Akorn Inc. (AKRX) Position Boosted by Capstone Asset Management Co.
Capstone Asset Management Co. increased its stake in shares of Akorn Inc. (NASDAQ:AKRX) by 12.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 13,960 shares of the company’s stock after buying an additional 1,560 shares during the period. Capstone Asset Management Co.’s holdings in Akorn were worth $398,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Creative Planning boosted its stake in Akorn by 44.1% in the second quarter. Creative Planning now owns 4,898 shares of the company’s stock valued at $140,000 after buying an additional 1,500 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in Akorn by 10.9% in the second quarter. BNP Paribas Arbitrage SA now owns 486,729 shares of the company’s stock valued at $13,862,000 after buying an additional 47,757 shares in the last quarter. Seven Eight Capital LLC boosted its stake in Akorn by 1,860.9% in the first quarter. Seven Eight Capital LLC now owns 45,100 shares of the company’s stock valued at $1,061,000 after buying an additional 42,800 shares in the last quarter. Arizona State Retirement System boosted its stake in Akorn by 5.5% in the first quarter. Arizona State Retirement System now owns 44,013 shares of the company’s stock valued at $1,036,000 after buying an additional 2,300 shares in the last quarter. Finally, LPL Financial LLC bought a new stake in Akorn during the first quarter valued at about $255,000. 73.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Akorn Inc. (NASDAQ:AKRX) traded up 0.07% during trading on Friday, reaching $28.41. 1,523,552 shares of the company were exchanged. Akorn Inc. has a 52-week low of $17.57 and a 52-week high of $40.10. The stock has a market capitalization of $3.58 billion, a P/E ratio of 19.14 and a beta of 1.08. The stock has a 50-day moving average of $29.65 and a 200 day moving average of $27.90.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.03. The business had revenue of $280.70 million for the quarter, compared to the consensus estimate of $272.99 million. Akorn had a net margin of 17.00% and a return on equity of 32.83%. The company’s revenue was up 27.1% on a year-over-year basis. On average, equities analysts anticipate that Akorn Inc. will post $2.17 earnings per share for the current fiscal year.
Several analysts recently issued reports on the stock. Piper Jaffray Cos. raised shares of Akorn from a “neutral” rating to an “overweight” rating and upped their price target for the company from $33.00 to $34.00 in a report on Thursday. Jefferies Group reissued a “buy” rating and set a $35.00 target price on shares of Akorn in a report on Monday, August 29th. Zacks Investment Research cut shares of Akorn from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. WallachBeth Capital increased their target price on shares of Akorn from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Finally, JPMorgan Chase & Co. set a $45.00 target price on shares of Akorn and gave the stock a “buy” rating in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $34.75.
In other news, Director Kenneth Abramowitz sold 2,691 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $30.44, for a total value of $81,914.04. Following the sale, the director now owns 20,786 shares in the company, valued at $632,725.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 30.10% of the stock is currently owned by insiders.
Akorn Company Profile
Akorn Inc (Akorn), together with its wholly owned subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as animal and over-the-counter (OTC) consumer health products. The Company specializes in sterile and non-sterile dosage forms, including ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays.
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