Akorn, Inc. (NASDAQ:AKRX) was the target of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 26,010,144 shares, a growth of 14.2% from the October 13th total of 22,781,466 shares. Based on an average daily trading volume, of 2,702,257 shares, the days-to-cover ratio is currently 9.6 days. Currently, 28.0% of the company’s stock are sold short.
Several equities analysts have recently weighed in on AKRX shares. Jefferies Group LLC restated a “hold” rating and set a $34.00 price target on shares of Akorn in a report on Wednesday, July 19th. Piper Jaffray Companies set a $34.00 price target on Akorn and gave the company a “hold” rating in a report on Sunday, October 22nd. BidaskClub downgraded Akorn from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Royal Bank Of Canada restated a “sector perform” rating and set a $34.00 price target on shares of Akorn in a report on Sunday, August 20th. Finally, TheStreet downgraded Akorn from a “b-” rating to a “c” rating in a report on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $29.38.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AKRX. BlackRock Inc. increased its holdings in Akorn by 12,960.9% in the 1st quarter. BlackRock Inc. now owns 9,080,983 shares of the company’s stock worth $218,671,000 after buying an additional 9,011,455 shares in the last quarter. Pentwater Capital Management LP bought a new stake in Akorn in the 2nd quarter worth about $132,148,000. CNH Partners LLC bought a new stake in Akorn in the 2nd quarter worth about $116,243,000. Cheyne Capital Management UK LLP bought a new stake in Akorn in the 3rd quarter worth about $1,686,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in Akorn in the 2nd quarter worth about $31,585,000. Institutional investors own 68.72% of the company’s stock.
Shares of Akorn (NASDAQ:AKRX) opened at $33.21 on Friday. Akorn has a twelve month low of $17.61 and a twelve month high of $34.00. The company has a market capitalization of $4,146.09, a PE ratio of 20.59, a P/E/G ratio of 1.97 and a beta of 1.33. The company has a debt-to-equity ratio of 0.92, a current ratio of 4.16 and a quick ratio of 3.17.
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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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