Akorn (AKRX) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 9,164,403 to 8,920,129 shares, with 6 days to go before the expiry. The short open interest has decreased by -2.7%, amounting to a reduction of -244,274 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 9.8% of the float of the company. The average daily volume of the stock is 1,559,266 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Akorn (NASDAQ:AKRX): The stock opened at $29.55 on Wednesday but the bulls could not build on the opening and the stock topped out at $30.20 for the day. The stock traded down to $27.73 during the day, due to lack of any buying support eventually closed down at $27.94 with a loss of -5.19% for the day. The stock had closed at $29.47 on the previous day. The total traded volume was 1,588,505 shares.
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.