Chase Investment Counsel Corp increased its stake in shares of Akorn Inc. (NASDAQ:AKRX) by 32.0% during the second quarter, Holdings Channel reports. The firm owned 35,105 shares of the company’s stock after buying an additional 8,510 shares during the period. Chase Investment Counsel Corp’s holdings in Akorn were worth $999,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of AKRX. Creative Planning raised its position in shares of Akorn by 44.1% in the second quarter. Creative Planning now owns 4,898 shares of the company’s stock worth $140,000 after buying an additional 1,500 shares during the period. LS Investment Advisors LLC raised its position in shares of Akorn by 74.5% in the second quarter. LS Investment Advisors LLC now owns 5,560 shares of the company’s stock worth $158,000 after buying an additional 2,373 shares during the period. Oakbrook Investments LLC acquired a new position in shares of Akorn during the second quarter worth about $218,000. Legal & General Group Plc raised its position in shares of Akorn by 31.5% in the first quarter. Legal & General Group Plc now owns 9,705 shares of the company’s stock worth $228,000 after buying an additional 2,326 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in shares of Akorn by 636.4% in the second quarter. Nisa Investment Advisors LLC now owns 8,100 shares of the company’s stock worth $231,000 after buying an additional 7,000 shares during the period. 73.62% of the stock is owned by institutional investors and hedge funds.
Akorn Inc. (NASDAQ:AKRX) traded down 0.14% during mid-day trading on Wednesday, hitting $27.74. The stock had a trading volume of 667,997 shares. The company has a 50-day moving average price of $28.31 and a 200 day moving average price of $28.11. The company has a market cap of $3.50 billion, a P/E ratio of 18.69 and a beta of 1.08. Akorn Inc. has a 1-year low of $17.57 and a 1-year high of $39.46.
Akorn (NASDAQ:AKRX) last posted its earnings results on Thursday, August 4th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. Akorn had a net margin of 17.00% and a return on equity of 32.83%. The company earned $280.70 million during the quarter, compared to analysts’ expectations of $272.99 million. The business’s revenue for the quarter was up 27.1% compared to the same quarter last year. Equities research analysts forecast that Akorn Inc. will post $2.17 EPS for the current fiscal year.
A number of equities analysts recently issued reports on AKRX shares. Jefferies Group reissued a “buy” rating and issued a $35.00 price objective on shares of Akorn in a report on Monday, August 29th. WallachBeth Capital increased their price objective on Akorn from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, August 5th. JPMorgan Chase & Co. set a $45.00 price objective on Akorn and gave the stock a “buy” rating in a report on Friday, August 5th. Royal Bank Of Canada reissued a “buy” rating on shares of Akorn in a report on Monday, July 18th. Finally, Zacks Investment Research raised Akorn from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company’s stock. Akorn presently has an average rating of “Buy” and a consensus target price of $34.75.
In related news, Director Kenneth Abramowitz sold 2,691 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $30.44, for a total value of $81,914.04. Following the completion of the sale, the director now owns 20,786 shares of the company’s stock, valued at $632,725.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 30.10% of the stock is currently owned by corporate insiders.
Akorn Company Profile
Akorn Inc (Akorn), together with its wholly owned subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as animal and over-the-counter (OTC) consumer health products. The Company specializes in sterile and non-sterile dosage forms, including ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays.
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