BidaskClub cut shares of Akorn (NASDAQ:AKRX) from a sell rating to a strong sell rating in a report released on Wednesday, BidAskClub reports.

AKRX has been the subject of a number of other research reports. Royal Bank of Canada set a $5.00 price objective on shares of Akorn and gave the company a hold rating in a report on Thursday, May 30th. Zacks Investment Research downgraded shares of Akorn from a buy rating to a hold rating in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Akorn currently has an average rating of Hold and a consensus price target of $6.58.

AKRX stock traded down $0.18 during mid-day trading on Wednesday, reaching $2.43. The company’s stock had a trading volume of 39,044 shares, compared to its average volume of 1,519,953. The stock has a market cap of $370.00 million, a PE ratio of -6.75 and a beta of 1.90. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.36 and a current ratio of 0.52. Akorn has a fifty-two week low of $2.55 and a fifty-two week high of $19.56. The company’s 50 day moving average price is $4.05.

Akorn (NASDAQ:AKRX) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.02) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.09. The company had revenue of $178.00 million during the quarter, compared to the consensus estimate of $171.97 million. Akorn had a negative net margin of 72.25% and a negative return on equity of 17.88%. The company’s revenue was down 6.8% on a year-over-year basis. On average, research analysts forecast that Akorn will post -0.38 earnings per share for the current year.

In other news, Director Alan D. Weinstein purchased 50,000 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was acquired at an average price of $3.97 per share, with a total value of $198,500.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven J. Meyer purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was purchased at an average cost of $3.75 per share, with a total value of $37,500.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 75,000 shares of company stock valued at $297,500. Corporate insiders own 3.90% of the company’s stock.

Several institutional investors have recently bought and sold shares of AKRX. Bank of Montreal Can boosted its position in shares of Akorn by 122.1% during the 2nd quarter. Bank of Montreal Can now owns 8,931 shares of the company’s stock worth $46,000 after purchasing an additional 4,909 shares during the period. Advisor Group Inc. boosted its position in shares of Akorn by 556.7% during the 2nd quarter. Advisor Group Inc. now owns 13,003 shares of the company’s stock worth $67,000 after purchasing an additional 11,023 shares during the period. Municipal Employees Retirement System of Michigan purchased a new position in shares of Akorn during the 4th quarter worth approximately $92,000. Moors & Cabot Inc. boosted its position in shares of Akorn by 100.0% during the 1st quarter. Moors & Cabot Inc. now owns 28,500 shares of the company’s stock worth $100,000 after purchasing an additional 14,250 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Akorn by 2,948.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 20,393 shares of the company’s stock worth $105,000 after purchasing an additional 19,724 shares during the period. 66.36% of the stock is owned by institutional investors and hedge funds.

About Akorn

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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Analyst Recommendations for Akorn (NASDAQ:AKRX)

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