Fmr LLC Cuts Stake in Akorn, Inc. (AKRX)

Fmr LLC cut its position in Akorn, Inc. (NASDAQ:AKRX) by 8.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,311,668 shares of the company’s stock after selling 220,449 shares during the period. Fmr LLC owned approximately 1.85% of Akorn worth $50,464,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Catalyst Capital Advisors LLC increased its position in Akorn by 400.0% in the third quarter. Catalyst Capital Advisors LLC now owns 4,000 shares of the company’s stock worth $109,000 after buying an additional 3,200 shares during the period. LS Investment Advisors LLC increased its position in Akorn by 11.6% in the third quarter. LS Investment Advisors LLC now owns 6,204 shares of the company’s stock worth $169,000 after buying an additional 644 shares during the period. Pacer Advisors Inc. increased its position in Akorn by 21.4% in the third quarter. Pacer Advisors Inc. now owns 9,034 shares of the company’s stock worth $246,000 after buying an additional 1,593 shares during the period. Oakbrook Investments LLC increased its position in Akorn by 18.3% in the third quarter. Oakbrook Investments LLC now owns 9,050 shares of the company’s stock worth $247,000 after buying an additional 1,400 shares during the period. Finally, Americafirst Capital Management LLC bought a new position in Akorn during the third quarter worth $343,000. 74.75% of the stock is currently owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

Akorn, Inc. (NASDAQ:AKRX) opened at 22.54 on Tuesday. The firm has a market capitalization of $2.80 billion, a P/E ratio of 15.30 and a beta of 1.12. Akorn, Inc. has a 52-week low of $17.57 and a 52-week high of $35.40. The firm’s 50-day moving average is $21.43 and its 200 day moving average is $23.18.

Akorn (NASDAQ:AKRX) last announced its quarterly earnings results on Wednesday, March 1st. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.01. The company had revenue of $283.70 million for the quarter, compared to analysts’ expectations of $287.91 million. Akorn had a net margin of 16.58% and a return on equity of 38.59%. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same period last year, the firm posted $0.60 earnings per share. Equities analysts anticipate that Akorn, Inc. will post $1.62 EPS for the current year.

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A number of equities analysts have recently weighed in on the stock. Vetr raised shares of Akorn from a “buy” rating to a “strong-buy” rating and set a $26.00 price target on the stock in a research note on Tuesday, March 7th. Zacks Investment Research downgraded shares of Akorn from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 3rd. Royal Bank of Canada set a $21.00 price target on shares of Akorn and gave the stock a “hold” rating in a research note on Thursday, March 2nd. Jefferies Group LLC set a $24.00 price target on shares of Akorn and gave the stock a “buy” rating in a research note on Tuesday, December 13th. Finally, WallachBeth Capital upped their price target on shares of Akorn from $22.00 to $25.00 and gave the stock a “hold” rating in a research note on Friday, March 10th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $29.78.

About Akorn

Akorn Inc, together with its subsidiaries, is a specialty 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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