Stephens Investment Management Group LLC Has $35.66 Million Holdings in Akorn, Inc. (AKRX)
Stephens Investment Management Group LLC reduced its stake in shares of Akorn, Inc. (NASDAQ:AKRX) by 25.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,063,318 shares of the company’s stock after selling 355,182 shares during the quarter. Stephens Investment Management Group LLC owned about 0.85% of Akorn worth $35,664,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of AKRX. Fosun International Ltd grew its stake in 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 purchasing an additional 1,175,306 shares in the last quarter. World Asset Management Inc bought a new position in Akorn in the second quarter worth approximately $210,000. Private Advisor Group LLC bought a new position in Akorn in the first quarter worth approximately $164,000. Bancorpsouth Inc. grew its stake in Akorn by 33.2% in the first quarter. Bancorpsouth Inc. now owns 13,630 shares of the company’s stock worth $328,000 after purchasing an additional 3,394 shares in the last quarter. Finally, Great West Life Assurance Co. Can grew its stake in Akorn by 0.7% in the second quarter. Great West Life Assurance Co. Can now owns 51,847 shares of the company’s stock worth $1,738,000 after purchasing an additional 340 shares in the last quarter. 69.71% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on AKRX. Jefferies Group LLC reissued a “hold” rating and issued a $34.00 price objective on shares of Akorn in a research note on Wednesday, July 19th. Royal Bank Of Canada set a $34.00 target price on Akorn and gave the stock a “hold” rating in a report on Sunday, July 30th. BidaskClub lowered Akorn from a “buy” rating to a “hold” rating in a report on Monday, July 24th. TheStreet lowered Akorn from a “b-” rating to a “c” rating in a report on Tuesday, August 1st. Finally, Piper Jaffray Companies restated a “hold” rating and set a $34.00 target price on shares of Akorn in a report on Thursday, August 10th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. Akorn currently has a consensus rating of “Hold” and an average price target of $28.56.
In other news, Director Brian Tambi sold 5,165 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $33.37, for a total value of $172,356.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Bruce Kutinsky sold 40,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $10,622,880.80. The disclosure for this sale can be found here. 28.20% of the stock is currently owned by corporate insiders.
Shares of Akorn, Inc. (AKRX) traded up 0.045% during midday trading on Tuesday, reaching $33.185. The company’s stock had a trading volume of 134,081 shares. Akorn, Inc. has a 52 week low of $17.61 and a 52 week high of $34.00. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of 33.520 and a beta of 1.38. The company has a 50 day moving average of $33.09 and a 200-day moving average of $30.95.
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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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