Stevens Capital Management LP Purchases New Holdings in Akorn, Inc. (AKRX)

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Stevens Capital Management LP purchased a new position in shares of Akorn, Inc. (NASDAQ:AKRX) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 71,385 shares of the company’s stock, valued at approximately $927,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. grew its holdings in Akorn by 3.0% during the first quarter. Principal Financial Group Inc. now owns 397,685 shares of the company’s stock worth $7,441,000 after purchasing an additional 11,468 shares during the period. Aperio Group LLC grew its holdings in Akorn by 83.4% during the second quarter. Aperio Group LLC now owns 58,778 shares of the company’s stock worth $975,000 after purchasing an additional 26,734 shares during the period. Los Angeles Capital Management & Equity Research Inc. bought a new position in Akorn during the second quarter worth about $1,103,000. NJ State Employees Deferred Compensation Plan bought a new position in Akorn during the second quarter worth about $199,000. Finally, Alps Advisors Inc. grew its holdings in Akorn by 7.5% during the second quarter. Alps Advisors Inc. now owns 180,583 shares of the company’s stock worth $2,996,000 after purchasing an additional 12,584 shares during the period. Institutional investors and hedge funds own 65.00% of the company’s stock.

Shares of AKRX stock opened at $4.26 on Friday. The company has a current ratio of 3.47, a quick ratio of 2.46 and a debt-to-equity ratio of 1.26. Akorn, Inc. has a 12-month low of $3.54 and a 12-month high of $33.63.

Akorn (NASDAQ:AKRX) last issued its quarterly earnings data on Tuesday, November 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.17). The company had revenue of $165.63 million for the quarter, compared to analyst estimates of $185.36 million. Akorn had a negative return on equity of 14.97% and a negative net margin of 34.69%. Equities research analysts expect that Akorn, Inc. will post -0.13 EPS for the current year.

Several equities research analysts have issued reports on the stock. Deutsche Bank restated a “buy” rating on shares of Akorn in a research report on Thursday, August 23rd. BidaskClub upgraded shares of Akorn from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 6th. Zacks Investment Research upgraded 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. Piper Jaffray Companies set a $9.00 price objective on shares of Akorn and gave the stock a “buy” rating in a research report on Tuesday, November 27th. Finally, Royal Bank of Canada set a $9.00 price objective on shares of Akorn and gave the stock a “hold” rating in a research report on Wednesday, November 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $14.67.

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Akorn 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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Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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