Akorn (AKRX) Stock Price Up 7.2%

Akorn, Inc. (NASDAQ:AKRX) shares rose 7.2% during trading on Tuesday . The stock traded as high as $6.73 and last traded at $6.71. Approximately 3,015,737 shares traded hands during mid-day trading, an increase of 11% from the average daily volume of 2,707,669 shares. The stock had previously closed at $6.26.

AKRX has been the topic of several recent analyst reports. BidaskClub upgraded Akorn from a “hold” rating to a “buy” rating in a research note on Monday, June 18th. Zacks Investment Research upgraded Akorn from a “sell” rating to a “hold” rating in a research note on Monday, July 9th. Royal Bank of Canada upped their price objective on Akorn from $25.00 to $27.00 and gave the company a “hold” rating in a research note on Wednesday, July 25th. Deutsche Bank restated a “buy” rating on shares of Akorn in a research note on Thursday, August 23rd. Finally, ValuEngine upgraded Akorn from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Five investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $14.17.

The company has a current ratio of 3.94, a quick ratio of 2.87 and a debt-to-equity ratio of 1.13.

Akorn (NASDAQ:AKRX) last announced its quarterly earnings results on Wednesday, August 1st. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.14). The company had revenue of $190.94 million for the quarter, compared to analyst estimates of $187.40 million. Akorn had a negative return on equity of 12.84% and a negative net margin of 24.21%. As a group, equities analysts expect that Akorn, Inc. will post 0.37 EPS for the current year.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Akorn by 30.6% during the 2nd quarter. BlackRock Inc. now owns 10,731,745 shares of the company’s stock worth $178,040,000 after purchasing an additional 2,515,409 shares during the period. Marshall Wace LLP raised its position in shares of Akorn by 250.5% during the 2nd quarter. Marshall Wace LLP now owns 2,069,385 shares of the company’s stock worth $34,331,000 after purchasing an additional 1,478,959 shares during the period. Paulson & CO. Inc. acquired a new stake in shares of Akorn during the 2nd quarter worth approximately $29,198,000. Natixis raised its position in shares of Akorn by 31.3% during the 2nd quarter. Natixis now owns 1,500,471 shares of the company’s stock worth $24,893,000 after purchasing an additional 357,981 shares during the period. Finally, Northern Trust Corp raised its position in shares of Akorn by 75.7% during the 2nd quarter. Northern Trust Corp now owns 1,409,291 shares of the company’s stock worth $23,379,000 after purchasing an additional 607,101 shares during the period. Institutional investors and hedge funds own 69.81% of the company’s stock.

Akorn Company Profile (NASDAQ:AKRX)

Akorn, Inc, a specialty generic pharmaceutical company, develops, manufactures, and markets generic and branded prescription pharmaceuticals, over-the-counter (OTC) consumer health products, and animal health pharmaceuticals in the United States and internationally. The company operates in two segments, Prescription Pharmaceuticals and Consumer Health.

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