JPMorgan Chase & Co. Reduces Stake in Akorn, Inc. (AKRX)
JPMorgan Chase & Co. lowered its position in Akorn, Inc. (NASDAQ:AKRX) by 0.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 165,162 shares of the company’s stock after selling 1,151 shares during the period. JPMorgan Chase & Co. owned approximately 0.13% of Akorn worth $4,502,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Charlemagne Capital Ltd. acquired a new position in shares of Akorn during the second quarter worth $138,000. LS Investment Advisors LLC raised its position in shares of Akorn by 74.5% in the second quarter. LS Investment Advisors LLC now owns 5,560 shares of the company’s stock worth $158,000 after buying an additional 2,373 shares in the last quarter. Pacer Advisors Inc. acquired a new position in shares of Akorn during the second quarter worth $212,000. Oakbrook Investments LLC acquired a new position in shares of Akorn during the second quarter worth $218,000. Finally, Nisa Investment Advisors LLC raised its position in shares of Akorn by 636.4% in the second quarter. Nisa Investment Advisors LLC now owns 8,100 shares of the company’s stock worth $231,000 after buying an additional 7,000 shares in the last quarter. 73.47% of the stock is currently owned by institutional investors.
Shares of Akorn, Inc. (NASDAQ:AKRX) opened at 22.48 on Friday. The stock’s 50 day moving average price is $21.07 and its 200 day moving average price is $26.35. Akorn, Inc. has a 52 week low of $17.57 and a 52 week high of $35.40. The firm has a market capitalization of $2.82 billion, a P/E ratio of 15.21 and a beta of 1.12.
Akorn (NASDAQ:AKRX) last issued its earnings results on Thursday, November 3rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.02. The company earned $284 million during the quarter, compared to analyst estimates of $267.04 million. Akorn had a net margin of 16.58% and a return on equity of 38.59%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts predict that Akorn, Inc. will post $2.24 EPS for the current fiscal year.
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AKRX has been the topic of a number of recent analyst reports. Jefferies Group reissued a “buy” rating and set a $24.00 price target (down previously from $35.00) on shares of Akorn in a research note on Friday, November 4th. Deutsche Bank AG raised Akorn from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Monday, November 7th. Guggenheim reissued a “buy” rating and set a $40.00 price target on shares of Akorn in a research note on Thursday, December 29th. Vetr lowered Akorn from a “buy” rating to a “hold” rating and set a $22.55 price target on the stock. in a research note on Monday, December 26th. Finally, TheStreet lowered Akorn from a “buy” rating to a “hold” rating in a research note on Monday, November 14th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company’s stock. Akorn has an average rating of “Hold” and a consensus price target of $29.47.
Akorn Inc, together with its subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as private-label over-the-counter (OTC) consumer health products and animal health pharmaceuticals. The Company operates through two segments: Prescription Pharmaceuticals and the Consumer Health.
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