Shares of Akorn, Inc. (NASDAQ:AKRX) were down 11.7% on Wednesday . The stock traded as low as $3.47 and last traded at $3.48. Approximately 4,433,883 shares were traded during mid-day trading, an increase of 26% from the average daily volume of 3,508,031 shares. The stock had previously closed at $3.94.
Several equities analysts have commented on the stock. BidaskClub cut shares of Akorn from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 7th. Zacks Investment Research downgraded shares of Akorn from a “hold” rating to a “sell” rating in a research report on Tuesday, November 27th. Piper Jaffray Companies raised shares of Akorn from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $5.00 to $9.00 in a research report on Wednesday, October 17th. Jefferies Financial Group dropped their target price on shares of Akorn to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, October 3rd. Finally, Craig Hallum set a $11.00 target price on shares of Akorn and gave the stock a “buy” rating in a research report on Sunday, December 9th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $13.67.
The company has a debt-to-equity ratio of 1.26, a quick ratio of 2.46 and a current ratio of 3.47.
In related news, EVP Joseph Bonaccorsi bought 25,000 shares of the company’s stock in a transaction that occurred on Friday, December 14th. The shares were acquired at an average price of $4.48 per share, with a total value of $112,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.50% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in AKRX. State of Alaska Department of Revenue bought a new stake in Akorn in the 4th quarter valued at $107,000. Tower Research Capital LLC TRC increased its holdings in Akorn by 672.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 10,280 shares of the company’s stock valued at $134,000 after buying an additional 8,950 shares during the period. Baird Financial Group Inc. acquired a new stake in shares of Akorn in the 3rd quarter valued at $135,000. Brown Advisory Inc. acquired a new stake in shares of Akorn in the 3rd quarter valued at $139,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Akorn in the 3rd quarter valued at $174,000. 64.90% 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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