Akorn (AKRX) Raised to “Strong-Buy” at BidaskClub

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BidaskClub upgraded shares of Akorn (NASDAQ:AKRX) from a buy rating to a strong-buy rating in a research report sent to investors on Tuesday.

AKRX has been the subject of a number of other reports. Royal Bank of Canada raised their target price on Akorn from $25.00 to $27.00 and gave the company a hold rating in a report on Wednesday, July 25th. Deutsche Bank restated a buy rating on shares of Akorn in a report on Thursday, August 23rd. Zacks Investment Research upgraded Akorn from a sell rating to a hold rating in a report on Monday, July 9th. Piper Jaffray Companies set a $5.00 target price on Akorn and gave the company a hold rating in a report on Tuesday, October 2nd. Finally, ValuEngine upgraded Akorn from a sell rating to a hold rating in a report on Tuesday, October 2nd. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $14.67.

Akorn stock traded up $0.01 during midday trading on Tuesday, reaching $6.88. 58,535 shares of the stock traded hands, compared to its average volume of 4,249,561. Akorn has a 12-month low of $5.25 and a 12-month high of $33.63. The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.87 and a current ratio of 3.94.

Several institutional investors and hedge funds have recently made changes to their positions in AKRX. Wells Fargo & Company MN boosted its stake in shares of Akorn by 9.7% in the 1st quarter. Wells Fargo & Company MN now owns 132,443 shares of the company’s stock valued at $2,477,000 after buying an additional 11,672 shares during the period. Russell Investments Group Ltd. lifted its stake in Akorn by 36.2% during the first quarter. Russell Investments Group Ltd. now owns 89,460 shares of the company’s stock worth $1,674,000 after purchasing an additional 23,777 shares during the last quarter. Legal & General Group Plc lifted its stake in Akorn by 14.8% during the first quarter. Legal & General Group Plc now owns 98,171 shares of the company’s stock worth $1,837,000 after purchasing an additional 12,647 shares during the last quarter. Principal Financial Group Inc. lifted its stake 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 last quarter. Finally, Havens Advisors LLC lifted its stake in Akorn by 42.8% during the second quarter. Havens Advisors LLC now owns 239,987 shares of the company’s stock worth $3,981,000 after purchasing an additional 71,987 shares during the last quarter. Institutional investors and hedge funds own 69.69% 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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