Akorn (NASDAQ:AKRX) Issues Earnings Results, Beats Expectations By $0.09 EPS

Akorn (NASDAQ:AKRX) released its quarterly earnings data on Thursday. The company reported ($0.02) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.09, Briefing.com reports. Akorn had a negative net margin of 67.38% and a negative return on equity of 13.92%. The company had revenue of $178.00 million during the quarter, compared to analyst estimates of $171.97 million. Akorn’s revenue for the quarter was down 6.8% on a year-over-year basis. Akorn updated its FY 2019 guidance to EPS.

Akorn stock traded down $0.19 during trading hours on Friday, reaching $3.45. The stock had a trading volume of 1,625,119 shares, compared to its average volume of 1,269,731. The company has a market capitalization of $468.16 million, a P/E ratio of -9.58 and a beta of 1.91. The company has a current ratio of 3.26, a quick ratio of 2.30 and a debt-to-equity ratio of 2.31. The stock has a 50 day moving average of $4.41. Akorn has a 52 week low of $2.64 and a 52 week high of $19.65.

AKRX has been the subject of a number of research reports. BidaskClub lowered shares of Akorn from a “sell” rating to a “strong sell” rating in a research note on Friday, July 26th. Zacks Investment Research lowered shares of Akorn from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. 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 research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. Akorn currently has a consensus rating of “Hold” and an average target price of $6.58.

In other news, Director Alan D. Weinstein bought 50,000 shares of Akorn stock in a transaction on Friday, May 31st. The stock was acquired at an average cost of $3.97 per share, for a total transaction of $198,500.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven J. Meyer bought 10,000 shares of Akorn stock in a transaction on Wednesday, May 29th. The stock was purchased at an average price of $3.75 per share, with a total value of $37,500.00. The disclosure for this purchase can be found here. Insiders acquired 85,000 shares of company stock valued at $337,800 over the last quarter. 3.90% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the business. Deutsche Bank AG raised its holdings in Akorn by 102.7% in the fourth quarter. Deutsche Bank AG now owns 1,886,403 shares of the company’s stock worth $6,393,000 after purchasing an additional 955,906 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Akorn by 11.3% during the fourth quarter. Geode Capital Management LLC now owns 1,132,779 shares of the company’s stock valued at $3,839,000 after acquiring an additional 115,405 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Akorn by 9.8% during the first quarter. BNP Paribas Arbitrage SA now owns 630,785 shares of the company’s stock valued at $2,220,000 after acquiring an additional 56,095 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Akorn by 1.9% during the fourth 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. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Akorn by 77.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,648,375 shares of the company’s stock valued at $8,978,000 after acquiring an additional 1,153,675 shares in the last quarter. Institutional investors and hedge funds own 66.72% of the company’s stock.

About Akorn

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.

Further Reading: Fundamental Analysis

Earnings History for Akorn (NASDAQ:AKRX)

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