Akorn (AKRX) Shares Gap Up to $3.03

Akorn, Inc. (NASDAQ:AKRX) shares gapped up prior to trading on Monday . The stock had previously closed at $2.93, but opened at $3.03. Akorn shares last traded at $3.04, with a volume of 3083939 shares traded.

Several brokerages have commented on AKRX. BidaskClub upgraded shares of Akorn from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 20th. Royal Bank of Canada set a $4.00 target price on shares of Akorn and gave the stock a “hold” rating in a report on Friday, March 1st. Piper Jaffray Companies set a $8.00 target price on shares of Akorn and gave the stock a “buy” rating in a report on Friday, March 1st. SunTrust Banks began coverage on shares of Akorn in a report on Tuesday, March 19th. They issued a “hold” rating and a $4.00 target price for the company. Finally, Zacks Investment Research upgraded shares of Akorn from a “sell” rating to a “hold” rating in a report on Monday, December 24th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Akorn presently has a consensus rating of “Hold” and a consensus price target of $8.17.

The firm has a market capitalization of $395.85 million, a P/E ratio of -8.44 and a beta of 2.75. The company has a current ratio of 3.42, a quick ratio of 2.40 and a debt-to-equity ratio of 1.85.

Akorn (NASDAQ:AKRX) last announced its earnings results on Thursday, February 28th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.31). Akorn had a negative return on equity of 13.34% and a negative net margin of 57.91%. The firm had revenue of $153.39 million during the quarter, compared to analyst estimates of $164.75 million. During the same quarter in the previous year, the business earned $0.14 earnings per share. The business’s quarterly revenue was down 17.6% compared to the same quarter last year. On average, equities research analysts expect that Akorn, Inc. will post -0.28 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of AKRX. MML Investors Services LLC acquired a new stake in shares of Akorn during the fourth quarter worth approximately $34,000. Oregon Public Employees Retirement Fund boosted its holdings in shares of Akorn by 228.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 121,338 shares of the company’s stock worth $36,000 after purchasing an additional 84,363 shares during the period. First Citizens Bank & Trust Co. acquired a new stake in shares of Akorn during the fourth quarter worth approximately $38,000. Piedmont Investment Advisors Inc. acquired a new stake in shares of Akorn during the fourth quarter worth approximately $76,000. Finally, Virtu Financial LLC acquired a new stake in shares of Akorn during the fourth quarter worth approximately $87,000. Institutional investors and hedge funds own 69.36% of the company’s stock.

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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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