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 report published on Thursday. The firm currently has $34.00 price target on the stock, up from their previous price target of $33.00.
AKRX has been the topic of a number of other research reports. Raymond James Financial Inc. cut shares of Akorn from an outperform rating to a market perform rating in a report on Tuesday, August 2nd. JPMorgan Chase & Co. set a $45.00 target price on shares of Akorn and gave the company a buy rating in a report on Friday, August 5th. Zacks Investment Research upgraded shares of Akorn from a hold rating to a buy rating and set a $33.00 target price on the stock in a report on Wednesday, May 18th. RBC Capital Markets restated an outperform rating and set a $37.00 target price on shares of Akorn in a report on Tuesday, July 19th. Finally, Leerink Swann restated a hold rating on shares of Akorn in a report on Thursday, May 26th. One research 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’s stock. The stock presently has an average rating of Buy and a consensus target price of $34.75.
Akorn (NASDAQ:AKRX) opened at 28.48 on Thursday. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 19.19 and a beta of 1.08. The company’s 50-day moving average is $29.01 and its 200 day moving average is $27.96. Akorn has a 52-week low of $17.57 and a 52-week high of $39.46.
Akorn (NASDAQ:AKRX) last announced its earnings results on Thursday, August 4th. The company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. Akorn had a net margin of 17.00% and a return on equity of 32.83%. The firm had revenue of $280.70 million for the quarter, compared to analysts’ expectations of $272.99 million. The business’s revenue for the quarter was up 27.1% on a year-over-year basis. Equities analysts forecast that Akorn will post $2.17 earnings per share for the current fiscal year.
In other Akorn news, Director Kenneth Abramowitz sold 2,691 shares of the business’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $30.44, for a total transaction of $81,914.04. Following the completion of the sale, the director now directly owns 20,786 shares in the company, valued at approximately $632,725.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 30.10% of the company’s stock.
Several large investors have recently added to or reduced their stakes in AKRX. Northwestern Mutual Investment Management Company LLC increased its stake in Akorn by 4.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 14,432 shares of the company’s stock worth $411,000 after buying an additional 612 shares in the last quarter. Mason Street Advisors LLC purchased a new stake in Akorn during the second quarter worth about $1,086,000. Royal Bank of Canada increased its stake in Akorn by 6.2% in the second quarter. Royal Bank of Canada now owns 53,177 shares of the company’s stock worth $1,514,000 after buying an additional 3,091 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in Akorn by 15.2% in the second quarter. Public Employees Retirement System of Ohio now owns 83,879 shares of the company’s stock worth $2,389,000 after buying an additional 11,047 shares in the last quarter. Finally, Lebenthal Holdings LLC increased its stake in Akorn by 15.0% in the second quarter. Lebenthal Holdings LLC now owns 106,135 shares of the company’s stock worth $3,023,000 after buying an additional 13,853 shares in the last quarter. Institutional investors and hedge funds 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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