Amalgamated Bank Trims Stake in Akorn, Inc. (NASDAQ:AKRX)

Amalgamated Bank trimmed its holdings in shares of Akorn, Inc. (NASDAQ:AKRX) by 30.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,828 shares of the company’s stock after selling 6,189 shares during the period. Amalgamated Bank’s holdings in Akorn were worth $229,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in AKRX. Melqart Asset Management UK Ltd acquired a new stake in shares of Akorn in the 1st quarter worth about $25,964,000. Nexthera Capital LP acquired a new stake in shares of Akorn in the 1st quarter worth about $9,439,000. BlackRock Inc. increased its holdings in shares of Akorn by 3.2% in the 1st quarter. BlackRock Inc. now owns 8,216,336 shares of the company’s stock worth $153,728,000 after acquiring an additional 257,988 shares during the period. Elo Mutual Pension Insurance Co acquired a new stake in shares of Akorn in the 1st quarter worth about $3,583,000. Finally, Ancora Advisors LLC acquired a new stake in shares of Akorn in the 1st quarter worth about $2,584,000. 71.04% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts recently weighed in on the stock. BidaskClub cut shares of Akorn from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Royal Bank of Canada increased their price objective on shares of Akorn from $25.00 to $27.00 and gave the stock a “hold” rating in a report on Wednesday, July 25th. Deutsche Bank reaffirmed a “buy” rating on shares of Akorn in a report on Thursday, August 23rd. Zacks Investment Research raised shares of Akorn from a “sell” rating to a “hold” rating in a report on Monday, July 9th. Finally, ValuEngine cut shares of Akorn from a “hold” rating to a “sell” rating in a report on Friday, May 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $26.50.

AKRX traded up $0.60 on Friday, reaching $15.69. The company had a trading volume of 2,436,100 shares, compared to its average volume of 2,499,650. The firm has a market capitalization of $1.79 billion, a PE ratio of 8.85, a P/E/G ratio of 1.70 and a beta of 1.74. The company has a quick ratio of 2.87, a current ratio of 3.94 and a debt-to-equity ratio of 1.13. Akorn, Inc. has a one year low of $10.76 and a one year high of $33.63.

Akorn (NASDAQ:AKRX) last announced its earnings results on Wednesday, August 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.14). The company had revenue of $190.94 million during the quarter, compared to the consensus estimate of $187.40 million. Akorn had a negative net margin of 24.21% and a negative return on equity of 12.84%. equities analysts expect that Akorn, Inc. will post 0.37 EPS for the current year.

Akorn Company Profile

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.

Read More: What is the NASDAQ Stock Market?

Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

Receive News & Ratings for Akorn Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Akorn and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply