Marshall Wace LLP Sells 1,759,009 Shares of Akorn, Inc. (NASDAQ:AKRX)

Marshall Wace LLP trimmed its position in shares of Akorn, Inc. (NASDAQ:AKRX) by 87.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 248,136 shares of the company’s stock after selling 1,759,009 shares during the quarter. Marshall Wace LLP owned approximately 0.20% of Akorn worth $873,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Rhumbline Advisers grew its stake in shares of Akorn by 44.3% during the fourth quarter. Rhumbline Advisers now owns 327,768 shares of the company’s stock worth $1,111,000 after buying an additional 100,602 shares during the last quarter. Comerica Bank grew its stake in shares of Akorn by 52.2% during the fourth quarter. Comerica Bank now owns 91,024 shares of the company’s stock worth $372,000 after buying an additional 31,225 shares during the last quarter. Piedmont Investment Advisors Inc. bought a new stake in shares of Akorn during the fourth quarter worth $76,000. Prudential Financial Inc. grew its stake in shares of Akorn by 436.6% during the fourth quarter. Prudential Financial Inc. now owns 344,701 shares of the company’s stock worth $1,169,000 after buying an additional 280,466 shares during the last quarter. Finally, California Public Employees Retirement System grew its stake in shares of Akorn by 159.7% during the fourth quarter. California Public Employees Retirement System now owns 488,784 shares of the company’s stock worth $1,657,000 after buying an additional 300,600 shares during the last quarter. 66.82% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Alan D. Weinstein acquired 50,000 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were purchased at an average price of $3.97 per share, for a total transaction of $198,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven J. Meyer acquired 15,000 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were bought at an average price of $4.10 per share, for a total transaction of $61,500.00. The disclosure for this purchase can be found here. Insiders have acquired 85,000 shares of company stock worth $337,800 in the last ninety days. Insiders own 3.90% of the company’s stock.

A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of Golub Capital BDC from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Tuesday. BidaskClub raised shares of WhiteHorse Finance from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Royal Bank of Canada set a $5.00 price objective on shares of Akorn and gave the stock a “hold” rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $6.58.

Shares of Akorn stock traded down $0.03 during trading on Friday, hitting $3.84. The company’s stock had a trading volume of 826,343 shares, compared to its average volume of 1,354,585. The company has a debt-to-equity ratio of 2.31, a quick ratio of 2.30 and a current ratio of 3.26. Akorn, Inc. has a 52 week low of $2.64 and a 52 week high of $19.65. The stock has a market capitalization of $487.04 million, a PE ratio of -10.67 and a beta of 1.90. The firm’s 50-day moving average is $4.57.

Akorn (NASDAQ:AKRX) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $165.90 million for the quarter, compared to analysts’ expectations of $153.01 million. The business’s quarterly revenue was down 9.9% on a year-over-year basis. Analysts predict that Akorn, Inc. will post -0.36 EPS for the current fiscal year.

Akorn 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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Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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