Van ECK Associates Corp increased its holdings in Akorn, Inc. (NASDAQ:AKRX) by 20.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,550 shares of the company’s stock after acquiring an additional 30,146 shares during the quarter. Van ECK Associates Corp owned about 0.14% of Akorn worth $602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of AKRX. BlackRock Inc. increased its stake in shares of Akorn by 43.7% in the 4th quarter. BlackRock Inc. now owns 15,707,461 shares of the company’s stock worth $53,248,000 after acquiring an additional 4,776,900 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Akorn in the 4th quarter worth about $3,522,000. Marshall Wace LLP increased its stake in shares of Akorn by 44.9% in the 3rd quarter. Marshall Wace LLP now owns 2,998,492 shares of the company’s stock worth $38,920,000 after acquiring an additional 929,107 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Akorn by 59.2% in the 3rd quarter. Renaissance Technologies LLC now owns 1,486,900 shares of the company’s stock worth $19,300,000 after acquiring an additional 553,100 shares in the last quarter. Finally, BlueMountain Capital Management LLC increased its stake in shares of Akorn by 46.2% in the 3rd quarter. BlueMountain Capital Management LLC now owns 1,502,480 shares of the company’s stock worth $19,502,000 after acquiring an additional 474,546 shares in the last quarter. Institutional investors own 68.37% of the company’s stock.
Shares of NASDAQ AKRX traded down $0.09 during trading on Friday, reaching $3.58. 23,139 shares of the company traded hands, compared to its average volume of 2,657,080. The company has a quick ratio of 2.40, a current ratio of 3.42 and a debt-to-equity ratio of 1.85. The company has a market cap of $469.66 million, a PE ratio of -9.92 and a beta of 2.77. Akorn, Inc. has a 52-week low of $3.14 and a 52-week high of $19.81.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings results on Thursday, February 28th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.28). The company had revenue of $153.39 million for the quarter, compared to analysts’ expectations of $164.75 million. Akorn had a negative net margin of 57.91% and a negative return on equity of 13.34%. The business’s revenue was down 17.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 EPS. As a group, equities research analysts anticipate that Akorn, Inc. will post -0.47 EPS for the current fiscal year.
A number of research firms have weighed in on AKRX. BidaskClub lowered shares of Akorn from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 7th. Zacks Investment Research lowered shares of Akorn from a “hold” rating to a “sell” rating in a research note on Tuesday, November 27th. Craig Hallum set a $11.00 price objective on shares of Akorn and gave the company a “buy” rating in a research note on Sunday, December 9th. Piper Jaffray Companies set a $9.00 price objective on shares of Akorn and gave the company a “buy” rating in a research note on Tuesday, November 27th. Finally, Royal Bank of Canada set a $4.00 price target on shares of Akorn and gave the company a “hold” rating in a report on Friday, March 1st. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $9.00.
TRADEMARK VIOLATION WARNING: “Akorn, Inc. (AKRX) Shares Bought by Van ECK Associates Corp” was originally published by Highlight Press and is the property of of Highlight Press. If you are viewing this news story on another site, it was illegally stolen and republished in violation of United States & international trademark and copyright laws. The original version of this news story can be viewed at https://highlightpress.com/2019/03/15/akorn-inc-akrx-shares-bought-by-van-eck-associates-corp.html.
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.
Further Reading: Is the QQQ ETF safe?
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.