Akorn (NASDAQ:AKRX) Announces Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Akorn (NASDAQ:AKRX) posted its earnings results on Tuesday, May 7th. The company reported ($0.10) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.08, MarketWatch Earnings reports. Akorn had a negative return on equity of 13.92% and a negative net margin of 67.38%. The business had revenue of $165.90 million during the quarter, compared to analysts’ expectations of $153.01 million. The firm’s revenue was down 9.9% on a year-over-year basis. Akorn updated its FY 2019 guidance to EPS.

AKRX traded down $0.20 during trading on Thursday, hitting $3.89. 1,650,462 shares of the company’s stock traded hands, compared to its average volume of 2,692,576. The company has a market cap of $510.89 million, a price-to-earnings ratio of -10.81 and a beta of 2.60. The company has a current ratio of 3.26, a quick ratio of 2.30 and a debt-to-equity ratio of 2.31. Akorn has a 12-month low of $2.64 and a 12-month high of $19.65.

In other news, Director Steven J. Meyer purchased 10,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were purchased at an average cost of $3.75 per share, with a total value of $37,500.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have bought a total of 35,000 shares of company stock worth $139,300 over the last three months. Insiders own 3.90% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. MML Investors Services LLC bought a new position in Akorn in the 4th quarter worth $34,000. Oregon Public Employees Retirement Fund grew its position 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 valued at $36,000 after purchasing an additional 84,363 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new position in shares of Akorn during the fourth quarter valued at about $38,000. Jane Street Group LLC purchased a new position in shares of Akorn during the first quarter valued at about $44,000. Finally, Piedmont Investment Advisors Inc. purchased a new position in shares of Akorn during the fourth quarter valued at about $76,000. 67.34% of the stock is currently owned by institutional investors.

A number of research analysts have commented on AKRX shares. BidaskClub raised Akorn from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, February 20th. Zacks Investment Research lowered Akorn from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Royal Bank of Canada set a $4.00 target price on Akorn and gave the stock a “hold” rating in a report on Friday, March 1st. SunTrust Banks initiated coverage on Akorn in a report on Tuesday, March 19th. They set a “hold” rating and a $4.00 target price on the stock. Finally, Piper Jaffray Companies set a $8.00 target price on Akorn and gave the stock a “buy” rating in a report on Friday, March 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. Akorn currently has an average rating of “Hold” and a consensus target price of $8.33.

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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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Earnings History for Akorn (NASDAQ:AKRX)

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