Akorn (AKRX) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Akorn (NASDAQ:AKRX) from a hold rating to a sell rating in a report released on Friday morning.

According to Zacks, “Akorn, Inc. is a specialty generic pharmaceutical company engaged in the development, manufacture and marketing of multisource and branded pharmaceuticals. They specialize in difficult-to-manufacture sterile and non-sterile dosage forms including: ophthalmics, injectables, oral liquids, otics, topicals, inhalants, and nasal sprays. Akorn markets its products to retail pharmacies, ophthalmologists, optometrists, physicians, veterinarians, hospitals, clinics, wholesalers, distributors, group purchasing organizations, and government agencies. Their strategy is focused on continuing to strengthen our leadership position in the development and marketing of specialized generic and branded pharmaceuticals, over-the-counter (OTC) drug products and animal health products. “

A number of other analysts have also recently weighed in on the stock. BidaskClub cut shares of Akorn from a strong-buy rating to a buy rating in a report on Friday. Piper Jaffray Companies set a $9.00 target price on shares of Akorn and gave the stock a buy rating in a report on Tuesday, November 27th. Royal Bank of Canada set a $9.00 target price on shares of Akorn and gave the stock a hold rating in a report on Wednesday, November 7th. Craig Hallum upgraded shares of Akorn from a hold rating to a buy rating in a report on Thursday, October 4th. Finally, Jefferies Financial Group reduced their target price on shares of Akorn to $6.00 and set a hold rating for the company in a report on Wednesday, October 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $14.67.

Shares of Akorn stock traded down $1.33 on Friday, hitting $4.26. The company had a trading volume of 26,543,843 shares, compared to its average volume of 1,970,436. 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 has a 52 week low of $3.54 and a 52 week high of $33.63.

Akorn (NASDAQ:AKRX) last issued its earnings results on Tuesday, November 6th. The company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.17). The business had revenue of $165.63 million for the quarter, compared to the consensus estimate of $185.36 million. Akorn had a negative return on equity of 14.97% and a negative net margin of 34.69%. As a group, equities analysts predict that Akorn will post -0.13 EPS for the current year.

Several large investors have recently modified their holdings of AKRX. BlackRock Inc. boosted its position in shares of Akorn by 1.9% during the third quarter. BlackRock Inc. now owns 10,930,561 shares of the company’s stock valued at $141,878,000 after buying an additional 198,816 shares during the last quarter. Vanguard Group Inc. raised its stake in Akorn by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,545,884 shares of the company’s stock valued at $110,926,000 after purchasing an additional 141,746 shares during the period. Marshall Wace LLP raised its stake in Akorn by 44.9% during the 3rd quarter. Marshall Wace LLP now owns 2,998,492 shares of the company’s stock valued at $38,920,000 after purchasing an additional 929,107 shares during the period. Paulson & CO. Inc. bought a new stake in Akorn during the 2nd quarter valued at approximately $29,198,000. Finally, BlueMountain Capital Management LLC raised its stake in Akorn by 46.2% during the 3rd quarter. BlueMountain Capital Management LLC now owns 1,502,480 shares of the company’s stock valued at $19,502,000 after purchasing an additional 474,546 shares during the period. Hedge funds and other institutional investors own 65.00% of the company’s stock.

About Akorn

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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