Akorn, Inc. (NASDAQ:AKRX) Expected to Post Quarterly Sales of $172.41 Million

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Wall Street analysts expect Akorn, Inc. (NASDAQ:AKRX) to post sales of $172.41 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Akorn’s earnings, with the highest sales estimate coming in at $176.55 million and the lowest estimate coming in at $169.70 million. Akorn posted sales of $190.94 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 9.7%. The company is scheduled to announce its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Akorn will report full-year sales of $692.87 million for the current financial year, with estimates ranging from $686.50 million to $700.03 million. For the next financial year, analysts anticipate that the company will report sales of $709.11 million, with estimates ranging from $679.17 million to $732.00 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Akorn.

Akorn (NASDAQ:AKRX) last released its earnings results on Tuesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $0.08. The business had revenue of $165.90 million for the quarter, compared to analyst estimates of $153.01 million. Akorn had a negative net margin of 67.38% and a negative return on equity of 13.92%. The firm’s revenue for the quarter was down 9.9% compared to the same quarter last year.

A number of analysts have recently issued reports on the stock. BidaskClub upgraded shares of Akorn from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 20th. Royal Bank of Canada set a $4.00 price target on shares of Akorn and gave the stock a “hold” rating in a report on Friday, March 1st. Piper Jaffray Companies set a $8.00 price target on shares of Akorn and gave the stock a “buy” rating in a report on Friday, March 1st. SunTrust Banks assumed coverage on shares of Akorn in a report on Tuesday, March 19th. They set a “hold” rating and a $4.00 price target for the company. Finally, Zacks Investment Research downgraded shares of Akorn from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $8.33.

Shares of NASDAQ AKRX opened at $4.09 on Thursday. The company has a market cap of $510.32 million, a PE ratio of -11.36 and a beta of 1.77. The company has a debt-to-equity ratio of 2.31, a current ratio of 3.26 and a quick ratio of 2.30. Akorn has a 1 year low of $2.64 and a 1 year high of $19.65.

In related news, Director Alan D. Weinstein bought 50,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was purchased at an average price of $3.97 per share, for a total transaction of $198,500.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven J. Meyer bought 15,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was bought at an average price of $4.10 per share, with a total value of $61,500.00. The disclosure for this purchase can be found here. Insiders purchased a total of 85,000 shares of company stock valued at $337,800 in the last quarter. 3.90% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. Factorial Partners LLC increased its holdings in Akorn by 4.5% in the 1st quarter. Factorial Partners LLC now owns 69,500 shares of the company’s stock valued at $245,000 after purchasing an additional 3,000 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Akorn by 3.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 95,040 shares of the company’s stock worth $322,000 after acquiring an additional 3,101 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Akorn by 6.3% in the first quarter. Hsbc Holdings PLC now owns 70,773 shares of the company’s stock worth $249,000 after acquiring an additional 4,164 shares in the last quarter. Swiss National Bank grew its stake in shares of Akorn by 3.1% in the first quarter. Swiss National Bank now owns 171,484 shares of the company’s stock worth $604,000 after acquiring an additional 5,100 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Akorn by 10.5% in the first quarter. The Manufacturers Life Insurance Company now owns 64,794 shares of the company’s stock worth $228,000 after acquiring an additional 6,144 shares in the last quarter. Hedge funds and other institutional investors own 67.34% of the company’s stock.

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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