Akorn, Inc. (NASDAQ:AKRX) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 19,291,494 shares, a growth of 23.6% from the August 15th total of 15,605,371 shares. Based on an average daily volume of 3,412,104 shares, the short-interest ratio is presently 5.7 days. Approximately 20.8% of the company’s shares are short sold.
Several equities research analysts recently commented on AKRX shares. Jefferies Group LLC reissued a “hold” rating and set 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 price objective on shares of Akorn and gave the stock a “hold” rating in a research note on Saturday, May 27th. Piper Jaffray Companies reissued a “hold” rating and set a $34.00 price objective on shares of Akorn in a research note on Thursday, August 10th. BidaskClub lowered shares of Akorn from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, TheStreet lowered shares of Akorn from a “b-” rating to a “c” rating in a research note on Tuesday, August 1st. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $28.56.
Akorn (AKRX) opened at 33.02 on Tuesday. The stock has a market capitalization of $4.12 billion, a PE ratio of 33.35 and a beta of 1.38. Akorn has a one year low of $17.61 and a one year high of $34.00. The firm has a 50-day moving average of $33.02 and a 200 day moving average of $31.37.
In other news, Director Brian Tambi sold 5,165 shares of Akorn stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $33.37, for a total transaction of $172,356.05. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Bruce Kutinsky sold 40,000 shares of Akorn 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 sale, the chief operating officer now directly owns 317,480 shares in the company, valued at approximately $10,622,880.80. The disclosure for this sale can be found here. Insiders own 28.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Akorn by 12,960.9% in the 1st 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 during the last quarter. Pentwater Capital Management LP purchased a new position in Akorn during the 2nd quarter worth approximately $132,148,000. CNH Partners LLC purchased a new position in Akorn during the 2nd quarter worth approximately $116,243,000. Columbia Wanger Asset Management LLC raised its position in Akorn by 127.5% during the 1st quarter. Columbia Wanger Asset Management LLC now owns 2,682,821 shares of the company’s stock worth $64,602,000 after buying an additional 1,503,366 shares during the last quarter. Finally, FMR LLC raised its position in Akorn by 54.0% during the 1st quarter. FMR LLC now owns 3,560,997 shares of the company’s stock worth $85,748,000 after buying an additional 1,249,329 shares during the last quarter. Institutional investors and hedge funds own 69.54% of the company’s stock.
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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