Allianz Asset Management GmbH increased its position in shares of Akorn, Inc. (NASDAQ:AKRX) by 3.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,502,253 shares of the company’s stock after purchasing an additional 53,588 shares during the quarter. Allianz Asset Management GmbH owned approximately 1.20% of Akorn worth $49,860,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Akorn by 22.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,228 shares of the company’s stock valued at $108,000 after buying an additional 599 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Akorn by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,177 shares of the company’s stock valued at $140,000 after buying an additional 626 shares in the last quarter. LMR Partners LLP bought a new position in Akorn in the third quarter valued at approximately $200,000. Cubist Systematic Strategies LLC bought a new position in Akorn in the second quarter valued at approximately $209,000. Finally, World Asset Management Inc bought a new position in Akorn in the second quarter valued at approximately $210,000. Institutional investors and hedge funds own 73.44% of the company’s stock.
In other news, Director Brian Tambi sold 15,100 shares of the stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $33.35, for a total value of $503,585.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 28.20% of the stock is currently owned by corporate insiders.
A number of analysts have recently issued reports on the stock. Piper Jaffray Companies set a $34.00 price objective on shares of Akorn and gave the company a “hold” rating in a report on Sunday, October 22nd. Zacks Investment Research upgraded shares of Akorn from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 24th. Royal Bank of Canada restated a “hold” rating and set a $34.00 target price on shares of Akorn in a report on Tuesday, October 3rd. Jefferies Group set a $34.00 target price on shares of Akorn and gave the stock a “hold” rating in a report on Sunday, October 29th. Finally, BidaskClub downgraded shares of Akorn from a “sell” rating to a “strong sell” rating in a report on Thursday, December 14th. Two research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $29.17.
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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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