New York State Common Retirement Fund Sells 456,956 Shares of Akorn, Inc. (AKRX)

New York State Common Retirement Fund lessened its holdings in shares of Akorn, Inc. (NASDAQ:AKRX) by 70.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 194,100 shares of the company’s stock after selling 456,956 shares during the period. New York State Common Retirement Fund owned approximately 0.16% of Akorn worth $6,510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Public Employees Retirement Association of Colorado raised its holdings in shares of Akorn by 0.8% during the second quarter. Public Employees Retirement Association of Colorado now owns 19,534 shares of the company’s stock worth $655,000 after purchasing an additional 158 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Akorn by 1.4% during the second quarter. Pacer Advisors Inc. now owns 12,889 shares of the company’s stock worth $432,000 after purchasing an additional 180 shares during the last quarter. Advantus Capital Management Inc raised its holdings in shares of Akorn by 2.3% during the first quarter. Advantus Capital Management Inc now owns 11,151 shares of the company’s stock worth $269,000 after purchasing an additional 256 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of Akorn by 0.7% during the second quarter. Great West Life Assurance Co. Can now owns 51,847 shares of the company’s stock worth $1,738,000 after purchasing an additional 340 shares during the last quarter. Finally, State Treasurer State of Michigan raised its holdings in shares of Akorn by 1.4% during the second quarter. State Treasurer State of Michigan now owns 35,900 shares of the company’s stock worth $1,204,000 after purchasing an additional 500 shares during the last quarter. 69.98% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on AKRX. Piper Jaffray Companies reissued a “hold” rating and set a $34.00 target price on shares of Akorn in a report on Thursday, August 10th. Royal Bank Of Canada reissued a “hold” rating and set a $34.00 target price on shares of Akorn in a report on Tuesday, October 3rd. BidaskClub cut shares of Akorn from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. TheStreet cut shares of Akorn from a “b-” rating to a “c” rating in a report on Tuesday, August 1st. Finally, Jefferies Group LLC reissued a “hold” rating and set a $34.00 target price on shares of Akorn in a report on Wednesday, July 19th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $28.56.

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In other news, COO Bruce Kutinsky sold 40,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $33.46, for a total value of $1,338,400.00. Following the completion of the sale, the chief operating officer now owns 317,480 shares in the company, valued at approximately $10,622,880.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brian Tambi sold 5,165 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $33.37, for a total transaction of $172,356.05. The disclosure for this sale can be found here. 28.20% of the stock is currently owned by company insiders.

Akorn Profile

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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Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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