Akorn (NASDAQ:AKRX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The firm presently has a $5.50 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 20.35% from the stock’s current price.
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 research firms also recently weighed in on AKRX. BidaskClub raised shares of Xilinx from a “hold” rating to a “buy” rating in a research report on Saturday, June 29th. Royal Bank of Canada set a $5.00 price target on shares of Akorn and gave the company a “hold” rating in a report on Thursday, May 30th. Finally, SunTrust Banks initiated coverage on shares of Zoetis in a report on Tuesday, March 19th. They issued a “hold” rating and a $100.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Akorn has an average rating of “Hold” and a consensus target price of $6.58.
Shares of AKRX stock traded down $0.28 on Tuesday, hitting $4.57. 96,550 shares of the company’s stock traded hands, compared to its average volume of 2,447,830. The company has a quick ratio of 2.30, a current ratio of 3.26 and a debt-to-equity ratio of 2.31. Akorn has a one year low of $2.64 and a one year high of $19.65. The firm’s fifty day moving average is $4.53. The stock has a market cap of $609.11 million, a PE ratio of -12.72 and a beta of 1.90.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.08. The business had revenue of $165.90 million for the quarter, compared to analyst estimates of $153.01 million. Akorn had a negative net margin of 67.38% and a negative return on equity of 13.92%. The company’s revenue for the quarter was down 9.9% on a year-over-year basis. As a group, equities research analysts anticipate that Akorn will post -0.36 EPS for the current year.
In other Akorn news, Director Steven J. Meyer acquired 15,000 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was purchased at an average price of $4.10 per share, with a total value of $61,500.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Terry Allison Rappuhn acquired 10,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was acquired at an average cost of $4.03 per share, with a total value of $40,300.00. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 85,000 shares of company stock valued at $337,800. 3.90% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Factorial Partners LLC raised its position in Akorn by 4.5% in the first quarter. Factorial Partners LLC now owns 69,500 shares of the company’s stock worth $245,000 after acquiring an additional 3,000 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in Akorn by 3.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 95,040 shares of the company’s stock worth $322,000 after acquiring an additional 3,101 shares in the last quarter. MML Investors Services LLC bought a new stake in Akorn in the fourth quarter worth about $34,000. Moors & Cabot Inc. raised its position in Akorn by 100.0% in the first quarter. Moors & Cabot Inc. now owns 28,500 shares of the company’s stock worth $100,000 after acquiring an additional 14,250 shares in the last quarter. Finally, Hsbc Holdings PLC raised its position in Akorn by 37.3% in the fourth quarter. Hsbc Holdings PLC now owns 66,609 shares of the company’s stock worth $225,000 after acquiring an additional 18,099 shares in the last quarter. 66.82% of the stock is owned by hedge funds and other institutional investors.
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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