Akorn (AKRX) Lowered to “Sell” at Zacks Investment Research

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Zacks Investment Research lowered shares of Akorn (NASDAQ:AKRX) from a hold rating to a sell rating in a report published on Friday morning.

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 equities research analysts also recently commented on AKRX. Deutsche Bank reaffirmed a buy rating on shares of Akorn in a research note on Thursday, August 23rd. BidaskClub downgraded Akorn from a strong-buy rating to a buy rating in a report on Tuesday, August 28th. ValuEngine raised shares of Akorn from a sell rating to a hold rating in a research report on Tuesday, October 2nd. Piper Jaffray Companies set a $5.00 price objective on shares of Akorn and gave the company a hold rating in a research report on Tuesday, October 2nd. Finally, Royal Bank of Canada set a $10.00 price objective on shares of Akorn and gave the company a hold rating in a research report on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $14.67.

Shares of NASDAQ AKRX traded down $1.33 during trading on Friday, reaching $4.26. The company had a trading volume of 26,543,843 shares, compared to its average volume of 1,970,436. Akorn has a 52 week low of $3.54 and a 52 week high of $33.63. The company has a quick ratio of 2.46, a current ratio of 3.47 and a debt-to-equity ratio of 1.26.

Akorn (NASDAQ:AKRX) last posted its quarterly earnings results on Tuesday, November 6th. The company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.17). The business had revenue of $165.63 million for the quarter, compared to the consensus estimate of $185.36 million. Akorn had a negative return on equity of 14.97% and a negative net margin of 34.69%. As a group, sell-side analysts forecast that Akorn will post -0.13 earnings per share for the current year.

Several hedge funds have recently modified their holdings of the company. Marshall Wace LLP lifted its position in shares of Akorn by 44.9% during the third quarter. Marshall Wace LLP now owns 2,998,492 shares of the company’s stock worth $38,920,000 after purchasing an additional 929,107 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Akorn by 1.7% during the third quarter. Vanguard Group Inc. now owns 8,545,884 shares of the company’s stock worth $110,926,000 after purchasing an additional 141,746 shares during the last quarter. TIAA CREF Investment Management LLC lifted its position in shares of Akorn by 10.6% during the third quarter. TIAA CREF Investment Management LLC now owns 360,219 shares of the company’s stock worth $4,676,000 after purchasing an additional 34,409 shares during the last quarter. Teachers Advisors LLC lifted its position in shares of Akorn by 47.7% during the third quarter. Teachers Advisors LLC now owns 346,747 shares of the company’s stock worth $4,501,000 after purchasing an additional 112,010 shares during the last quarter. Finally, Exane Asset Management bought a new position in Akorn in the third quarter worth about $1,786,000. 65.00% of the stock is currently 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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