Akorn (AKRX) Stock Price Up 7.2%
Akorn, Inc. (NASDAQ:AKRX)’s share price rose 7.2% during mid-day trading on Tuesday . The company traded as high as $6.73 and last traded at $6.71. Approximately 3,015,737 shares changed hands during trading, an increase of 11% from the average daily volume of 2,707,669 shares. The stock had previously closed at $6.26.
AKRX has been the subject of a number of research reports. BidaskClub raised Akorn from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 4th. Royal Bank of Canada increased their price target on Akorn from $25.00 to $27.00 and gave the company a “hold” rating in a research note on Wednesday, July 25th. Jefferies Financial Group decreased their price target on Akorn to $6.00 and set a “hold” rating for the company in a research note on Wednesday, October 3rd. Deutsche Bank reaffirmed a “buy” rating on shares of Akorn in a research note on Thursday, August 23rd. Finally, Zacks Investment Research raised Akorn from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Monday, August 27th. Five equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $14.17.
The company has a debt-to-equity ratio of 1.13, a current ratio of 3.94 and a quick ratio of 2.87.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. ING Groep NV raised its holdings in shares of Akorn by 23.5% during the second quarter. ING Groep NV now owns 14,390 shares of the company’s stock worth $239,000 after acquiring an additional 2,734 shares in the last quarter. Voya Investment Management LLC increased its position in Akorn by 8.8% during the second quarter. Voya Investment Management LLC now owns 34,868 shares of the company’s stock worth $578,000 after buying an additional 2,818 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Akorn by 4.3% during the second quarter. Mutual of America Capital Management LLC now owns 80,620 shares of the company’s stock worth $1,337,000 after buying an additional 3,299 shares during the last quarter. OppenheimerFunds Inc. increased its position in Akorn by 65.6% during the first quarter. OppenheimerFunds Inc. now owns 13,980 shares of the company’s stock worth $262,000 after buying an additional 5,537 shares during the last quarter. Finally, Riverhead Capital Management LLC acquired a new position in Akorn during the second quarter worth $100,000. Institutional investors own 69.81% of the company’s stock.
Akorn Company Profile (NASDAQ:AKRX)
Akorn, Inc, a specialty generic pharmaceutical company, develops, manufactures, and markets generic and branded prescription pharmaceuticals, over-the-counter (OTC) consumer health products, and animal health pharmaceuticals in the United States and internationally. The company operates in two segments, Prescription Pharmaceuticals and Consumer Health.
See Also: Initial Public Offering (IPO)
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