Akorn (AKRX) is Downgraded by Raymond James to Mkt Perform

Akorn (AKRX) was Downgraded by Raymond James to ” Mkt Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Raymond James advised their investors in a research report released on Aug 2, 2016.

On the company’s financial health, Akorn reported $0.54 EPS for the quarter, based on the information available during the earnings call on May 16, 2016. Analyst had a consensus estimate of $0.54. The company had revenue of $268.30 million for the quarter, compared to analysts expectations of $267.58 million. The company’s revenue was up 18.0% compared to the same quarter last year.

Akorn opened for trading at $34.11 and hit $34.31 on the upside on Friday, eventually ending the session at $34.23, with a gain of 0.32% or 0.11 points. The heightened volatility saw the trading volume jump to 12,77,966 shares. Company has a market cap of $4,088 M.

In a different news, on Jun 14, 2016, Joseph Bonaccorsi (Sr VP Gen Counsel & Secretary) sold 6,500 shares at $29.84 per share price. According to the SEC, on Jun 14, 2016, Kenneth Abramowitz (director) sold 14,675 shares at $30.16 per share price. On Jun 9, 2016, Ronald M Johnson (director) sold 7,542 shares at $31.49 per share price, according to the Form-4 filing with the securities and exchange commission.

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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