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.
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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