Ameriprise Financial Inc. reduced its position in shares of Akorn Inc. (NASDAQ:AKRX) by 5.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 363,192 shares of the company’s stock after selling 20,501 shares during the period. Ameriprise Financial Inc. owned 0.29% of Akorn worth $10,346,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the stock. Envestnet Asset Management Inc. raised its stake in shares of Akorn by 4.9% in the first quarter. Envestnet Asset Management Inc. now owns 38,098 shares of the company’s stock worth $896,000 after buying an additional 1,794 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Akorn by 31.5% in the first quarter. Legal & General Group Plc now owns 9,705 shares of the company’s stock valued at $228,000 after buying an additional 2,326 shares in the last quarter. Bayesian Capital Management LP bought a new stake in shares of Akorn during the first quarter valued at approximately $318,000. Nuveen Asset Management LLC raised its stake in shares of Akorn by 12.0% in the first quarter. Nuveen Asset Management LLC now owns 35,407 shares of the company’s stock valued at $833,000 after buying an additional 3,805 shares in the last quarter. Finally, Granahan Investment Management Inc. MA raised its stake in shares of Akorn by 26.1% in the first quarter. Granahan Investment Management Inc. MA now owns 592,793 shares of the company’s stock valued at $13,948,000 after buying an additional 122,600 shares in the last quarter. Institutional investors and hedge funds own 73.62% of the company’s stock.
Akorn Inc. (NASDAQ:AKRX) traded up 2.33% during mid-day trading on Friday, reaching $27.26. 1,063,268 shares of the company were exchanged. The company’s 50 day moving average price is $28.02 and its 200-day moving average price is $28.12. Akorn Inc. has a 12 month low of $17.57 and a 12 month high of $39.46. The stock has a market capitalization of $3.44 billion, a P/E ratio of 18.37 and a beta of 1.08.
Akorn (NASDAQ:AKRX) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. Akorn had a net margin of 17.00% and a return on equity of 32.83%. The firm had revenue of $280.70 million for the quarter, compared to the consensus estimate of $272.99 million. The firm’s revenue for the quarter was up 27.1% compared to the same quarter last year. On average, equities analysts expect that Akorn Inc. will post $2.17 earnings per share for the current fiscal year.
Several equities research analysts recently commented on AKRX shares. 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. Piper Jaffray Cos. upgraded 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. RBC Capital Markets reiterated an “outperform” rating and set a $37.00 price target on shares of Akorn in a research note on Thursday, July 28th. Citigroup Inc. lowered shares of Akorn to a “market perform” rating and lifted their price target for the stock from $33.80 to $34.00 in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Akorn in a research note on Monday, July 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $34.75.
In other Akorn news, Director Kenneth Abramowitz sold 2,691 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $30.44, for a total transaction of $81,914.04. Following the transaction, the director now directly owns 20,786 shares in the company, valued at approximately $632,725.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 30.10% of the company’s stock.
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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