Akorn, Inc. (NASDAQ:AKRX) gapped down prior to trading on Thursday . The stock had previously closed at $6.55, but opened at $6.42. Akorn shares last traded at $6.34, with a volume of 3260299 shares trading hands.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised Akorn from a “sell” rating to a “hold” rating in a report on Monday, July 9th. Jefferies Financial Group decreased their price objective on Akorn to $6.00 and set a “hold” rating for the company in a report on Wednesday, October 3rd. BidaskClub downgraded Akorn from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 18th. ValuEngine upgraded Akorn from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Finally, Royal Bank of Canada set a $10.00 price target on Akorn and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Akorn currently has an average rating of “Buy” and a consensus price target of $14.17.
The company has a debt-to-equity ratio of 1.13, a current ratio of 3.94 and a quick ratio of 2.87.
Akorn (NASDAQ:AKRX) last released its quarterly earnings results on Wednesday, August 1st. The company reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.14). Akorn had a negative return on equity of 12.84% and a negative net margin of 24.21%. The company had revenue of $190.94 million for the quarter, compared to analysts’ expectations of $187.40 million. On average, equities analysts anticipate that Akorn, Inc. will post 0.37 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the company. Paulson & CO. Inc. purchased a new stake in shares of Akorn during the second quarter worth approximately $29,198,000. Gabelli Funds LLC raised its position in Akorn by 5.1% in the second quarter. Gabelli Funds LLC now owns 777,468 shares of the company’s stock worth $12,898,000 after acquiring an additional 37,774 shares in the last quarter. BlueMountain Capital Management LLC purchased a new position in Akorn in the second quarter worth $17,053,000. GABELLI & Co INVESTMENT ADVISERS INC. raised its position in Akorn by 4.4% in the second quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 478,248 shares of the company’s stock worth $7,934,000 after acquiring an additional 20,127 shares in the last quarter. Finally, Kellner Capital LLC raised its position in Akorn by 28.5% in the second quarter. Kellner Capital LLC now owns 72,200 shares of the company’s stock worth $1,198,000 after acquiring an additional 16,000 shares in the last quarter. Institutional investors and hedge funds own 69.81% of the company’s stock.
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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