New York State Teachers Retirement System Trims Position in Akorn, Inc. (NASDAQ:AKRX)

New York State Teachers Retirement System lessened its position in shares of Akorn, Inc. (NASDAQ:AKRX) by 3.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 148,200 shares of the company’s stock after selling 4,717 shares during the quarter. New York State Teachers Retirement System owned 0.12% of Akorn worth $763,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in Akorn by 77.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,648,375 shares of the company’s stock valued at $8,978,000 after acquiring an additional 1,153,675 shares during the last quarter. Millennium Management LLC increased its position in Akorn by 166.8% during the fourth quarter. Millennium Management LLC now owns 2,068,124 shares of the company’s stock valued at $7,011,000 after acquiring an additional 1,292,897 shares during the last quarter. Deutsche Bank AG increased its position in Akorn by 102.7% during the fourth quarter. Deutsche Bank AG now owns 1,886,403 shares of the company’s stock valued at $6,393,000 after acquiring an additional 955,906 shares during the last quarter. Bank of New York Mellon Corp increased its position in Akorn by 1.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,528,004 shares of the company’s stock valued at $5,180,000 after acquiring an additional 29,016 shares during the last quarter. Finally, Norges Bank bought a new stake in Akorn during the fourth quarter valued at about $4,789,000. Institutional investors own 66.68% of the company’s stock.

Several analysts have issued reports on AKRX shares. Royal Bank of Canada set a $5.00 price target on Akorn and gave the company a “hold” rating in a report on Thursday, May 30th. BidaskClub lowered Akorn from a “sell” rating to a “strong sell” rating in a report on Friday, July 26th. Finally, Zacks Investment Research lowered Akorn from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $6.58.

NASDAQ:AKRX traded down $0.03 during mid-day trading on Tuesday, hitting $3.11. 17,242 shares of the company traded hands, compared to its average volume of 1,419,820. The company has a fifty day moving average of $4.35. Akorn, Inc. has a one year low of $2.64 and a one year high of $19.65. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.36 and a current ratio of 0.52. The company has a market cap of $434.18 million, a price-to-earnings ratio of -8.64 and a beta of 1.90.

Akorn (NASDAQ:AKRX) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.09. The business had revenue of $178.00 million during the quarter, compared to analyst estimates of $171.97 million. Akorn had a negative return on equity of 17.88% and a negative net margin of 72.25%. The company’s quarterly revenue was down 6.8% compared to the same quarter last year. As a group, equities research analysts expect that Akorn, Inc. will post -0.36 EPS for the current fiscal year.

In other Akorn news, Director Alan D. Weinstein acquired 50,000 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was purchased at an average price of $3.97 per share, with a total value of $198,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven J. Meyer acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was acquired at an average cost of $3.75 per share, with a total value of $37,500.00. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 85,000 shares of company stock valued at $337,800. Corporate insiders own 3.90% of the company’s stock.

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.

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Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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