Wall Street brokerages forecast that Akorn, Inc. (NASDAQ:AKRX) will announce $236.10 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Akorn’s earnings, with the lowest sales estimate coming in at $218.30 million and the highest estimate coming in at $253.90 million. Akorn posted sales of $284.10 million during the same quarter last year, which indicates a negative year-over-year growth rate of 16.9%. The company is scheduled to issue its next quarterly earnings report on Monday, January 1st.
On average, analysts expect that Akorn will report full year sales of $236.10 million for the current year, with estimates ranging from $860.00 million to $1.03 billion. For the next year, analysts forecast that the business will post sales of $1.00 billion per share, with estimates ranging from $971.80 million to $1.03 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Akorn.
Several brokerages recently issued reports on AKRX. Royal Bank Of Canada reaffirmed a “hold” rating and set a $34.00 target price on shares of Akorn in a research report on Tuesday. Piper Jaffray Companies set a $34.00 price objective on Akorn and gave the stock a “hold” rating in a research report on Tuesday, August 29th. Zacks Investment Research cut Akorn from a “hold” rating to a “strong sell” rating in a research report on Friday, August 25th. BidaskClub cut Akorn from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. Finally, TheStreet cut Akorn from a “b-” rating to a “c” rating in a research report on Tuesday, August 1st. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $28.56.
Akorn (NASDAQ AKRX) traded up 0.12% during midday trading on Friday, reaching $32.83. The company had a trading volume of 2,778,460 shares. Akorn has a 12-month low of $17.61 and a 12-month high of $34.00. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of 33.16 and a beta of 1.40. The stock’s 50 day moving average is $32.89 and its 200 day moving average is $32.28.
In other news, COO Bruce Kutinsky sold 40,000 shares of the company’s 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 of the company’s stock, valued at approximately $10,622,880.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian Tambi sold 5,165 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $33.37, for a total value of $172,356.05. The disclosure for this sale can be found here. 28.20% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Akorn by 22.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,228 shares of the company’s stock valued at $108,000 after buying an additional 599 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Akorn by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,177 shares of the company’s stock valued at $140,000 after buying an additional 626 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Akorn during the 2nd quarter valued at $209,000. World Asset Management Inc purchased a new position in shares of Akorn during the 2nd quarter valued at $210,000. Finally, Two Sigma Securities LLC purchased a new position in shares of Akorn during the 1st quarter valued at $220,000. 69.98% of the stock is currently owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Akorn Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Akorn Inc. and related companies with MarketBeat.com's FREE daily email newsletter.