Oak Ridge Investments LLC Has $58.02 Million Stake in Akorn, Inc. (AKRX)

Oak Ridge Investments LLC cut its position in Akorn, Inc. (NASDAQ:AKRX) by 33.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,729,777 shares of the company’s stock after selling 867,348 shares during the quarter. Akorn accounts for about 1.9% of Oak Ridge Investments LLC’s portfolio, making the stock its 12th largest holding. Oak Ridge Investments LLC owned about 1.38% of Akorn worth $58,017,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Fosun International Ltd raised its position in shares of Akorn by 134.5% in the 1st quarter. Fosun International Ltd now owns 2,048,869 shares of the company’s stock valued at $49,336,000 after buying an additional 1,175,306 shares in the last quarter. Bank of Montreal Can raised its position in shares of Akorn by 116.9% in the 1st quarter. Bank of Montreal Can now owns 99,320 shares of the company’s stock valued at $2,392,000 after buying an additional 53,525 shares in the last quarter. World Asset Management Inc acquired a new position in shares of Akorn in the 2nd quarter valued at approximately $210,000. Private Advisor Group LLC acquired a new position in shares of Akorn in the 1st quarter valued at approximately $164,000. Finally, Bancorpsouth Inc. raised its position in shares of Akorn by 33.2% in the 1st quarter. Bancorpsouth Inc. now owns 13,630 shares of the company’s stock valued at $328,000 after buying an additional 3,394 shares in the last quarter. Institutional investors own 69.71% of the company’s stock.

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Several equities analysts have recently commented on the stock. Piper Jaffray Companies restated a “hold” rating and issued a $34.00 target price on shares of Akorn in a research report on Thursday, August 10th. TheStreet cut shares of Akorn from a “b-” rating to a “c” rating in a research report on Tuesday, August 1st. BidaskClub cut shares of Akorn from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada reiterated a “sector perform” rating and set a $34.00 price objective on shares of Akorn in a research report on Sunday, August 20th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $34.00 price objective on shares of Akorn in a research report on Wednesday, July 19th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. Akorn presently has a consensus rating of “Hold” and an average price target of $28.56.

Akorn, Inc. (AKRX) traded up 0.36% during midday trading on Friday, reaching $33.11. 1,522,501 shares of the company’s stock were exchanged. Akorn, Inc. has a 12 month low of $17.61 and a 12 month high of $34.00. The stock has a market cap of $4.14 billion, a PE ratio of 33.44 and a beta of 1.38. The firm has a 50 day moving average of $33.11 and a 200-day moving average of $30.75.

In related news, COO Bruce Kutinsky sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $33.46, for a total value of $1,338,400.00. Following the sale, the chief operating officer now directly owns 317,480 shares of the company’s stock, valued at $10,622,880.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $172,356.05. The disclosure for this sale can be found here. Company insiders own 28.20% of the company’s stock.

About Akorn

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.

Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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