Kassirer Asset Management Corp bought a new stake in shares of Akorn, Inc. (NASDAQ:AKRX) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 83,800 shares of the company’s stock, valued at approximately $2,811,000. Akorn comprises 2.0% of Kassirer Asset Management Corp’s investment portfolio, making the stock its 17th largest position. Kassirer Asset Management Corp owned approximately 0.07% of Akorn as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Glen Harbor Capital Management LLC raised its position in Akorn by 8.3% in the first quarter. Glen Harbor Capital Management LLC now owns 5,304 shares of the company’s stock valued at $128,000 after buying an additional 408 shares during the period. Acadian Asset Management LLC raised its position in Akorn by 19.9% in the first quarter. Acadian Asset Management LLC now owns 220,796 shares of the company’s stock valued at $5,316,000 after buying an additional 36,607 shares during the period. Profund Advisors LLC raised its position in Akorn by 5.7% in the first quarter. Profund Advisors LLC now owns 15,431 shares of the company’s stock valued at $372,000 after buying an additional 838 shares during the period. UMB Bank N A MO raised its position in Akorn by 19.6% in the first quarter. UMB Bank N A MO now owns 16,500 shares of the company’s stock valued at $397,000 after buying an additional 2,700 shares during the period. Finally, Candriam Luxembourg S.C.A. acquired a new position in Akorn during the first quarter valued at approximately $963,000. 74.73% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Akorn, Inc. (NASDAQ AKRX) traded down 0.03% during midday trading on Friday, hitting $33.31. 1,781,794 shares of the stock traded hands. Akorn, Inc. has a one year low of $17.61 and a one year high of $34.00. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 33.65 and a beta of 1.36. The firm has a 50-day moving average price of $33.54 and a 200 day moving average price of $29.05.
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Several research firms recently commented on AKRX. Jefferies Group LLC reissued a “hold” rating and issued a $34.00 target price on shares of Akorn in a report on Wednesday, July 19th. Royal Bank Of Canada set a $34.00 price objective on shares of Akorn and gave the company a “hold” rating in a research note on Sunday, July 30th. BidaskClub downgraded shares of Akorn from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. TheStreet downgraded shares of Akorn from a “b-” rating to a “c” rating in a research note on Tuesday, August 1st. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $34.00 price objective on shares of Akorn in a research note on Thursday. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $28.56.
In other news, COO Bruce Kutinsky sold 40,000 shares of Akorn stock in a transaction dated 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 completion of the transaction, the chief operating officer now directly owns 317,480 shares of the company’s stock, valued at approximately $10,622,880.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Brian Tambi sold 5,165 shares of Akorn stock in a transaction dated 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. Insiders own 28.20% of the company’s stock.
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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