Parametric Portfolio Associates LLC decreased its holdings in shares of Akorn, Inc. (NASDAQ:AKRX) by 58.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 414,184 shares of the company’s stock after selling 579,821 shares during the quarter. Parametric Portfolio Associates LLC owned approximately 0.33% of Akorn worth $13,892,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Public Employees Retirement Association of Colorado increased its position in Akorn by 0.8% during the second quarter. Public Employees Retirement Association of Colorado now owns 19,534 shares of the company’s stock worth $655,000 after buying an additional 158 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Akorn by 1.4% in the second quarter. Pacer Advisors Inc. now owns 12,889 shares of the company’s stock valued at $432,000 after purchasing an additional 180 shares during the period. Mason Street Advisors LLC increased its holdings in shares of Akorn by 0.6% in the first quarter. Mason Street Advisors LLC now owns 41,143 shares of the company’s stock valued at $991,000 after purchasing an additional 226 shares during the period. Advantus Capital Management Inc increased its holdings in shares of Akorn by 2.3% in the first quarter. Advantus Capital Management Inc now owns 11,151 shares of the company’s stock valued at $269,000 after purchasing an additional 256 shares during the period. Finally, Great West Life Assurance Co. Can increased its holdings in shares of Akorn by 0.7% in the second quarter. Great West Life Assurance Co. Can now owns 51,847 shares of the company’s stock valued at $1,738,000 after purchasing an additional 340 shares during the period. Hedge funds and other institutional investors own 69.98% of the company’s stock.
A number of analysts have commented on AKRX shares. BidaskClub upgraded Akorn from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. TheStreet downgraded Akorn from a “b-” rating to a “c” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada set a $34.00 price objective on Akorn and gave the company a “hold” rating in a research report on Sunday, July 30th. Jefferies Group LLC reiterated a “hold” rating and issued a $34.00 target price on shares of Akorn in a research note on Wednesday, July 19th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $34.00 target price on shares of Akorn in a research note on Thursday, August 10th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Akorn currently has a consensus rating of “Hold” and an average target price of $28.56.
In other Akorn news, Director Brian Tambi sold 5,165 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $33.37, for a total value of $172,356.05. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Bruce Kutinsky sold 40,000 shares of Akorn stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the transaction, the chief operating officer now owns 317,480 shares in the company, valued at approximately $10,622,880.80. The disclosure for this sale can be found here. Company insiders own 28.20% of the company’s stock.
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Akorn Company Profile
Akorn Inc (Akorn), together with its subsidiaries, is a specialty generic 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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