Stevens Capital Management LP Purchases New Stake in Akorn, Inc. (AKRX)
Stevens Capital Management LP purchased a new position in shares of Akorn, Inc. (NASDAQ:AKRX) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 71,385 shares of the company’s stock, valued at approximately $927,000. Stevens Capital Management LP owned about 0.06% of Akorn at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. ING Groep NV increased its holdings in shares of Akorn by 23.5% during the 2nd quarter. ING Groep NV now owns 14,390 shares of the company’s stock valued at $239,000 after purchasing an additional 2,734 shares in the last quarter. Voya Investment Management LLC increased its holdings in shares of Akorn by 8.8% during the 2nd quarter. Voya Investment Management LLC now owns 34,868 shares of the company’s stock valued at $578,000 after purchasing an additional 2,818 shares in the last quarter. Mutual of America Capital Management LLC increased its holdings in shares of Akorn by 4.3% during the 2nd quarter. Mutual of America Capital Management LLC now owns 80,620 shares of the company’s stock valued at $1,337,000 after purchasing an additional 3,299 shares in the last quarter. Riverhead Capital Management LLC purchased a new position in shares of Akorn during the 2nd quarter valued at approximately $100,000. Finally, Meadow Creek Investment Management LLC purchased a new position in shares of Akorn during the 2nd quarter valued at approximately $157,000. 65.00% of the stock is owned by institutional investors.
Several research firms have recently weighed in on AKRX. Deutsche Bank reaffirmed a “buy” rating on shares of Akorn in a report on Thursday, August 23rd. BidaskClub raised shares of Akorn from a “buy” rating to a “strong-buy” rating in a report on Thursday, September 6th. Zacks Investment Research raised shares of Akorn from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Monday, August 27th. Piper Jaffray Companies set a $9.00 target price on shares of Akorn and gave the company a “buy” rating in a report on Tuesday, November 27th. Finally, Royal Bank of Canada set a $9.00 price target on shares of Akorn and gave the company a “hold” rating in a research note on Wednesday, November 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $14.67.
Akorn (NASDAQ:AKRX) last released its quarterly earnings results on Tuesday, November 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.17). Akorn had a negative net margin of 34.69% and a negative return on equity of 14.97%. The company had revenue of $165.63 million during the quarter, compared to analyst estimates of $185.36 million. On average, analysts predict that Akorn, Inc. will post -0.13 earnings per share for the current fiscal year.
ILLEGAL ACTIVITY NOTICE: This piece was first published by Watch List News and is the property of of Watch List News. If you are accessing this piece on another publication, it was copied illegally and reposted in violation of United States & international copyright law. The correct version of this piece can be read at https://www.watchlistnews.com/stevens-capital-management-lp-purchases-new-stake-in-akorn-inc-akrx/2671027.html.
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.
Read More: What are catch-up contributions?
Want to see what other hedge funds are holding AKRX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Akorn, Inc. (NASDAQ:AKRX).
Receive News & Ratings for Akorn Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Akorn and related companies with MarketBeat.com's FREE daily email newsletter.