Akorn (AKRX) Reaches New 1-Year Low at $4.82

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Akorn, Inc. (NASDAQ:AKRX) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $4.82 and last traded at $5.23, with a volume of 341397 shares trading hands. The stock had previously closed at $6.48.

AKRX has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Akorn from a “hold” rating to a “sell” rating in a report on Friday. BidaskClub upgraded shares of Akorn from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 6th. Piper Jaffray Companies upgraded shares of Akorn from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.00 to $9.00 in a report on Wednesday, October 17th. Royal Bank of Canada set a $9.00 price target on shares of Akorn and gave the company a “hold” rating in a report on Wednesday, November 7th. Finally, Craig Hallum upgraded shares of Akorn from a “hold” rating to a “buy” rating in a report on Thursday, October 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $14.67.

The company has a debt-to-equity ratio of 1.26, a current ratio of 3.47 and a quick ratio of 2.46.

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

A number of institutional investors and hedge funds have recently made changes to their positions in AKRX. Riverhead Capital Management LLC purchased a new position in Akorn during the second quarter valued at approximately $100,000. Tower Research Capital LLC TRC grew its position in Akorn by 672.9% during the third quarter. Tower Research Capital LLC TRC now owns 10,280 shares of the company’s stock valued at $134,000 after purchasing an additional 8,950 shares in the last quarter. Baird Financial Group Inc. purchased a new position in Akorn during the third quarter valued at approximately $135,000. Brown Advisory Inc. purchased a new position in Akorn during the third quarter valued at approximately $139,000. Finally, Meadow Creek Investment Management LLC purchased a new position in Akorn during the second quarter valued at approximately $157,000. 65.00% of the stock is currently owned by hedge funds and other institutional investors.

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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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