JPMorgan Chase & Co. cut its stake in Akorn Inc. (NASDAQ:AKRX) by 53.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 166,313 shares of the company’s stock after selling 188,215 shares during the period. JPMorgan Chase & Co. owned approximately 0.13% of Akorn worth $4,737,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Fund Advisors increased its position in Akorn by 4.0% in the first quarter. BlackRock Fund Advisors now owns 4,758,802 shares of the company’s stock worth $111,975,000 after buying an additional 182,204 shares in the last quarter. State Street Corp increased its position in Akorn by 7.1% in the first quarter. State Street Corp now owns 2,964,924 shares of the company’s stock worth $69,763,000 after buying an additional 197,347 shares in the last quarter. Oak Ridge Investments LLC increased its position in Akorn by 0.7% in the second quarter. Oak Ridge Investments LLC now owns 2,184,200 shares of the company’s stock worth $62,217,000 after buying an additional 14,495 shares in the last quarter. William Blair Investment Management LLC increased its position in Akorn by 1,023.1% in the second quarter. William Blair Investment Management LLC now owns 1,786,429 shares of the company’s stock worth $50,886,000 after buying an additional 1,627,362 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS increased its position in Akorn by 6.2% in the second quarter. Kornitzer Capital Management Inc. KS now owns 1,445,053 shares of the company’s stock worth $41,162,000 after buying an additional 83,750 shares in the last quarter. Institutional investors and hedge funds own 73.62% of the company’s stock.
Shares of Akorn Inc. (NASDAQ:AKRX) traded up 0.25% during midday trading on Friday, reaching $28.16. The company had a trading volume of 143,750 shares. Akorn Inc. has a 52 week low of $17.57 and a 52 week high of $39.46. The company has a market capitalization of $3.55 billion, a P/E ratio of 18.98 and a beta of 1.12. The company’s 50 day moving average price is $27.51 and its 200-day moving average price is $28.44.
Akorn (NASDAQ:AKRX) last posted its earnings results on Thursday, August 4th. The company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. Akorn had a return on equity of 32.83% and a net margin of 17.00%. The company had revenue of $280.70 million for the quarter, compared to the consensus estimate of $272.99 million. The company’s quarterly revenue was up 27.1% compared to the same quarter last year. On average, equities research analysts predict that Akorn Inc. will post $2.17 earnings per share for the current fiscal year.
AKRX has been the topic of several recent research reports. Jefferies Group restated a “buy” rating and set a $35.00 price target on shares of Akorn in a report on Monday, August 29th. Piper Jaffray Cos. upgraded Akorn from a “neutral” rating to an “overweight” rating and increased their price target for the company from $33.00 to $34.00 in a report on Thursday, September 15th. Zacks Investment Research lowered Akorn from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 19th. JPMorgan Chase & Co. set a $45.00 price target on Akorn and gave the company a “buy” rating in a report on Friday, August 5th. Finally, Deutsche Bank AG lowered Akorn from a “buy” rating to a “hold” rating and set a $33.00 price target on the stock. in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $34.75.
In other Akorn news, Director Kenneth Abramowitz sold 2,691 shares of Akorn stock in a transaction on Monday, August 15th. The stock was sold at an average price of $30.44, for a total value of $81,914.04. Following the sale, the director now owns 20,786 shares in the company, valued at $632,725.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 30.10% of the stock is owned by company insiders.
Akorn Company Profile
Akorn Inc, together with its subsidiaries, is a specialty 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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