Teachers Retirement System of The State of Kentucky Sells 1,400 Shares of Akorn, Inc. (AKRX)
Teachers Retirement System of The State of Kentucky cut its holdings in Akorn, Inc. (NASDAQ:AKRX) by 7.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,620 shares of the company’s stock after selling 1,400 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Akorn were worth $591,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. OMERS ADMINISTRATION Corp acquired a new position in Akorn in the second quarter valued at $31,585,000. Great West Life Assurance Co. Can increased its stake in shares of Akorn by 0.7% during the second quarter. Great West Life Assurance Co. Can now owns 51,847 shares of the company’s stock worth $1,738,000 after acquiring an additional 340 shares during the period. World Asset Management Inc acquired a new position in shares of Akorn during the second quarter worth about $210,000. Airain ltd increased its stake in shares of Akorn by 133.1% during the second quarter. Airain ltd now owns 77,070 shares of the company’s stock worth $2,585,000 after acquiring an additional 44,011 shares during the period. Finally, Alpine Associates Management Inc. acquired a new position in shares of Akorn during the second quarter worth about $8,047,000. Institutional investors own 69.98% of the company’s stock.
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In other Akorn news, Director Brian Tambi sold 5,165 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $33.37, for a total transaction of $172,356.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Bruce Kutinsky sold 40,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the transaction, 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 owned by company insiders.
Shares of Akorn, Inc. (NASDAQ:AKRX) opened at 33.25 on Wednesday. The company’s 50-day moving average is $33.00 and its 200-day moving average is $32.77. Akorn, Inc. has a 12-month low of $17.61 and a 12-month high of $34.00. The stock has a market cap of $4.15 billion, a P/E ratio of 33.59 and a beta of 1.40.
AKRX has been the topic of a number of recent analyst reports. Royal Bank Of Canada reiterated a “sector perform” rating and set a $34.00 price target on shares of Akorn in a research note on Sunday, August 20th. TheStreet lowered shares of Akorn from a “b-” rating to a “c” rating in a research note on Tuesday, August 1st. BidaskClub lowered shares of Akorn from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating and set a $34.00 price target on shares of Akorn in a research note on Wednesday, July 19th. Finally, Piper Jaffray Companies set a $34.00 price target on shares of Akorn and gave the stock a “hold” rating in a research note on Tuesday, August 29th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price 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.
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