Sachem Head Capital Management Lp Lowers stake in Akorn (AKRX)

Akorn (AKRX) : Sachem Head Capital Management Lp reduced its stake in Akorn by 29.91% during the most recent quarter end. The investment management company now holds a total of 2,460,000 shares of Akorn which is valued at $75,595,800 after selling 1,050,000 shares in Akorn , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Akorn makes up approximately 3.10% of Sachem Head Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Jefferies Group sold out all of its stake in AKRX during the most recent quarter. The investment firm sold 881 shares of AKRX which is valued $27,073.Bessemer Group Inc reduced its stake in AKRX by selling 2 shares or 1.08% in the most recent quarter. The Hedge Fund company now holds 184 shares of AKRX which is valued at $5,654.Blackrock Investment Management boosted its stake in AKRX in the latest quarter, The investment management firm added 16,905 additional shares and now holds a total of 238,761 shares of Akorn which is valued at $7,337,126. Akorn makes up approx 0.01% of Blackrock Investment Management’s portfolio. Magee Thomson Investment Partners sold out all of its stake in AKRX during the most recent quarter. The investment firm sold 353,240 shares of AKRX which is valued $11,508,559.

Akorn opened for trading at $26.9 and hit $27.385 on the upside on Monday, eventually ending the session at $27.12, with a gain of 0.97% or 0.26 points. The heightened volatility saw the trading volume jump to 10,66,913 shares. Company has a market cap of $3,418 M.

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.

Many Wall Street Analysts have commented on Akorn. Company shares were Reiterated by WallachBeth on Aug 5, 2016 to “Buy”, Firm has raised the Price Target to $ 40 from a previous price target of $39 .Akorn was Downgraded by Raymond James to ” Mkt Perform” on Aug 2, 2016.

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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