$252.74 Million in Sales Expected for Akorn, Inc. (NASDAQ:AKRX) This Quarter
Analysts expect Akorn, Inc. (NASDAQ:AKRX) to post sales of $252.74 million for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Akorn’s earnings, with estimates ranging from $243.20 million to $260.83 million. Akorn posted sales of $280.73 million in the same quarter last year, which suggests a negative year over year growth rate of 10%. The business is expected to issue its next earnings results on Monday, January 1st.
On average, analysts expect that Akorn will report full-year sales of $252.74 million for the current year, with estimates ranging from $905.00 million to $1.06 billion. For the next fiscal year, analysts forecast that the company will report sales of $1.07 billion per share, with estimates ranging from $1.00 billion to $1.15 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that that provide coverage for Akorn.
A number of research firms have issued reports on AKRX. Piper Jaffray Companies restated a “hold” rating and issued a $34.00 target price on shares of Akorn in a report on Thursday. TheStreet lowered shares of Akorn from a “b-” rating to a “c” rating in a report on Tuesday, August 1st. BidaskClub lowered shares of Akorn from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Royal Bank Of Canada set a $34.00 target price on shares of Akorn and gave the company a “hold” rating in a report on Sunday, July 30th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $34.00 target price on shares of Akorn in a report on Wednesday, July 19th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. Akorn presently has an average rating of “Hold” and an average price target of $28.56.
Akorn (NASDAQ AKRX) traded down 0.03% during trading on Friday, hitting $33.31. 1,781,794 shares of the stock traded hands. The company’s 50 day moving average price is $33.54 and its 200-day moving average price is $29.05. The stock has a market cap of $4.16 billion, a P/E ratio of 33.65 and a beta of 1.36. Akorn has a 52-week low of $17.61 and a 52-week high of $34.00.
In other news, COO Bruce Kutinsky sold 40,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the completion of the transaction, the chief operating officer now owns 317,480 shares of the company’s stock, valued at approximately $10,622,880.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Brian Tambi sold 5,165 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $33.37, for a total transaction of $172,356.05. The disclosure for this sale can be found here. Corporate insiders own 28.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of AKRX. State Treasurer State of Michigan increased its position in Akorn by 0.3% in the first quarter. State Treasurer State of Michigan now owns 35,400 shares of the company’s stock worth $852,000 after buying an additional 100 shares in the last quarter. Public Employees Retirement Association of Colorado increased its position in Akorn by 0.8% in the second quarter. Public Employees Retirement Association of Colorado now owns 19,534 shares of the company’s stock worth $655,000 after buying an additional 158 shares in the last quarter. Pacer Advisors Inc. increased its position in Akorn by 1.4% in the second quarter. Pacer Advisors Inc. now owns 12,889 shares of the company’s stock worth $432,000 after buying an additional 180 shares in the last quarter. Mason Street Advisors LLC increased its position in Akorn by 0.6% in the first quarter. Mason Street Advisors LLC now owns 41,143 shares of the company’s stock worth $991,000 after buying an additional 226 shares in the last quarter. Finally, Advantus Capital Management Inc increased its position in Akorn by 2.3% in the first quarter. Advantus Capital Management Inc now owns 11,151 shares of the company’s stock worth $269,000 after buying an additional 256 shares in the last quarter. 74.73% of the stock is owned by institutional investors.
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Akorn Company Profile
Akorn Inc (Akorn), together with its subsidiaries, is a specialty generic 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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