Akorn (NASDAQ:AKRX) Trading Down 6.1%

Akorn, Inc. (NASDAQ:AKRX)’s stock price fell 6.1% on Thursday . The company traded as low as $2.55 and last traded at $2.45, 52,860 shares were traded during mid-day trading. A decline of 97% from the average session volume of 1,519,953 shares. The stock had previously closed at $2.61.

A number of brokerages have weighed in on AKRX. BidaskClub cut Akorn from a “sell” rating to a “strong sell” rating in a research report on Wednesday. Zacks Investment Research cut Akorn from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. ValuEngine raised Akorn from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Royal Bank of Canada set a $5.00 price target on Akorn and gave the stock a “hold” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. Akorn presently has an average rating of “Hold” and a consensus target price of $6.58.

The company has a debt-to-equity ratio of 0.08, a current ratio of 0.52 and a quick ratio of 0.36. The business has a 50 day moving average price of $4.00 and a 200 day moving average price of $3.87. The firm has a market capitalization of $370.00 million, a P/E ratio of -7.11 and a beta of 1.90.

Akorn (NASDAQ:AKRX) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The business had revenue of $178.00 million for the quarter, compared to analyst estimates of $171.97 million. Akorn had a negative return on equity of 17.88% and a negative net margin of 72.25%. The firm’s revenue was down 6.8% compared to the same quarter last year. As a group, equities analysts expect that Akorn, Inc. will post -0.38 EPS for the current year.

In other Akorn news, Director Steven J. Meyer acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were acquired at an average cost of $3.75 per share, for a total transaction of $37,500.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alan D. Weinstein acquired 50,000 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was acquired at an average price of $3.97 per share, for a total transaction of $198,500.00. The disclosure for this purchase can be found here. Insiders bought 95,000 shares of company stock worth $349,500 over the last quarter. 3.90% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the company. Bank of Montreal Can increased 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 worth $46,000 after purchasing an additional 4,909 shares during the period. Advisor Group Inc. increased its stake in Akorn by 556.7% during the second quarter. Advisor Group Inc. now owns 13,003 shares of the company’s stock valued at $67,000 after acquiring an additional 11,023 shares during the period. Tower Research Capital LLC TRC increased its stake in Akorn by 2,948.3% during the second quarter. Tower Research Capital LLC TRC now owns 20,393 shares of the company’s stock valued at $105,000 after acquiring an additional 19,724 shares during the period. Municipal Employees Retirement System of Michigan bought a new position in Akorn during the fourth quarter valued at about $92,000. Finally, Moors & Cabot Inc. increased its stake in Akorn by 100.0% during the first quarter. Moors & Cabot Inc. now owns 28,500 shares of the company’s stock valued at $100,000 after acquiring an additional 14,250 shares during the period. Institutional investors and hedge funds own 66.36% of the company’s stock.

About Akorn (NASDAQ:AKRX)

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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