Akorn (AKRX) Lowered to “Strong Sell” at BidaskClub

BidaskClub lowered shares of Akorn (NASDAQ:AKRX) from a sell rating to a strong sell rating in a research report sent to investors on Thursday morning.

A number of other analysts also recently issued reports on the company. Zacks Investment Research downgraded Akorn from a hold rating to a strong sell rating in a research note on Friday, August 25th. Jefferies Group set a $34.00 target price on Akorn and gave the stock a hold rating in a research note on Sunday, October 29th. Piper Jaffray Companies set a $34.00 target price on Akorn and gave the stock a hold rating in a research note on Tuesday, August 29th. Finally, Royal Bank of Canada reaffirmed a hold rating and issued a $34.00 target price on shares of Akorn in a research note on Tuesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $30.71.

Shares of Akorn (NASDAQ:AKRX) traded down $0.02 on Thursday, hitting $32.20. The company’s stock had a trading volume of 1,226,100 shares, compared to its average volume of 2,684,062. Akorn has a twelve month low of $17.74 and a twelve month high of $34.00. The firm has a market cap of $4,029.77, a P/E ratio of 20.01, a PEG ratio of 2.01 and a beta of 1.33. The company has a quick ratio of 3.17, a current ratio of 4.16 and a debt-to-equity ratio of 0.92.

In related news, Director Brian Tambi sold 15,100 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $33.35, for a total transaction of $503,585.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 28.20% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in AKRX. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Akorn by 22.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,228 shares of the company’s stock valued at $108,000 after acquiring an additional 599 shares during the period. Victory Capital Management Inc. boosted its holdings in Akorn by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,177 shares of the company’s stock valued at $140,000 after acquiring an additional 626 shares during the period. LMR Partners LLP purchased a new position in Akorn during the 3rd quarter valued at about $200,000. Cubist Systematic Strategies LLC purchased a new position in Akorn during the 2nd quarter valued at about $209,000. Finally, World Asset Management Inc purchased a new position in Akorn during the 2nd quarter valued at about $210,000. Institutional investors own 73.53% of the company’s stock.

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About Akorn

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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