Akorn (NASDAQ:AKRX) Trading Down 5.6%

Akorn, Inc. (NASDAQ:AKRX)’s share price fell 5.6% on Thursday . The stock traded as low as $4.53 and last traded at $4.58, 1,244,962 shares were traded during mid-day trading. A decline of 49% from the average session volume of 2,440,533 shares. The stock had previously closed at $4.85.

Several brokerages recently weighed in on AKRX. BidaskClub downgraded shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday. Zacks Investment Research raised shares of DLH from a “sell” rating to a “hold” rating in a report on Tuesday. Royal Bank of Canada set a $5.00 target price on shares of Akorn and gave the stock a “hold” rating in a report on Thursday, May 30th. Finally, SunTrust Banks began coverage on shares of Zoetis in a report on Tuesday, March 19th. They issued a “hold” rating and a $100.00 target price for the company. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $6.58.

The company has a market cap of $609.11 million, a price-to-earnings ratio of -12.72 and a beta of 1.90. The company has a debt-to-equity ratio of 2.31, a quick ratio of 2.30 and a current ratio of 3.26. The stock has a 50 day simple moving average of $4.53.

Akorn (NASDAQ:AKRX) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.08. The business had revenue of $165.90 million for the quarter, compared to analysts’ expectations of $153.01 million. Akorn had a negative net margin of 67.38% and a negative return on equity of 13.92%. The business’s revenue was down 9.9% on a year-over-year basis. As a group, research analysts predict that Akorn, Inc. will post -0.36 EPS for the current year.

In related news, Director Alan D. Weinstein purchased 50,000 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were acquired at an average price of $3.97 per share, for a total transaction of $198,500.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven J. Meyer purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was bought at an average price of $3.75 per share, for a total transaction of $37,500.00. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 85,000 shares of company stock worth $337,800. Corporate insiders own 3.90% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Deutsche Bank AG raised its position in shares of Akorn by 102.7% during the 4th quarter. Deutsche Bank AG now owns 1,886,403 shares of the company’s stock valued at $6,393,000 after buying an additional 955,906 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Akorn by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 1,132,779 shares of the company’s stock valued at $3,839,000 after buying an additional 115,405 shares in the last quarter. Rhumbline Advisers raised its position in shares of Akorn by 44.3% during the 4th quarter. Rhumbline Advisers now owns 327,768 shares of the company’s stock valued at $1,111,000 after buying an additional 100,602 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Akorn during the 4th quarter valued at about $1,567,000. Finally, BNP Paribas Arbitrage SA raised its position in shares of Akorn by 9.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 630,785 shares of the company’s stock valued at $2,220,000 after buying an additional 56,095 shares in the last quarter. Institutional investors and hedge funds own 66.82% 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.

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