BidaskClub Lowers Akorn (NASDAQ:AKRX) to Hold

BidaskClub cut shares of Akorn (NASDAQ:AKRX) from a buy rating to a hold rating in a research report report published on Thursday morning, BidAskClub reports.

Several other brokerages have also commented on AKRX. SunTrust Banks initiated coverage on Zoetis in a report on Tuesday, March 19th. They set a hold rating and a $100.00 price objective for the company. Royal Bank of Canada set a $5.00 price objective on Akorn and gave the stock a hold rating in a report on Thursday, May 30th. Finally, Zacks Investment Research raised DLH from a sell rating to a hold rating in a report on Tuesday, July 9th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Akorn presently has an average rating of Hold and a consensus target price of $6.58.

AKRX stock opened at $4.45 on Thursday. The company has a quick ratio of 2.30, a current ratio of 3.26 and a debt-to-equity ratio of 2.31. Akorn has a twelve month low of $2.64 and a twelve month high of $19.65. The firm’s 50-day moving average is $4.54.

Akorn (NASDAQ:AKRX) last posted its earnings results on Tuesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.08. The business had revenue of $165.90 million during the quarter, compared to analyst estimates of $153.01 million. Akorn had a negative return on equity of 13.92% and a negative net margin of 67.38%. The company’s revenue was down 9.9% compared to the same quarter last year. Sell-side analysts expect that Akorn will post -0.36 EPS for the current fiscal year.

In other Akorn news, Director Steven J. Meyer acquired 15,000 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was bought at an average price of $4.10 per share, with a total value of $61,500.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Terry Allison Rappuhn acquired 10,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were acquired at an average cost of $4.03 per share, with a total value of $40,300.00. The disclosure for this purchase can be found here. Insiders have bought 85,000 shares of company stock valued at $337,800 in the last three months. 3.90% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Comerica Bank lifted its position in shares of Akorn by 52.2% in the 4th quarter. Comerica Bank now owns 91,024 shares of the company’s stock valued at $372,000 after acquiring an additional 31,225 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of Akorn by 436.6% in the 4th quarter. Prudential Financial Inc. now owns 344,701 shares of the company’s stock valued at $1,169,000 after acquiring an additional 280,466 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Akorn by 159.7% in the 4th quarter. California Public Employees Retirement System now owns 488,784 shares of the company’s stock valued at $1,657,000 after acquiring an additional 300,600 shares in the last quarter. BlackRock Inc. lifted its position in shares of Akorn by 43.7% in the 4th quarter. BlackRock Inc. now owns 15,707,461 shares of the company’s stock valued at $53,248,000 after acquiring an additional 4,776,900 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Akorn by 1.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,528,004 shares of the company’s stock valued at $5,180,000 after acquiring an additional 29,016 shares in the last quarter. Institutional investors own 66.82% 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.

Featured Article: Technical Analysis of Stocks and What It Means

Analyst Recommendations for Akorn (NASDAQ:AKRX)

Receive News & Ratings for Akorn Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Akorn and related companies with MarketBeat.com's FREE daily email newsletter.