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

Akorn (NASDAQ:AKRX) posted its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the 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 for the quarter, compared to analyst estimates of $171.97 million. The company’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 midday trading on Friday, reaching $3.45. 1,625,119 shares of the stock were exchanged, compared to its average volume of 1,269,731. The firm has a fifty day simple moving average of $4.41. 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 market cap of $468.16 million, a price-to-earnings ratio of -9.58 and a beta of 1.91. Akorn has a 52 week low of $2.64 and a 52 week high of $19.65.

A number of analysts recently weighed in on AKRX shares. BidaskClub lowered shares of Akorn from a “sell” rating to a “strong sell” rating in a report on Friday, July 26th. Zacks Investment Research lowered shares of Akorn from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, Royal Bank of Canada set a $5.00 target price on shares of Akorn and gave the stock a “hold” rating in a report on Thursday, May 30th. One equities research 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. Akorn currently has an average rating of “Hold” and an average price target of $6.58.

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

Several large investors have recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Akorn by 43.7% in the 4th quarter. BlackRock Inc. now owns 15,707,461 shares of the company’s stock worth $53,248,000 after buying an additional 4,776,900 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Akorn by 77.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,375 shares of the company’s stock worth $8,978,000 after buying an additional 1,153,675 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Akorn by 166.8% in the 4th quarter. Millennium Management LLC now owns 2,068,124 shares of the company’s stock worth $7,011,000 after buying an additional 1,292,897 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Akorn by 102.7% in the 4th quarter. Deutsche Bank AG now owns 1,886,403 shares of the company’s stock worth $6,393,000 after buying an additional 955,906 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings 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 worth $5,180,000 after buying an additional 29,016 shares during the last quarter. 66.72% of the stock is currently owned by hedge funds and other institutional investors.

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.

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Earnings History for Akorn (NASDAQ:AKRX)

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