Retirement Systems of Alabama Cuts Position in Akorn, Inc. (AKRX)
Retirement Systems of Alabama cut its stake in Akorn, Inc. (NASDAQ:AKRX) by 29.5% in the 4th quarter, HoldingsChannel reports. The fund owned 121,293 shares of the company’s stock after selling 50,690 shares during the quarter. Retirement Systems of Alabama’s holdings in Akorn were worth $3,909,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in AKRX. Cheyne Capital Management UK LLP purchased a new position in Akorn in the third quarter worth $1,686,000. Alpine Associates Management Inc. grew its position in Akorn by 395.7% in the third quarter. Alpine Associates Management Inc. now owns 1,189,216 shares of the company’s stock worth $39,469,000 after acquiring an additional 949,316 shares in the last quarter. APG Asset Management N.V. purchased a new position in Akorn in the third quarter worth $11,168,000. Cornerstone Capital Management Holdings LLC. grew its position in Akorn by 1,277.6% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 331,214 shares of the company’s stock worth $10,992,000 after acquiring an additional 307,171 shares in the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. grew its position in Akorn by 98.7% in the third quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 575,219 shares of the company’s stock worth $19,092,000 after acquiring an additional 285,793 shares in the last quarter. Institutional investors own 71.64% of the company’s stock.
Shares of Akorn, Inc. (AKRX) opened at $31.38 on Thursday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 3.17 and a current ratio of 4.16. Akorn, Inc. has a 1 year low of $20.00 and a 1 year high of $34.00. The stock has a market cap of $3,950.98, a PE ratio of 31.70, a price-to-earnings-growth ratio of 1.18 and a beta of 1.33.
Several research analysts recently issued reports on the stock. BidaskClub lowered shares of Akorn from a “sell” rating to a “strong sell” rating in a research report on Thursday. Zacks Investment Research lowered shares of Akorn from a “hold” rating to a “sell” rating in a research report on Wednesday, January 31st. Finally, Jefferies Group set a $34.00 price target on shares of Akorn and gave the company a “hold” rating in a research report on Sunday, October 29th. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $29.17.
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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