BidaskClub Lowers Akorn (NASDAQ:AKRX) to Hold

BidaskClub downgraded shares of Akorn (NASDAQ:AKRX) from a buy rating to a hold rating in a report issued on Thursday morning, BidAskClub reports.

A number of other brokerages also recently weighed in on AKRX. Zacks Investment Research raised shares of DLH from a sell rating to a hold rating in a report on Tuesday, July 9th. SunTrust Banks started coverage on shares of Zoetis in a report on Tuesday, March 19th. They issued a hold rating and a $100.00 price target for the company. Finally, Royal Bank of Canada set a $5.00 price target on shares of Akorn and gave the company a hold rating in a report on Thursday, May 30th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $6.58.

Shares of Akorn stock opened at $4.45 on Thursday. The company has a quick ratio of 2.30, a current ratio of 3.26 and a debt-to-equity ratio of 2.31. Akorn has a fifty-two week low of $2.64 and a fifty-two week high of $19.65. The firm has a fifty day moving average of $4.54.

Akorn (NASDAQ:AKRX) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.08. Akorn had a negative net margin of 67.38% and a negative return on equity of 13.92%. The firm had revenue of $165.90 million during the quarter, compared to the consensus estimate of $153.01 million. The firm’s revenue for the quarter was down 9.9% on a year-over-year basis. On average, equities research analysts expect that Akorn will post -0.36 earnings per share for the current fiscal year.

In other Akorn news, Director Alan D. Weinstein acquired 50,000 shares of Akorn stock in a transaction dated Friday, May 31st. The stock was bought at an average cost of $3.97 per share, with a total value of $198,500.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven J. Meyer acquired 15,000 shares of Akorn stock in a transaction dated Monday, May 20th. The shares were acquired at an average cost of $4.10 per share, with a total value of $61,500.00. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 85,000 shares of company stock valued at $337,800. Insiders own 3.90% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. MML Investors Services LLC bought a new position in shares of Akorn during the 4th quarter worth about $34,000. Municipal Employees Retirement System of Michigan bought a new position in shares of Akorn during the 4th quarter worth about $92,000. Moors & Cabot Inc. lifted its holdings in Akorn by 100.0% during the 1st quarter. Moors & Cabot Inc. now owns 28,500 shares of the company’s stock valued at $100,000 after purchasing an additional 14,250 shares during the last quarter. Mackay Shields LLC bought a new position in Akorn during the 4th quarter valued at about $171,000. Finally, Hsbc Holdings PLC lifted its holdings in Akorn by 37.3% during the 4th quarter. Hsbc Holdings PLC now owns 66,609 shares of the company’s stock valued at $225,000 after purchasing an additional 18,099 shares during the last quarter. 66.82% of the stock is owned by institutional investors.

About Akorn

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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Analyst Recommendations for Akorn (NASDAQ:AKRX)

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