Akorn Inc. (AKRX) Short Interest Down 15.3% in November
Akorn Inc. (NASDAQ:AKRX) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 10,324,737 shares, a drop of 15.3% from the October 31st total of 12,192,656 shares. Currently, 11.4% of the company’s stock are sold short. Based on an average daily trading volume, of 2,612,887 shares, the short-interest ratio is currently 4.0 days.
Akorn (NASDAQ:AKRX) opened at 21.22 on Thursday. The firm has a 50-day moving average price of $24.02 and a 200 day moving average price of $28.12. The company has a market cap of $2.66 billion, a P/E ratio of 14.36 and a beta of 1.15. Akorn has a 52 week low of $17.57 and a 52 week high of $39.46.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.02. The firm had revenue of $284 million for the quarter, compared to the consensus estimate of $267.04 million. Akorn had a return on equity of 32.92% and a net margin of 16.58%. The firm’s revenue was up 10.6% on a year-over-year basis. Analysts expect that Akorn will post $2.24 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of AKRX. Catalyst Capital Advisors LLC boosted its stake in Akorn by 400.0% in the third quarter. Catalyst Capital Advisors LLC now owns 4,000 shares of the company’s stock worth $109,000 after buying an additional 3,200 shares during the period. Charlemagne Capital Ltd. bought a new stake in shares of Akorn during the second quarter worth approximately $138,000. Creative Planning boosted its stake in shares of Akorn by 44.1% in the second quarter. Creative Planning now owns 4,898 shares of the company’s stock worth $140,000 after buying an additional 1,500 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of Akorn by 74.5% in the second quarter. LS Investment Advisors LLC now owns 5,560 shares of the company’s stock worth $158,000 after buying an additional 2,373 shares during the last quarter. Finally, Shelton Capital Management bought a new stake in shares of Akorn during the second quarter worth approximately $203,000. Institutional investors own 73.61% of the company’s stock.
A number of analysts have recently issued reports on AKRX shares. WallachBeth Capital lifted their price objective on shares of Akorn from $39.00 to $40.00 and gave the company a “buy” rating in a report on Friday, August 5th. Piper Jaffray Cos. raised shares of Akorn from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $33.00 to $34.00 in a research report on Thursday, September 15th. Zacks Investment Research cut shares of Akorn from a “hold” rating to a “sell” rating in a research report on Friday, October 21st. TheStreet cut shares of Akorn from a “buy” rating to a “hold” rating in a research report on Monday, November 14th. Finally, RBC Capital Markets cut shares of Akorn from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $37.00 to $24.00 in a research report on Friday, November 4th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $30.47.
Akorn Inc, together with its subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as private-label over-the-counter (OTC) consumer health products and animal health pharmaceuticals. The Company operates through two segments: Prescription Pharmaceuticals and the Consumer Health.
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