Bank of Montreal Can acquired a new position in Akorn Inc. (NASDAQ:AKRX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 182,170 shares of the company’s stock, valued at approximately $5,189,000.
Other hedge funds also recently modified their holdings of the company. Creative Planning boosted its stake 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 boosted its stake 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 bought a new stake in shares of Akorn during the second quarter worth about $218,000. Nisa Investment Advisors LLC boosted its stake 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. Finally, IBM Retirement Fund bought a new stake in shares of Akorn during the second quarter worth about $241,000. 73.62% of the stock is currently owned by institutional investors and hedge funds.
Akorn Inc. (NASDAQ:AKRX) traded down 1.53% during midday trading on Wednesday, reaching $26.98. The company’s stock had a trading volume of 1,119,784 shares. The company’s 50-day moving average is $27.57 and its 200 day moving average is $28.46. Akorn Inc. has a 12-month low of $17.57 and a 12-month high of $39.46. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 18.18 and a beta of 1.12.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.58 EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $280.70 million for the quarter, compared to the consensus estimate of $272.99 million. The firm’s revenue was up 27.1% compared to the same quarter last year. Equities analysts forecast that Akorn Inc. will post $2.17 earnings per share for the current year.
A number of brokerages recently issued reports on AKRX. Royal Bank Of Canada reissued a “buy” rating on shares of Akorn in a report on Monday, July 18th. RBC Capital Markets restated an “outperform” rating and issued a $37.00 target price on shares of Akorn in a research note on Tuesday, July 19th. JPMorgan Chase & Co. set a $45.00 target price on Akorn and gave the stock a “buy” rating in a research note on Friday, August 5th. Deutsche Bank AG lowered Akorn from a “buy” rating to a “hold” rating and set a $33.00 target price on the stock. in a research note on Friday, August 5th. Finally, Zacks Investment Research upgraded Akorn from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the stock. Akorn presently has a consensus rating of “Buy” and an average target price of $34.75.
In other news, Director Kenneth Abramowitz sold 2,691 shares of the business’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $30.44, for a total value of $81,914.04. Following the transaction, the director now directly owns 20,786 shares in the company, valued at $632,725.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 30.10% of the stock is owned by insiders.
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.