Akorn (NASDAQ:AKRX) Stock Price Down 5.4%

Akorn, Inc. (NASDAQ:AKRX) was down 5.4% on Friday . The company traded as low as $2.93 and last traded at $3.00, approximately 1,048,984 shares changed hands during trading. A decline of 55% from the average daily volume of 2,311,327 shares. The stock had previously closed at $3.17.

A number of equities research analysts recently weighed in on AKRX shares. BidaskClub cut Akorn from a “sell” rating to a “strong sell” rating in a research note on Friday, July 26th. Royal Bank of Canada set a $5.00 price objective on Akorn and gave the stock a “hold” rating in a research note on Thursday, May 30th. Finally, Zacks Investment Research cut Akorn from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Akorn has a consensus rating of “Hold” and a consensus price target of $6.58.

The business’s 50-day moving average price is $4.23. The firm has a market capitalization of $398.95 million, a P/E ratio of -8.33 and a beta of 1.90. The company has a quick ratio of 0.36, a current ratio of 0.52 and a debt-to-equity ratio of 0.08.

Akorn (NASDAQ:AKRX) last announced its earnings results on Thursday, August 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.09. Akorn had a negative return on equity of 17.88% and a negative net margin of 72.25%. The company had revenue of $178.00 million for the quarter, compared to analyst estimates of $171.97 million. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. On average, analysts anticipate that Akorn, Inc. will post -0.38 earnings per share for the current fiscal year.

In other Akorn news, Director Alan D. Weinstein bought 50,000 shares of Akorn stock in a transaction that occurred on Friday, May 31st. The shares were bought at an average cost of $3.97 per share, with a total value of $198,500.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Steven J. Meyer bought 10,000 shares of Akorn stock in a transaction that occurred on Wednesday, May 29th. The shares were acquired at an average cost of $3.75 per share, for a total transaction of $37,500.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 85,000 shares of company stock worth $337,800 over the last ninety days. 3.90% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its position in Akorn by 2.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 565,797 shares of the company’s stock worth $2,914,000 after buying an additional 13,036 shares in the last quarter. Bank of Montreal Can lifted its position in Akorn by 122.1% during the second quarter. Bank of Montreal Can now owns 8,931 shares of the company’s stock worth $46,000 after buying an additional 4,909 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Akorn by 35.3% during the second quarter. Russell Investments Group Ltd. now owns 117,700 shares of the company’s stock worth $606,000 after buying an additional 30,717 shares in the last quarter. Smith Asset Management Group LP purchased a new position in Akorn during the second quarter worth approximately $191,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Akorn by 30.9% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,121,700 shares of the company’s stock worth $5,777,000 after buying an additional 264,906 shares in the last quarter. 66.68% of the stock is currently owned by institutional investors.

About Akorn (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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