Retirement Systems of Alabama Lowers Position in Akorn, Inc. (AKRX)

Retirement Systems of Alabama decreased its stake in shares of Akorn, Inc. (NASDAQ:AKRX) by 0.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,500 shares of the company’s stock after selling 33 shares during the period. Retirement Systems of Alabama owned 0.13% of Akorn worth $5,484,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AKRX. BlackRock Inc. increased its stake in shares of Akorn by 12,960.9% in the first quarter. BlackRock Inc. now owns 9,080,983 shares of the company’s stock valued at $218,671,000 after buying an additional 9,011,455 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Akorn by 4.0% in the first quarter. Vanguard Group Inc. now owns 6,945,369 shares of the company’s stock valued at $167,245,000 after buying an additional 267,203 shares in the last quarter. William Blair Investment Management LLC increased its stake in shares of Akorn by 8.0% in the first quarter. William Blair Investment Management LLC now owns 4,492,169 shares of the company’s stock valued at $108,171,000 after buying an additional 333,086 shares in the last quarter. FMR LLC increased its stake in shares of Akorn by 54.0% in the first quarter. FMR LLC now owns 3,560,997 shares of the company’s stock valued at $85,748,000 after buying an additional 1,249,329 shares in the last quarter. Finally, Columbia Wanger Asset Management LLC increased its stake in shares of Akorn by 127.5% in the first quarter. Columbia Wanger Asset Management LLC now owns 2,682,821 shares of the company’s stock valued at $64,602,000 after buying an additional 1,503,366 shares in the last quarter. Institutional investors and hedge funds own 71.95% of the company’s stock.

Akorn, Inc. (NASDAQ:AKRX) opened at 32.60 on Friday. The stock has a market cap of $4.07 billion, a P/E ratio of 32.93 and a beta of 1.36. The company has a 50-day moving average of $33.50 and a 200 day moving average of $29.44. Akorn, Inc. has a 1-year low of $17.61 and a 1-year high of $34.00.

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Several equities research analysts have recently weighed in on the stock. Piper Jaffray Companies reissued a “hold” rating and issued a $34.00 target price on shares of Akorn in a research note on Thursday, August 10th. TheStreet downgraded shares of Akorn from a “b-” rating to a “c” rating in a research note on Tuesday, August 1st. BidaskClub downgraded shares of Akorn from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Royal Bank Of Canada set a $34.00 target price on shares of Akorn and gave the company a “hold” rating in a research note on Sunday, July 30th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $34.00 target price on shares of Akorn in a research note on Wednesday, July 19th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. Akorn has a consensus rating of “Hold” and an average price target of $28.56.

In other Akorn news, COO Bruce Kutinsky sold 40,000 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the sale, the chief operating officer now directly owns 317,480 shares in the company, valued at $10,622,880.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian Tambi sold 5,165 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $33.37, for a total transaction of $172,356.05. The disclosure for this sale can be found here. 28.20% of the stock is owned by corporate insiders.

Akorn Company Profile

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.

Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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