Akorn, Inc. (NASDAQ:AKRX) COO Bruce Kutinsky sold 40,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the completion of the sale, the chief operating officer now directly owns 317,480 shares of the company’s stock, valued at approximately $10,622,880.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Akorn, Inc. (NASDAQ:AKRX) traded down 1.90% during trading on Friday, reaching $31.98. 8,063,576 shares of the company’s stock traded hands. The company has a 50 day moving average price of $33.45 and a 200-day moving average price of $29.53. Akorn, Inc. has a 12-month low of $17.61 and a 12-month high of $34.00. The company has a market cap of $3.99 billion, a PE ratio of 32.30 and a beta of 1.36.
Several analysts have issued reports on the stock. Royal Bank Of Canada set a $34.00 price objective on shares of Akorn and gave the stock a “hold” rating in a research note on Saturday, May 27th. William Blair downgraded shares of Akorn from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 25th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $34.00 price target on shares of Akorn in a research note on Thursday, August 10th. Jefferies Group LLC downgraded shares of Akorn from a “buy” rating to a “hold” rating and lifted their price target for the company from $24.00 to $34.00 in a research note on Tuesday, April 25th. Finally, Craig Hallum downgraded shares of Akorn from a “buy” rating to a “hold” rating in a research note on Tuesday, April 25th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. Akorn has an average rating of “Hold” and a consensus target price of $28.56.
Several large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Akorn by 12,960.9% in the first quarter. BlackRock Inc. now owns 9,080,983 shares of the company’s stock worth $218,671,000 after buying an additional 9,011,455 shares during the last quarter. Pentwater Capital Management LP purchased a new stake in shares of Akorn during the second quarter worth $132,148,000. CNH Partners LLC bought a new position in Akorn during the second quarter worth approximately $116,243,000. Columbia Wanger Asset Management LLC increased its position in Akorn by 127.5% in the first quarter. Columbia Wanger Asset Management LLC now owns 2,682,821 shares of the company’s stock worth $64,602,000 after buying an additional 1,503,366 shares during the period. Finally, FMR LLC increased its position in Akorn by 54.0% in the first quarter. FMR LLC now owns 3,560,997 shares of the company’s stock worth $85,748,000 after buying an additional 1,249,329 shares during the period. Institutional investors and hedge funds own 71.95% of the company’s stock.
Akorn Company Profile
Akorn Inc (Akorn), together with its subsidiaries, is a specialty generic pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as private-label over-the-counter (OTC) consumer health products and animal health pharmaceuticals. The Company operates through two segments: Prescription Pharmaceuticals and the Consumer Health.
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