Shares of Akorn (AKRX) Sees Large Outflow of Money

Akorn (AKRX): The stock had negative money flow to the tune of ($0.62 million) on Tuesday, which shows that the traders are selling the stock on the price strength. The inflow of money on upticks was $1.33 million, whereas, the outflow of money on downticks was $1.95 million and the ratio between the two was 0.68. The block trade had a negative net money flow of ($0.69 million). On the other hand, downticks amounted to $0.69 million of the traded value, which shows distribution in the stock by traders. Akorn (AKRX) closed with marginal gains of 46 cents to end the day at $27.58, an increase of 1.7% over the previous days close. The stock recorded 2.68% for the week.


Also, In a research note released to the investors, Deutsche Bank downgrades its rating on Akorn (NASDAQ:AKRX).The analysts at the brokerage house have a current rating of Hold on the shares. Earlier, the shares were rated a Buy by the brokerage firm. The rating by the firm was issued on August 5, 2016.

Akorn, Inc. has lost 6.48% in the last five trading days and dropped 18.46% in the last 4 weeks. Akorn, Inc. has dropped 10.95% during the last 3-month period . Year-to-Date the stock performance stands at -26.13%.

Akorn (NASDAQ:AKRX): During Tuesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $27.05 and $27.05 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $27.71. The buying momentum continued till the end and the stock did not give up its gains. It closed at $27.56, notching a gain of 1.62% for the day. The total traded volume was 1,287,762 . The stock had closed at $27.12 on the previous day.

In a related news, Abramowitz Kenneth, director of Akorn Inc, unloaded 2,691 shares at an average price of $30.46 on August 12, 2016. The total amount of the transaction was worth $81,968, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.

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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