Profund Advisors LLC Sells 2,863 Shares of Akorn, Inc. (AKRX)
Profund Advisors LLC reduced its position in shares of Akorn, Inc. (NASDAQ:AKRX) by 18.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 12,568 shares of the company’s stock after selling 2,863 shares during the quarter. Profund Advisors LLC’s holdings in Akorn were worth $422,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of Akorn by 12,960.9% in the first quarter. BlackRock Inc. now owns 9,080,983 shares of the company’s stock valued at $218,671,000 after purchasing an additional 9,011,455 shares in the last quarter. Columbia Wanger Asset Management LLC increased its position in Akorn by 127.5% in the first quarter. Columbia Wanger Asset Management LLC now owns 2,682,821 shares of the company’s stock worth $64,602,000 after purchasing an additional 1,503,366 shares during the last quarter. FMR LLC increased its position in Akorn by 54.0% in the first quarter. FMR LLC now owns 3,560,997 shares of the company’s stock worth $85,748,000 after purchasing an additional 1,249,329 shares during the last quarter. Fosun International Ltd increased its position 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 during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new stake in Akorn in the second quarter worth $31,585,000. Hedge funds and other institutional investors own 69.98% of the company’s stock.
A number of equities research analysts recently issued reports on the stock. Jefferies Group LLC reaffirmed a “hold” rating and set a $34.00 price target on shares of Akorn in a research note on Wednesday, July 19th. Royal Bank Of Canada reiterated a “hold” rating and set a $34.00 price objective on shares of Akorn in a research report on Tuesday. BidaskClub cut shares of Akorn from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Piper Jaffray Companies reissued a “hold” rating and issued a $34.00 price objective on shares of Akorn in a research note on Thursday, August 10th. Finally, TheStreet downgraded shares of Akorn from a “b-” rating to a “c” rating in a report on Tuesday, August 1st. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $28.56.
In other news, COO Bruce Kutinsky sold 40,000 shares of Akorn stock in a transaction that occurred 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 sale, the chief operating officer now owns 317,480 shares of the company’s stock, valued at approximately $10,622,880.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Brian Tambi sold 5,165 shares of Akorn stock in a transaction that occurred 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. Insiders own 28.20% of the company’s stock.
Shares of Akorn, Inc. (AKRX) opened at 32.68 on Wednesday. The company has a market cap of $4.08 billion, a price-to-earnings ratio of 33.01 and a beta of 1.40. The stock has a 50 day moving average of $32.91 and a 200 day moving average of $32.20. Akorn, Inc. has a 12-month low of $17.61 and a 12-month high of $34.00.
Akorn Company Profile
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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