Mason Street Advisors LLC bought a new stake in shares of Akorn Inc. (NASDAQ:AKRX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 38,124 shares of the company’s stock, valued at approximately $1,086,000.
Other institutional investors also recently bought and sold shares of the company. Charlemagne Capital Ltd. acquired a new position in shares of Akorn during the second quarter worth approximately $138,000. Creative Planning boosted its position in Akorn by 44.1% in the second quarter. Creative Planning now owns 4,898 shares of the company’s stock worth $140,000 after buying an additional 1,500 shares in the last quarter. LS Investment Advisors LLC boosted its position in Akorn by 74.5% in the second quarter. LS Investment Advisors LLC now owns 5,560 shares of the company’s stock worth $158,000 after buying an additional 2,373 shares in the last quarter. Shelton Capital Management purchased a new position in Akorn during the second quarter worth approximately $203,000. Finally, Timber Hill LLC purchased a new position in Akorn during the second quarter worth approximately $209,000. 73.62% of the stock is owned by institutional investors.
Shares of Akorn Inc. (NASDAQ:AKRX) opened at 29.22 on Monday. Akorn Inc. has a 12-month low of $17.57 and a 12-month high of $39.46. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 19.69 and a beta of 1.08. The stock has a 50 day moving average of $28.49 and a 200 day moving average of $28.00.
Akorn (NASDAQ:AKRX) last announced its earnings results on Thursday, August 4th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The business earned $280.70 million during the quarter, compared to analyst estimates of $272.99 million. Akorn had a return on equity of 32.83% and a net margin of 17.00%. Akorn’s quarterly revenue was up 27.1% on a year-over-year basis. Analysts forecast that Akorn Inc. will post $2.17 earnings per share for the current year.
A number of research firms recently commented on AKRX. Piper Jaffray Cos. raised shares of Akorn from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $33.00 to $34.00 in a research note on Thursday, September 15th. Jefferies Group reaffirmed a “buy” rating and set a $35.00 price target on shares of Akorn in a research note on Monday, August 29th. Zacks Investment Research cut shares of Akorn from a “hold” rating to a “sell” rating in a research note on Tuesday, August 9th. WallachBeth Capital lifted their price target on shares of Akorn from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Finally, JPMorgan Chase & Co. set a $45.00 price target on shares of Akorn and gave the stock a “buy” rating in a research note on Friday, August 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $34.75.
In other news, Director Kenneth Abramowitz sold 2,691 shares of Akorn stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $30.44, for a total value of $81,914.04. Following the completion of the transaction, the director now directly owns 20,786 shares of the company’s stock, valued at approximately $632,725.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 30.10% of the stock is owned by insiders.
Akorn Company Profile
Akorn Inc (Akorn), together with its wholly owned subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as animal and over-the-counter (OTC) consumer health products. The Company specializes in sterile and non-sterile dosage forms, including ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays.
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