Summit Creek Advisors buys $17,815,915 stake in Akorn (AKRX)

Akorn (AKRX) : Summit Creek Advisors scooped up 42,290 additional shares in Akorn during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Apr 20, 2016. The investment management firm now holds a total of 628,871 shares of Akorn which is valued at $17,815,915.Akorn makes up approximately 2.75% of Summit Creek Advisors’s portfolio.

Akorn opened for trading at $28.12 and hit $28.54 on the upside on Friday, eventually ending the session at $28.33, with a gain of 0.93% or 0.26 points. The heightened volatility saw the trading volume jump to 13,21,133 shares. Company has a market cap of $3,242 M.

Other Hedge Funds, Including , Ami Asset Management Corp boosted its stake in AKRX in the latest quarter, The investment management firm added 181,349 additional shares and now holds a total of 1,225,686 shares of Akorn which is valued at $34,723,684. Akorn makes up approx 2.32% of Ami Asset Management Corp’s portfolio. Santa Fe Partners added AKRX to its portfolio by purchasing 31,120 company shares during the most recent quarter which is valued at $823,124. Akorn makes up approx 0.13% of Santa Fe Partners’s portfolio.Creative Planning reduced its stake in AKRX by selling 320 shares or 8.61% in the most recent quarter. The Hedge Fund company now holds 3,398 shares of AKRX which is valued at $84,644.Weaver C. Barksdale Associates boosted its stake in AKRX in the latest quarter, The investment management firm added 88 additional shares and now holds a total of 156 shares of Akorn which is valued at $3,886.

On the company’s financial health, Akorn reported $0.50 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Feb 26, 2015. Analyst had a consensus of $0.45. The company had revenue of $227.80 million for the quarter, compared to analysts expectations of $218.90 million. The company’s revenue was up 168.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS.

Many Wall Street Analysts have commented on Akorn. Shares were Reiterated by Deutsche Bank on Mar 18, 2016 to “Buy” and Lowered the Price Target to $ 33 from a previous price target of $40 .Shares were Reiterated by RBC Capital Mkts on Feb 12, 2016 to “Outperform” and Lowered the Price Target to $ 37 from a previous price target of $52 .

Akorn Inc. (Akorn) together with its wholly owned subsidiaries is a specialty pharmaceutical company that develops manufactures and markets generic and branded prescription pharmaceuticals as well as animal and over-the-counter (OTC) consumer health products. The Company specializes in sterile and non-sterile dosage forms including ophthalmics injectables oral liquids otics topicals inhalants and nasal sprays. The Company operates in two segments: Prescription Pharmaceuticals which is engaged in the sale of branded and generic prescription pharmaceuticals and Consumer Health which is engaged in the sale of branded and private label consumer and animal health products. The Company operates pharmaceutical manufacturing facilities in Decatur Illinois; Somerset New Jersey; Amityville New York and Paonta Sahib Himachal Pradesh India as well as a central distribution warehouse in Gurnee Illinois and an additional warehousing facility in Amityville New York.

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