Akorn, Inc. (NASDAQ:AKRX) Stake Lessened by LSV Asset Management

LSV Asset Management lessened its stake in shares of Akorn, Inc. (NASDAQ:AKRX) by 79.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 260,479 shares of the company’s stock after selling 1,023,211 shares during the quarter. LSV Asset Management owned about 0.21% of Akorn worth $8,736,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Akorn by 22.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,228 shares of the company’s stock worth $108,000 after purchasing an additional 599 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Akorn by 17.6% during the second quarter. Victory Capital Management Inc. now owns 4,177 shares of the company’s stock worth $140,000 after purchasing an additional 626 shares during the last quarter. Meadow Creek Investment Management LLC raised its position in Akorn by 8.3% in the first quarter. Meadow Creek Investment Management LLC now owns 4,368 shares of the company’s stock worth $105,000 after acquiring an additional 336 shares in the last quarter. Glen Harbor Capital Management LLC raised its position in Akorn by 8.3% in the first quarter. Glen Harbor Capital Management LLC now owns 5,304 shares of the company’s stock worth $128,000 after acquiring an additional 408 shares in the last quarter. Finally, World Asset Management Inc purchased a new position in Akorn in the second quarter worth $210,000. Institutional investors and hedge funds own 69.54% of the company’s stock.

Akorn, Inc. (NASDAQ:AKRX) opened at 33.06 on Friday. The stock has a 50 day moving average price of $33.00 and a 200-day moving average price of $31.44. The stock has a market cap of $4.13 billion, a PE ratio of 33.39 and a beta of 1.38. Akorn, Inc. has a 12 month low of $17.61 and a 12 month high of $34.00.

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In other news, Director Brian Tambi sold 5,165 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $33.37, for a total value of $172,356.05. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Bruce Kutinsky sold 40,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $33.46, for a total value of $1,338,400.00. Following the completion of the sale, the chief operating officer now directly owns 317,480 shares in the company, valued at approximately $10,622,880.80. The disclosure for this sale can be found here. 28.20% of the stock is currently owned by insiders.

Several research firms have issued reports on AKRX. Piper Jaffray Companies reiterated a “hold” rating and issued a $34.00 price objective on shares of Akorn in a research report on Thursday, August 10th. BidaskClub cut Akorn from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. TheStreet cut Akorn from a “b-” rating to a “c” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $34.00 price objective on shares of Akorn in a research report on Sunday, August 20th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $34.00 price objective on shares of Akorn in a research report on Wednesday, July 19th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $28.56.

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.

Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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