Analysts Set Akorn, Inc. (NASDAQ:AKRX) Price Target at $6.80

Shares of Akorn, Inc. (NASDAQ:AKRX) have been given a consensus rating of “Hold” by the nine analysts that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $6.80.

A number of brokerages recently issued reports on AKRX. Royal Bank of Canada set a $5.00 price objective on Akorn and gave the stock a “hold” rating in a research report on Monday. Zacks Investment Research downgraded Akorn from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Finally, BidaskClub downgraded Akorn from a “sell” rating to a “strong sell” rating in a research report on Wednesday.

Shares of Akorn stock traded down $0.17 during trading hours on Wednesday, reaching $2.64. The company had a trading volume of 1,621,140 shares, compared to its average volume of 2,310,649. Akorn has a one year low of $2.55 and a one year high of $19.56. The business has a fifty day moving average price of $4.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.36 and a current ratio of 0.52. The company has a market cap of $334.76 million, a price-to-earnings ratio of -7.33 and a beta of 1.90.

Akorn (NASDAQ:AKRX) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.09. Akorn had a negative return on equity of 17.88% and a negative net margin of 72.25%. The company had revenue of $178.00 million for the quarter, compared to the consensus estimate of $171.97 million. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. As a group, equities research analysts predict that Akorn will post -0.38 earnings per share for the current fiscal year.

In related news, Director Steven J. Meyer acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were purchased at an average price of $3.75 per share, for a total transaction of $37,500.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan D. Weinstein acquired 50,000 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was bought at an average price of $3.97 per share, for a total transaction of $198,500.00. The disclosure for this purchase can be found here. In the last quarter, insiders bought 75,000 shares of company stock worth $297,500. Company insiders own 3.90% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in shares of Akorn by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,528,004 shares of the company’s stock worth $5,180,000 after purchasing an additional 29,016 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Akorn by 77.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,375 shares of the company’s stock valued at $8,978,000 after acquiring an additional 1,153,675 shares in the last quarter. Geode Capital Management LLC boosted its position in Akorn by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 1,132,779 shares of the company’s stock valued at $3,839,000 after acquiring an additional 115,405 shares in the last quarter. Principal Financial Group Inc. boosted its position in Akorn by 93.7% during the 4th quarter. Principal Financial Group Inc. now owns 794,082 shares of the company’s stock valued at $2,692,000 after acquiring an additional 384,145 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its position in Akorn by 212.2% during the 4th quarter. Squarepoint Ops LLC now owns 68,294 shares of the company’s stock valued at $232,000 after acquiring an additional 46,420 shares in the last quarter. Hedge funds and other institutional investors own 66.36% 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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Analyst Recommendations for Akorn (NASDAQ:AKRX)

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