Akorn, Inc. (NASDAQ:AKRX) gapped up before the market opened on Monday . The stock had previously closed at $2.93, but opened at $3.03. Akorn shares last traded at $3.04, with a volume of 3083939 shares traded.
A number of brokerages recently weighed in on AKRX. BidaskClub upgraded Akorn from a “hold” rating to a “buy” rating in a research note on Monday, January 7th. Piper Jaffray Companies set a $8.00 target price on Akorn and gave the company a “buy” rating in a research report on Friday, March 1st. SunTrust Banks assumed coverage on Akorn in a research report on Tuesday, March 19th. They set a “hold” rating and a $4.00 target price on the stock. Royal Bank of Canada set a $4.00 target price on Akorn and gave the company a “hold” rating in a research report on Friday, March 1st. Finally, Zacks Investment Research raised Akorn from a “sell” rating to a “hold” rating in a research report on Monday, December 31st. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Akorn has an average rating of “Hold” and a consensus target price of $8.17.
The company has a quick ratio of 2.40, a current ratio of 3.42 and a debt-to-equity ratio of 1.85. The firm has a market cap of $377.37 million, a price-to-earnings ratio of -8.32 and a beta of 2.75.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings data on Thursday, February 28th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.31). The firm had revenue of $153.39 million during the quarter, compared to analyst estimates of $164.75 million. Akorn had a negative net margin of 57.91% and a negative return on equity of 13.34%. The firm’s revenue for the quarter was down 17.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 earnings per share. Research analysts anticipate that Akorn, Inc. will post -0.28 EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in Akorn by 43.7% during the fourth quarter. BlackRock Inc. now owns 15,707,461 shares of the company’s stock worth $53,248,000 after acquiring an additional 4,776,900 shares during the period. Norges Bank acquired a new stake in Akorn during the fourth quarter worth about $4,789,000. Millennium Management LLC grew its holdings in Akorn by 166.8% during the fourth quarter. Millennium Management LLC now owns 2,068,124 shares of the company’s stock worth $7,011,000 after acquiring an additional 1,292,897 shares during the period. Dimensional Fund Advisors LP grew its holdings in Akorn by 77.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,648,375 shares of the company’s stock worth $8,978,000 after acquiring an additional 1,153,675 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in Akorn during the fourth quarter worth about $3,522,000. 69.48% of the stock is currently owned by institutional investors and hedge funds.
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About Akorn (NASDAQ:AKRX)
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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