Other research analysts have also issued reports about the company. Piper Jaffray Companies set a $8.00 price objective on Akorn and gave the company a “buy” 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. 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. Finally, Zacks Investment Research raised Akorn from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Akorn currently has an average rating of “Hold” and an average price target of $8.33.
Shares of Akorn stock traded up $0.23 on Wednesday, reaching $4.12. 1,254,148 shares of the company were exchanged, compared to its average volume of 2,680,190. Akorn has a one year low of $2.64 and a one year high of $19.65. The stock has a market cap of $514.73 million, a P/E ratio of -11.44 and a beta of 2.60. The company has a quick ratio of 2.30, a current ratio of 3.26 and a debt-to-equity ratio of 2.31.
In related news, Director Terry Allison Rappuhn acquired 10,000 shares of the stock in a transaction dated Monday, May 13th. The stock was bought at an average cost of $4.03 per share, for a total transaction of $40,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven J. Meyer acquired 15,000 shares of the stock in a transaction dated Monday, May 20th. The shares were bought at an average price of $4.10 per share, with a total value of $61,500.00. The disclosure for this purchase can be found here. Insiders acquired 35,000 shares of company stock valued at $139,300 over the last quarter. Corporate insiders own 3.90% of the company’s stock.
A number of hedge funds have recently modified their holdings of AKRX. Jane Street Group LLC purchased a new position in shares of Akorn in the 1st quarter worth about $44,000. Macquarie Group Ltd. boosted its holdings in shares of Akorn by 27,733.3% in the 1st quarter. Macquarie Group Ltd. now owns 501,000 shares of the company’s stock worth $1,764,000 after purchasing an additional 499,200 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Akorn in the 1st quarter worth about $229,000. Oxford Asset Management LLP purchased a new stake in Akorn during the 1st quarter valued at about $148,000. Finally, Hsbc Holdings PLC boosted its holdings in Akorn by 6.3% during the 1st quarter. Hsbc Holdings PLC now owns 70,773 shares of the company’s stock valued at $249,000 after acquiring an additional 4,164 shares during the period. Institutional investors and hedge funds own 67.34% of the company’s stock.
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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