Akorn Inc. (AKRX) Upgraded at Piper Jaffray Cos.
Piper Jaffray Cos. upgraded shares of Akorn Inc. (NASDAQ:AKRX) from a neutral rating to an overweight rating in a research note issued to investors on Thursday morning. Piper Jaffray Cos. currently has $34.00 price target on the stock, up from their prior price target of $33.00.
AKRX has been the subject of several other reports. Jefferies Group restated a buy rating and issued a $35.00 target price on shares of Akorn in a research report on Monday, August 29th. Zacks Investment Research cut shares of Akorn from a hold rating to a strong sell rating in a research report on Tuesday, July 19th. JPMorgan Chase & Co. set a $45.00 target price on shares of Akorn and gave the company a buy rating in a research report on Friday, August 5th. Deutsche Bank AG lowered shares of Akorn from a buy rating to a hold rating and set a $33.00 price target on the stock. in a report on Friday, August 5th. Finally, Royal Bank Of Canada reaffirmed a buy rating on shares of Akorn in a report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $34.75.
Shares of Akorn (NASDAQ:AKRX) opened at 28.48 on Thursday. The firm has a 50-day moving average of $29.01 and a 200 day moving average of $27.96. Akorn has a 12-month low of $17.57 and a 12-month high of $39.46. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of 19.19 and a beta of 1.08.
Akorn (NASDAQ:AKRX) last issued its earnings results on Thursday, August 4th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. The company earned $280.70 million during the quarter, compared to analysts’ expectations of $272.99 million. Akorn had a net margin of 17.00% and a return on equity of 32.83%. The firm’s revenue was up 27.1% compared to the same quarter last year. On average, equities research analysts expect that Akorn will post $2.17 earnings per share for the current year.
In related news, Director Kenneth Abramowitz sold 2,691 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $30.44, for a total transaction of $81,914.04. Following the completion of the transaction, the director now owns 20,786 shares in the company, valued at $632,725.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 30.10% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Charlemagne Capital Ltd. bought a new position in Akorn during the second quarter valued at $138,000. Creative Planning raised its position 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 during the last quarter. LS Investment Advisors LLC raised its position in Akorn by 74.5% in the second quarter. LS Investment Advisors LLC now owns 5,560 shares of the company’s stock valued at $158,000 after buying an additional 2,373 shares during the last quarter. Shelton Capital Management bought a new position in Akorn during the second quarter valued at $203,000. Finally, Timber Hill LLC bought a new position in Akorn during the second quarter valued at $209,000. Institutional investors own 73.62% of the company’s stock.
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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