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.
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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