cut Akorn from a “buy” rating to a “hold” rating and upped their price objective for the company from $24.00 to $34.00 in a research report on Tuesday, April 25th. Finally, Craig Hallum cut Akorn from a “buy” rating to a “hold” rating in a research report on Tuesday, April 25th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. Akorn has a consensus rating of “Hold” and a consensus target price of $28.56.
Shares of Akorn (NASDAQ AKRX) opened at 31.98 on Friday. The stock has a market capitalization of $3.99 billion, a P/E ratio of 32.30 and a beta of 1.36. The company’s 50 day moving average price is $33.45 and its 200-day moving average price is $29.53. Akorn has a 12 month low of $17.61 and a 12 month high of $34.00.
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In other Akorn news, COO Bruce Kutinsky sold 40,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the completion of the sale, the chief operating officer now directly owns 317,480 shares in the company, valued at approximately $10,622,880.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Brian Tambi sold 5,165 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $33.37, for a total transaction of $172,356.05. The disclosure for this sale can be found here. 28.20% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Fosun International Ltd raised its stake in shares of Akorn by 134.5% in the first quarter. Fosun International Ltd now owns 2,048,869 shares of the company’s stock worth $49,336,000 after buying an additional 1,175,306 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Akorn by 116.9% in the first quarter. Bank of Montreal Can now owns 99,320 shares of the company’s stock worth $2,392,000 after buying an additional 53,525 shares in the last quarter. First Quadrant L P CA raised its stake in shares of Akorn by 322,209.4% in the first quarter. First Quadrant L P CA now owns 170,824 shares of the company’s stock worth $4,113,000 after buying an additional 170,771 shares in the last quarter. Private Advisor Group LLC bought a new stake in shares of Akorn during the first quarter worth $164,000. Finally, Bancorpsouth Inc. raised its stake in shares of Akorn by 33.2% in the first quarter. Bancorpsouth Inc. now owns 13,630 shares of the company’s stock worth $328,000 after buying an additional 3,394 shares in the last quarter. Institutional investors and hedge funds own 71.95% of the company’s stock.
Akorn Inc (Akorn), together with its subsidiaries, is a specialty generic 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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