Akorn (AKRX) is Reiterated by WallachBeth to Buy, Raises Price Target to $ 40

Akorn (AKRX) was Reiterated by WallachBeth to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 40 from a previous price target of $39 . WallachBeth advised their investors in a research report released on Aug 5, 2016.

Many Wall Street Analysts have commented on Akorn. Akorn was Downgraded by Raymond James to ” Mkt Perform” on Aug 2, 2016.

On the company’s financial health, Akorn reported $0.58 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.56. The company had revenue of $280.73 million for the quarter, compared to analysts expectations of $272.99 million. The company’s revenue was up 27.1% compared to the same quarter last year.

Akorn closed down -1.77 points or -5.36% at $31.24 with 35,22,517 shares getting traded on Thursday. Post opening the session at $35.03, the shares hit an intraday low of $31.21 and an intraday high of $35.4 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

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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