Akorn (NASDAQ:AKRX) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research cut shares of Akorn (NASDAQ:AKRX) from a buy rating to a hold rating in a report published on Friday morning, Zacks.com reports.

According to Zacks, “Akorn, Inc. is a specialty generic pharmaceutical company engaged in the development, manufacture and marketing of multisource and branded pharmaceuticals. They specialize in difficult-to-manufacture sterile and non-sterile dosage forms including: ophthalmics, injectables, oral liquids, otics, topicals, inhalants, and nasal sprays. Akorn markets its products to retail pharmacies, ophthalmologists, optometrists, physicians, veterinarians, hospitals, clinics, wholesalers, distributors, group purchasing organizations, and government agencies. Their strategy is focused on continuing to strengthen our leadership position in the development and marketing of specialized generic and branded pharmaceuticals, over-the-counter (OTC) drug products and animal health products. “

Several other research firms have also issued reports on AKRX. SunTrust Banks boosted their price target on shares of Akorn from $3.50 to $4.00 and gave the company a hold rating in a research report on Friday, September 20th. Royal Bank of Canada set a $5.00 price objective on shares of Akorn and gave the company a hold rating in a research note on Monday, August 12th. BidaskClub raised shares of Akorn from a sell rating to a hold rating in a research note on Friday. Finally, ValuEngine raised shares of Akorn from a hold rating to a buy rating in a research note on Monday, October 7th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $6.55.

NASDAQ AKRX opened at $4.61 on Friday. The company’s 50 day moving average is $3.62 and its 200-day moving average is $3.73. Akorn has a 12-month low of $2.34 and a 12-month high of $7.52. The company has a quick ratio of 0.36, a current ratio of 0.52 and a debt-to-equity ratio of 0.08. The firm has a market cap of $591.50 million, a P/E ratio of -12.81 and a beta of 1.95.

Akorn (NASDAQ:AKRX) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.09. Akorn had a negative net margin of 72.25% and a negative return on equity of 17.88%. The company had revenue of $178.00 million for the quarter, compared to analyst estimates of $171.97 million. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. Equities analysts expect that Akorn will post -0.35 EPS for the current year.

In related news, Director Steven J. Meyer purchased 20,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was acquired at an average price of $2.60 per share, with a total value of $52,000.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 3.90% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in AKRX. Bank of Montreal Can boosted its stake in shares of Akorn by 122.1% in the 2nd quarter. Bank of Montreal Can now owns 8,931 shares of the company’s stock valued at $46,000 after purchasing an additional 4,909 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of Akorn in the 3rd quarter valued at $40,000. Advisor Group Inc. boosted its stake in shares of Akorn by 556.7% in the 2nd quarter. Advisor Group Inc. now owns 13,003 shares of the company’s stock valued at $67,000 after purchasing an additional 11,023 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Akorn by 2,948.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 20,393 shares of the company’s stock valued at $105,000 after purchasing an additional 19,724 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Akorn by 1,159.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 31,495 shares of the company’s stock valued at $120,000 after purchasing an additional 28,995 shares in the last quarter. 68.21% 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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