Akorn, Inc. (NASDAQ:AKRX) Expected to Announce Quarterly Sales of $175.08 Million

Wall Street brokerages expect Akorn, Inc. (NASDAQ:AKRX) to announce $175.08 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Akorn’s earnings, with the lowest sales estimate coming in at $172.60 million and the highest estimate coming in at $177.50 million. Akorn reported sales of $165.63 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.7%. The business is expected to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Akorn will report full-year sales of $700.32 million for the current fiscal year, with estimates ranging from $696.50 million to $703.50 million. For the next fiscal year, analysts forecast that the company will post sales of $716.64 million, with estimates ranging from $678.11 million to $752.40 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Akorn.

Akorn (NASDAQ:AKRX) last posted its earnings results on Thursday, August 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.09. Akorn had a negative net margin of 72.25% and a negative return on equity of 17.88%. The business had revenue of $178.00 million for the quarter, compared to analysts’ expectations of $171.97 million. Akorn’s quarterly revenue was down 6.8% compared to the same quarter last year.

Several research firms have recently weighed in on AKRX. Zacks Investment Research cut shares of Akorn from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Royal Bank of Canada set a $5.00 target price on shares of Akorn and gave the stock a “hold” rating in a research report on Monday, August 12th. BidaskClub upgraded shares of Akorn from a “strong sell” rating to a “sell” rating in a research report on Thursday, September 12th. SunTrust Banks raised their price target on shares of Akorn from $3.50 to $4.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Finally, ValuEngine raised shares of Akorn from a “hold” rating to a “buy” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $6.70.

In other Akorn news, Director Steven J. Meyer purchased 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were bought at an average price of $2.60 per share, with a total value of $52,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.90% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Montreal Can raised its stake in shares of Akorn by 122.1% in the second quarter. Bank of Montreal Can now owns 8,931 shares of the company’s stock valued at $46,000 after acquiring an additional 4,909 shares during the period. Advisor Group Inc. raised its position in shares of Akorn by 556.7% in the 2nd quarter. Advisor Group Inc. now owns 13,003 shares of the company’s stock valued at $67,000 after purchasing an additional 11,023 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Akorn by 2,948.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 20,393 shares of the company’s stock worth $105,000 after buying an additional 19,724 shares during the last quarter. Jane Street Group LLC raised its position in Akorn by 160.5% during the 2nd quarter. Jane Street Group LLC now owns 32,576 shares of the company’s stock worth $168,000 after buying an additional 20,071 shares during the last quarter. Finally, Smith Asset Management Group LP purchased a new position in Akorn during the 2nd quarter worth approximately $191,000. 68.16% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ AKRX traded up $0.22 on Friday, hitting $4.00. The stock had a trading volume of 18,497 shares, compared to its average volume of 1,921,275. Akorn has a 52-week low of $2.34 and a 52-week high of $7.52. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.36 and a current ratio of 0.52. The company has a market capitalization of $484.52 million, a price-to-earnings ratio of -10.93 and a beta of 1.95. The firm has a 50-day moving average of $3.41 and a 200-day moving average of $3.71.

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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