Envestnet Asset Management Inc. decreased its position in shares of Akorn, Inc. (NASDAQ:AKRX) by 14.9% during the first quarter, Holdings Channel reports. The firm owned 24,910 shares of the company’s stock after selling 4,355 shares during the period. Envestnet Asset Management Inc.’s holdings in Akorn were worth $600,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of AKRX. Paulson & CO. Inc. purchased a new position in Akorn during the fourth quarter worth $189,626,000. Janus Capital Management LLC boosted its position in Akorn by 22.0% in the fourth quarter. Janus Capital Management LLC now owns 2,260,270 shares of the company’s stock worth $49,342,000 after buying an additional 408,084 shares during the period. Kornitzer Capital Management Inc. KS boosted its position in Akorn by 6.8% in the first quarter. Kornitzer Capital Management Inc. KS now owns 1,299,353 shares of the company’s stock worth $31,288,000 after buying an additional 83,290 shares during the period. LSV Asset Management boosted its position in Akorn by 38.7% in the first quarter. LSV Asset Management now owns 1,283,690 shares of the company’s stock worth $30,911,000 after buying an additional 357,990 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Akorn by 21.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,104,530 shares of the company’s stock worth $24,110,000 after buying an additional 194,528 shares during the period. Institutional investors and hedge funds own 77.06% of the company’s stock.
Akorn, Inc. (NASDAQ:AKRX) opened at 33.48 on Friday. The company has a market capitalization of $4.17 billion, a PE ratio of 22.85 and a beta of 1.42. Akorn, Inc. has a 12-month low of $17.61 and a 12-month high of $35.40. The stock has a 50 day moving average of $33.26 and a 200-day moving average of $25.64.
A number of research analysts have weighed in on AKRX shares. Piper Jaffray Companies cut shares of Akorn from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $29.00 to $34.00 in a research report on Tuesday, April 25th. Deutsche Bank AG cut shares of Akorn from a “buy” rating to a “hold” rating and cut their price objective for the company from $28.00 to $24.00 in a research report on Monday, March 6th. Zacks Investment Research upgraded shares of Akorn from a “sell” rating to a “hold” rating in a research report on Monday, May 8th. Royal Bank Of Canada set a $21.00 price objective on shares of Akorn and gave the company a “hold” rating in a research report on Thursday, March 2nd. Finally, Gabelli reiterated a “hold” rating on shares of Akorn in a research report on Tuesday, April 25th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. Akorn currently has an average rating of “Hold” and a consensus price target of $30.55.
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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