Folger Hill Asset Management Lp Lowers stake in Akorn (AKRX)

Akorn (AKRX) : Folger Hill Asset Management Lp reduced its stake in Akorn by 14.9% during the most recent quarter end. The investment management company now holds a total of 1,015,344 shares of Akorn which is valued at $31,201,521 after selling 177,721 shares in Akorn , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Akorn makes up approximately 2.88% of Folger Hill Asset Management Lp’s portfolio.

Other Hedge Funds, Including , Twin Securities boosted its stake in AKRX in the latest quarter, The investment management firm added 205,742 additional shares and now holds a total of 2,252,461 shares of Akorn which is valued at $69,218,127. Akorn makes up approx 10.23% of Twin Securities’s portfolio. Hsbc Holdings Plc sold out all of its stake in AKRX during the most recent quarter. The investment firm sold 90,139 shares of AKRX which is valued $2,769,971.Acrospire Investment Management boosted its stake in AKRX in the latest quarter, The investment management firm added 6,000 additional shares and now holds a total of 8,100 shares of Akorn which is valued at $248,670. Akorn makes up approx 0.18% of Acrospire Investment Management’s portfolio. Nine Chapters Capital Management sold out all of its stake in AKRX during the most recent quarter. The investment firm sold 35,900 shares of AKRX which is valued $1,102,130. First Personal Financial Services added AKRX to its portfolio by purchasing 399 company shares during the most recent quarter which is valued at $12,249.

Akorn closed down -0.24 points or -0.89% at $26.68 with 10,05,304 shares getting traded on Thursday. Post opening the session at $27.04, the shares hit an intraday low of $26.21 and an intraday high of $27.1 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

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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