PSquared Asset Management AG acquired a new stake in shares of Akorn, Inc. (NASDAQ:AKRX) during the second quarter, Holdings Channel reports. The institutional investor acquired 699,121 shares of the company’s stock, valued at approximately $23,449,000. Akorn accounts for approximately 5.8% of PSquared Asset Management AG’s holdings, making the stock its 5th largest position.
Several other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. increased its position in Akorn by 12,960.9% in the first quarter. BlackRock Inc. now owns 9,080,983 shares of the company’s stock valued at $218,671,000 after buying an additional 9,011,455 shares during the period. Columbia Wanger Asset Management LLC increased its position in Akorn by 127.5% in the first quarter. Columbia Wanger Asset Management LLC now owns 2,682,821 shares of the company’s stock valued at $64,602,000 after buying an additional 1,503,366 shares during the period. FMR LLC increased its position in Akorn by 54.0% in the first quarter. FMR LLC now owns 3,560,997 shares of the company’s stock valued at $85,748,000 after buying an additional 1,249,329 shares during the period. Fosun International Ltd increased its position in Akorn by 134.5% in the first quarter. Fosun International Ltd now owns 2,048,869 shares of the company’s stock valued at $49,336,000 after buying an additional 1,175,306 shares during the period. Finally, Thornburg Investment Management Inc. bought a new position in Akorn during the first quarter valued at about $24,748,000. Hedge funds and other institutional investors own 74.73% of the company’s stock.
Shares of Akorn, Inc. (NASDAQ:AKRX) opened at 33.47 on Tuesday. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 33.81 and a beta of 1.36. The firm has a 50-day moving average price of $33.55 and a 200 day moving average price of $28.49. Akorn, Inc. has a 52-week low of $17.61 and a 52-week high of $35.40.
AKRX has been the topic of several recent analyst reports. Jefferies Group LLC downgraded shares of Akorn from a “buy” rating to a “hold” rating and upped their price objective for the company from $24.00 to $34.00 in a report on Tuesday, April 25th. BidaskClub upgraded Akorn from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. TheStreet upgraded Akorn from a “c+” rating to a “b-” rating in a research report on Thursday, April 20th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $21.00 target price on shares of Akorn in a research report on Tuesday, April 11th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $24.00 target price on shares of Akorn in a research report on Monday, April 10th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $28.56.
In other Akorn news, COO Bruce Kutinsky sold 40,000 shares of Akorn stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the transaction, the chief operating officer now owns 317,480 shares of the company’s stock, valued at $10,622,880.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 28.20% of the company’s stock.
Akorn Company Profile
Akorn Inc (Akorn), together with its subsidiaries, is a specialty generic pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as private-label over-the-counter (OTC) consumer health products and animal health pharmaceuticals. The Company operates through two segments: Prescription Pharmaceuticals and the Consumer Health.
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