Royal Bank of Canada Reiterates $9.00 Price Target for Akorn (AKRX)

Royal Bank of Canada set a $9.00 price objective on Akorn (NASDAQ:AKRX) in a report issued on Wednesday morning. The brokerage currently has a hold rating on the stock.

AKRX has been the subject of a number of other research reports. BidaskClub downgraded shares of Akorn from a strong-buy rating to a buy rating in a report on Tuesday, August 28th. Deutsche Bank reaffirmed a buy rating on shares of Akorn in a report on Thursday, August 23rd. Piper Jaffray Companies set a $5.00 price objective on shares of Akorn and gave the stock a hold rating in a report on Tuesday, October 2nd. ValuEngine raised shares of Akorn from a sell rating to a hold rating in a report on Tuesday, October 2nd. Finally, Jefferies Financial Group decreased their price objective on shares of Akorn to $6.00 and set a hold rating for the company in a report on Wednesday, October 3rd. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $14.67.

Shares of AKRX stock traded down $0.02 during mid-day trading on Wednesday, reaching $6.85. 2,929,630 shares of the company were exchanged, compared to its average volume of 4,226,315. Akorn has a fifty-two week low of $5.25 and a fifty-two week high of $33.63. The company has a debt-to-equity ratio of 1.26, a current ratio of 3.47 and a quick ratio of 2.87.

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Akorn by 1.9% in the third quarter. BlackRock Inc. now owns 10,930,561 shares of the company’s stock valued at $141,878,000 after buying an additional 198,816 shares during the last quarter. Marshall Wace LLP lifted its stake in Akorn by 250.5% in the second quarter. Marshall Wace LLP now owns 2,069,385 shares of the company’s stock valued at $34,331,000 after buying an additional 1,478,959 shares during the last quarter. Paulson & CO. Inc. bought a new stake in Akorn in the second quarter valued at $29,198,000. Natixis lifted its stake in Akorn by 31.3% in the second quarter. Natixis now owns 1,500,471 shares of the company’s stock valued at $24,893,000 after buying an additional 357,981 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Akorn by 75.7% in the second quarter. Northern Trust Corp now owns 1,409,291 shares of the company’s stock valued at $23,379,000 after buying an additional 607,101 shares during the last quarter. 69.69% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Akorn (NASDAQ:AKRX)

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