Today: Short Interest in Akorn Inc. (AKRX) Decreases By 15.3%

Today: Short Interest in Akorn Inc. (AKRX) Decreases By 15.3%

Akorn Inc. (NASDAQ:AKRX) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 10,324,737 shares, a decline of 15.3% from the October 31st total of 12,192,656 shares. Based on an average daily trading volume, of 2,612,887 shares, the short-interest ratio is currently 4.0 days. Currently, 11.4% of the company’s stock are short sold.

A number of brokerages recently weighed in on AKRX. Raymond James Financial Inc. downgraded shares of Akorn from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 2nd. Citigroup Inc. downgraded shares of Akorn to a “market perform” rating and boosted their target price for the stock from $33.80 to $34.00 in a report on Tuesday, August 2nd. They noted that the move was a valuation call. WallachBeth Capital boosted their target price on shares of 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 target price on shares of Akorn and gave the stock a “buy” rating in a report on Friday, August 5th. Finally, Deutsche Bank AG downgraded shares of Akorn from a “buy” rating to a “hold” rating and set a $33.00 target price on the stock. in a report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $30.47.

Several large investors have recently made changes to their positions in the stock. Catalyst Capital Advisors LLC raised its stake in shares of Akorn by 400.0% in the third quarter. Catalyst Capital Advisors LLC now owns 4,000 shares of the company’s stock valued at $109,000 after buying an additional 3,200 shares in the last quarter. Charlemagne Capital Ltd. acquired a new stake in shares of Akorn during the second quarter valued at about $138,000. Creative Planning raised 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 valued at $140,000 after buying an additional 1,500 shares in the last quarter. LS Investment Advisors LLC raised 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 valued at $158,000 after buying an additional 2,373 shares in the last quarter. Finally, Shelton Capital Management acquired a new stake in shares of Akorn during the second quarter valued at about $203,000. 74.48% of the stock is owned by hedge funds and other institutional investors.

Shares of Akorn (NASDAQ:AKRX) opened at 22.38 on Monday. Akorn has a 52-week low of $17.57 and a 52-week high of $39.46. The company has a market cap of $2.80 billion, a PE ratio of 15.14 and a beta of 1.15. The company’s 50-day moving average is $24.15 and its 200 day moving average is $28.14.

Akorn (NASDAQ:AKRX) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.02. Akorn had a return on equity of 32.92% and a net margin of 16.58%. The business had revenue of $284 million for the quarter, compared to analysts’ expectations of $267.04 million. Akorn’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts anticipate that Akorn will post $2.24 EPS for the current year.

Akorn Company Profile

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