Quad Capital Management Advisors LLC cut its stake in Akorn, Inc. (NASDAQ:AKRX) by 17.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 300,000 shares of the company’s stock after selling 62,838 shares during the quarter. Akorn makes up 4.0% of Quad Capital Management Advisors LLC’s portfolio, making the stock its 4th biggest holding. Quad Capital Management Advisors LLC’s holdings in Akorn were worth $9,669,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. LMR Partners LLP acquired a new position in shares of Akorn in the third quarter worth $200,000. State of Alaska Department of Revenue acquired a new position in shares of Akorn in the fourth quarter worth $199,000. Opera Trading Capital acquired a new position in shares of Akorn in the fourth quarter worth $274,000. ING Groep NV acquired a new position in shares of Akorn in the fourth quarter worth $275,000. Finally, Stone Ridge Asset Management LLC bought a new stake in Akorn in the fourth quarter worth $290,000. 77.52% of the stock is currently owned by institutional investors and hedge funds.
Shares of Akorn, Inc. (AKRX) opened at $18.77 on Thursday. The stock has a market cap of $2,374.90, a price-to-earnings ratio of 11.78, a P/E/G ratio of 0.71 and a beta of 1.78. Akorn, Inc. has a fifty-two week low of $16.79 and a fifty-two week high of $34.00. The company has a quick ratio of 3.19, a current ratio of 4.27 and a debt-to-equity ratio of 0.98.
A number of equities research analysts recently issued reports on the stock. BidaskClub cut shares of Akorn from a “sell” rating to a “strong sell” rating in a report on Thursday, February 22nd. William Blair reiterated a “hold” rating on shares of Akorn in a report on Thursday, March 1st. Piper Jaffray Companies set a $34.00 price objective on shares of Akorn and gave the stock a “hold” rating in a report on Wednesday, March 7th. Zacks Investment Research cut shares of Akorn from a “hold” rating to a “sell” rating in a report on Wednesday, January 24th. Finally, Deutsche Bank set a $34.00 price objective on shares of Akorn and gave the stock a “hold” rating in a report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $32.00.
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Akorn Inc (Akorn), together with its subsidiaries, is a specialty generic pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as private-label over-the-counter (OTC) consumer health products and animal health pharmaceuticals. The Company operates through two segments: Prescription Pharmaceuticals and the Consumer Health.
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