D.A. Davidson & CO. reduced its position in shares of Akorn, Inc. (NASDAQ:AKRX) by 10.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,241 shares of the company’s stock after selling 640 shares during the period. D.A. Davidson & CO.’s holdings in Akorn were worth $175,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. OMERS ADMINISTRATION Corp bought a new position in shares of Akorn during the second quarter valued at about $31,585,000. Great West Life Assurance Co. Can lifted its position in shares of Akorn by 0.7% during the second quarter. Great West Life Assurance Co. Can now owns 51,847 shares of the company’s stock valued at $1,738,000 after purchasing an additional 340 shares in the last quarter. World Asset Management Inc bought a new position in shares of Akorn during the second quarter valued at about $210,000. Airain ltd lifted its position in shares of Akorn by 133.1% during the second quarter. Airain ltd now owns 77,070 shares of the company’s stock valued at $2,585,000 after purchasing an additional 44,011 shares in the last quarter. Finally, Alpine Associates Management Inc. bought a new position in shares of Akorn during the second quarter valued at about $8,047,000. 69.98% of the stock is currently owned by institutional investors.

In other Akorn 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 transaction, the chief operating officer now owns 317,480 shares in the company, valued at approximately $10,622,880.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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. 28.20% of the stock is currently owned by corporate insiders.

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Shares of Akorn, Inc. (NASDAQ AKRX) opened at 32.83 on Friday. The stock has a market cap of $4.10 billion, a P/E ratio of 33.16 and a beta of 1.40. Akorn, Inc. has a 12-month low of $17.61 and a 12-month high of $34.00. The company’s 50-day moving average is $32.89 and its 200-day moving average is $32.28.

A number of research analysts recently weighed in on the stock. Royal Bank Of Canada reissued a “hold” rating and set a $34.00 price target on shares of Akorn in a research report on Tuesday. Piper Jaffray Companies set a $34.00 price target on shares of Akorn and gave the company a “hold” rating in a research report on Tuesday, August 29th. Zacks Investment Research lowered shares of Akorn from a “hold” rating to a “strong sell” rating in a research report on Friday, August 25th. BidaskClub lowered shares of Akorn from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. Finally, TheStreet lowered shares of Akorn from a “b-” rating to a “c” rating in a research report on Tuesday, August 1st. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $28.56.

About Akorn

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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Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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