Akorn (AKRX) Rating Lowered to Strong Sell at BidaskClub

Akorn (NASDAQ:AKRX) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Saturday.

Several other research firms have also recently commented on AKRX. Piper Jaffray Companies set a $34.00 target price on Akorn and gave the stock a “hold” rating in a research report on Sunday, October 22nd. Zacks Investment Research upgraded Akorn from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Royal Bank of Canada restated a “hold” rating and set a $34.00 target price on shares of Akorn in a research report on Tuesday, October 3rd. Finally, Jefferies Group set a $34.00 target price on Akorn and gave the stock a “hold” rating in a research report on Sunday, October 29th. Two investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $29.17.

Shares of Akorn (NASDAQ:AKRX) opened at $33.01 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 3.17 and a current ratio of 4.16. Akorn has a one year low of $17.74 and a one year high of $34.00. The stock has a market capitalization of $4,130.00, a price-to-earnings ratio of 55.95, a P/E/G ratio of 1.71 and a beta of 1.33.

In other news, Director Brian Tambi sold 15,100 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $33.35, for a total value of $503,585.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 28.20% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Akorn by 2.4% in the 2nd quarter. BlackRock Inc. now owns 9,297,346 shares of the company’s stock worth $311,834,000 after purchasing an additional 216,363 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Akorn by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 7,121,766 shares of the company’s stock worth $238,865,000 after purchasing an additional 176,397 shares in the last quarter. FMR LLC boosted its holdings in shares of Akorn by 22.1% in the 2nd quarter. FMR LLC now owns 4,347,905 shares of the company’s stock worth $145,829,000 after purchasing an additional 786,908 shares in the last quarter. Pentwater Capital Management LP purchased a new position in shares of Akorn in the 2nd quarter worth about $132,148,000. Finally, CNH Partners LLC purchased a new position in shares of Akorn in the 2nd quarter worth about $116,243,000. Hedge funds and other institutional investors own 73.44% of the company’s stock.

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About Akorn

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.

Analyst Recommendations for Akorn (NASDAQ:AKRX)

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