Akorn (NASDAQ:AKRX) Shares Down 6.1%

Akorn, Inc. (NASDAQ:AKRX) shares traded down 6.1% during trading on Thursday . The stock traded as low as $2.55 and last traded at $2.45, 52,860 shares traded hands during mid-day trading. A decline of 97% from the average session volume of 1,519,953 shares. The stock had previously closed at $2.61.

Several research analysts have recently commented on the company. ValuEngine raised Akorn from a “hold” rating to a “buy” rating in a report on Thursday. Royal Bank of Canada set a $5.00 target price on Akorn and gave the stock a “hold” rating in a report on Monday. Zacks Investment Research downgraded Akorn from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, BidaskClub downgraded Akorn from a “sell” rating to a “strong sell” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Akorn currently has a consensus rating of “Hold” and a consensus price target of $6.58.

The firm has a fifty day simple moving average of $4.00 and a 200-day simple moving average of $3.87. The company has a current ratio of 0.52, a quick ratio of 0.36 and a debt-to-equity ratio of 0.08. The stock has a market cap of $370.00 million, a price-to-earnings ratio of -7.11 and a beta of 1.90.

Akorn (NASDAQ:AKRX) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. Akorn had a negative return on equity of 17.88% and a negative net margin of 72.25%. The firm had revenue of $178.00 million for the quarter, compared to the consensus estimate of $171.97 million. The company’s quarterly revenue was down 6.8% on a year-over-year basis. On average, equities analysts predict that Akorn, Inc. will post -0.38 earnings per share for the current fiscal year.

In other news, Director Steven J. Meyer acquired 10,000 shares of Akorn stock in a transaction on Wednesday, May 29th. The shares were purchased at an average price of $3.75 per share, with a total value of $37,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Alan D. Weinstein acquired 50,000 shares of Akorn stock in a transaction on Friday, May 31st. The shares were purchased at an average cost of $3.97 per share, for a total transaction of $198,500.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 95,000 shares of company stock worth $349,500. Company insiders own 3.90% of the company’s stock.

Several institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its position in shares of Akorn by 77.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,375 shares of the company’s stock valued at $8,978,000 after buying an additional 1,153,675 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Akorn by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 1,132,779 shares of the company’s stock valued at $3,839,000 after buying an additional 115,405 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Akorn by 93.7% during the 4th quarter. Principal Financial Group Inc. now owns 794,082 shares of the company’s stock valued at $2,692,000 after buying an additional 384,145 shares in the last quarter. Squarepoint Ops LLC lifted its position in shares of Akorn by 212.2% during the 4th quarter. Squarepoint Ops LLC now owns 68,294 shares of the company’s stock valued at $232,000 after buying an additional 46,420 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new position in shares of Akorn during the 4th quarter valued at approximately $92,000. Institutional investors own 66.36% 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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