Ameriprise Financial Inc. trimmed its position in Akorn, Inc. (NASDAQ:AKRX) by 72.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 263,186 shares of the company’s stock after selling 680,613 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.21% of Akorn worth $8,828,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. OMERS ADMINISTRATION Corp purchased a new stake in shares of Akorn in the second quarter worth about $31,585,000. Great West Life Assurance Co. Can lifted its holdings in shares of 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 buying an additional 340 shares in the last quarter. World Asset Management Inc purchased a new stake in shares of Akorn in the second quarter worth about $210,000. Airain ltd lifted its holdings in shares of Akorn by 133.1% in the second quarter. Airain ltd now owns 77,070 shares of the company’s stock worth $2,585,000 after buying an additional 44,011 shares in the last quarter. Finally, Alpine Associates Management Inc. purchased a new stake in shares of Akorn in the second quarter worth about $8,047,000. 69.98% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Brian Tambi sold 5,165 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $33.37, for a total value of $172,356.05. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Bruce Kutinsky sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $33.46, for a total value of $1,338,400.00. Following the completion of the transaction, the chief operating officer now directly owns 317,480 shares in the company, valued at $10,622,880.80. The disclosure for this sale can be found here. 28.20% of the stock is currently owned by insiders.

A number of equities research analysts have recently issued reports on AKRX shares. BidaskClub raised shares of Akorn from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. TheStreet downgraded shares of Akorn from a “b-” rating to a “c” rating in a report on Tuesday, August 1st. Royal Bank Of Canada set a $34.00 price target on shares of Akorn and gave the stock a “hold” rating in a report on Sunday, July 30th. Jefferies Group LLC reissued a “hold” rating and issued a $34.00 price target on shares of Akorn in a report on Wednesday, July 19th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $34.00 price target 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 assigned a buy rating to the company’s stock. Akorn has a consensus rating of “Hold” and an average target price of $28.56.

Akorn, Inc. (AKRX) opened at 33.22 on Friday. The company has a market capitalization of $4.15 billion, a PE ratio of 33.56 and a beta of 1.40. Akorn, Inc. has a 52-week low of $17.61 and a 52-week high of $34.00. The company has a 50 day moving average of $33.00 and a 200 day moving average of $32.71.

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About Akorn

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.

Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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