Brokerages expect Akorn, Inc. (NASDAQ:AKRX) to announce $185.36 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Akorn’s earnings. The lowest sales estimate is $178.87 million and the highest is $193.70 million. The business is expected to report its next earnings results on Monday, January 1st.
According to Zacks, analysts expect that Akorn will report full year sales of $746.21 million for the current fiscal year, with estimates ranging from $728.75 million to $767.70 million. For the next fiscal year, analysts forecast that the business will post sales of $734.17 million, with estimates ranging from $706.80 million to $793.70 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Akorn.
Akorn (NASDAQ:AKRX) last posted its quarterly earnings data on Wednesday, August 1st. The company reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.14). The business had revenue of $190.94 million during the quarter, compared to analysts’ expectations of $187.40 million. Akorn had a negative net margin of 24.21% and a negative return on equity of 12.84%.
AKRX has been the subject of several research reports. Zacks Investment Research upgraded Akorn from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Monday, August 27th. BidaskClub upgraded Akorn from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 6th. Craig Hallum upgraded Akorn from a “hold” rating to a “buy” rating in a research report on Thursday, October 4th. Jefferies Financial Group dropped their price target on Akorn to $6.00 and set a “hold” rating for the company in a research report on Wednesday, October 3rd. Finally, ValuEngine upgraded Akorn from a “sell” rating to a “hold” rating in a research report on Tuesday, October 2nd. Five analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $14.17.
Shares of Akorn stock traded down $0.14 on Monday, reaching $6.20. The company’s stock had a trading volume of 2,603,123 shares, compared to its average volume of 2,709,113. Akorn has a 52-week low of $5.25 and a 52-week high of $33.63. The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.87 and a current ratio of 3.94.
Several institutional investors and hedge funds have recently modified their holdings of AKRX. BlackRock Inc. increased its position in shares of Akorn by 30.6% during the second quarter. BlackRock Inc. now owns 10,731,745 shares of the company’s stock worth $178,040,000 after purchasing an additional 2,515,409 shares in the last quarter. Paulson & CO. Inc. purchased a new stake in shares of Akorn during the second quarter worth approximately $29,198,000. Marshall Wace LLP boosted its stake in Akorn by 250.5% during the second quarter. Marshall Wace LLP now owns 2,069,385 shares of the company’s stock worth $34,331,000 after buying an additional 1,478,959 shares during the last quarter. PointState Capital LP boosted its stake in Akorn by 933.8% during the second quarter. PointState Capital LP now owns 1,255,027 shares of the company’s stock worth $20,821,000 after buying an additional 1,133,627 shares during the last quarter. Finally, Arrowgrass Capital Partners US LP acquired a new position in Akorn during the second quarter worth $17,435,000. Hedge funds and other institutional investors own 69.81% of the company’s stock.
Akorn Company Profile
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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