Akorn (AKRX) Raised to Overweight at Piper Jaffray Companies

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Piper Jaffray Companies upgraded shares of Akorn (NASDAQ:AKRX) from a neutral rating to an overweight rating in a research report released on Wednesday, Marketbeat.com reports. The brokerage currently has $9.00 price objective on the stock, up from their prior price objective of $5.00.

Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Akorn from a strong-buy rating to a buy rating in a research report on Wednesday, July 18th. Zacks Investment Research raised shares of Akorn from a hold rating to a buy rating and set a $16.00 price objective for the company in a research report on Monday, August 27th. Deutsche Bank reaffirmed a buy rating on shares of Akorn in a research report on Thursday, August 23rd. Craig Hallum raised shares of Akorn from a hold rating to a buy rating in a research report on Thursday, October 4th. Finally, Jefferies Financial Group reduced their price objective on shares of Akorn to $6.00 and set a hold rating for the company in a research report on Wednesday, October 3rd. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $14.83.

Shares of AKRX stock opened at $7.03 on Wednesday. Akorn has a 52-week low of $5.25 and a 52-week high of $33.63. The company has a quick ratio of 2.87, a current ratio of 3.94 and a debt-to-equity ratio of 1.13.

Akorn (NASDAQ:AKRX) last issued its quarterly earnings data on Wednesday, August 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.14). Akorn had a negative return on equity of 12.84% and a negative net margin of 24.21%. The firm had revenue of $190.94 million during the quarter, compared to the consensus estimate of $187.40 million. Research analysts anticipate that Akorn will post 0.25 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC bought a new position in shares of Akorn during the 2nd quarter valued at approximately $100,000. Meadow Creek Investment Management LLC bought a new position in shares of Akorn during the 2nd quarter valued at approximately $157,000. Glen Harbor Capital Management LLC bought a new position in shares of Akorn during the 2nd quarter valued at approximately $190,000. NJ State Employees Deferred Compensation Plan bought a new position in shares of Akorn during the 2nd quarter valued at approximately $199,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Akorn during the 2nd quarter valued at approximately $211,000. 69.70% of the stock is owned by hedge funds and other institutional investors.

Akorn Company Profile

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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