Ardsley Advisory Partners Lowers stake in Akorn (AKRX)

Akorn (AKRX) : Ardsley Advisory Partners reduced its stake in Akorn by 3.86% during the most recent quarter end. The investment management company now holds a total of 1,184,500 shares of Akorn which is valued at $27,196,120 after selling 47,500 shares in Akorn , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Akorn makes up approximately 5.36% of Ardsley Advisory Partners’s portfolio.

Other Hedge Funds, Including , Pointstate Capital Lp boosted its stake in AKRX in the latest quarter, The investment management firm added 100,000 additional shares and now holds a total of 600,000 shares of Akorn which is valued at $13,776,000. Akorn makes up approx 0.20% of Pointstate Capital Lp’s portfolio. Los Angeles Capital Management Equity Research Inc sold out all of its stake in AKRX during the most recent quarter. The investment firm sold 11,509 shares of AKRX which is valued $252,047.Sg Americas Securities reduced its stake in AKRX by selling 25,320 shares or 82.02% in the most recent quarter. The Hedge Fund company now holds 5,552 shares of AKRX which is valued at $112,484.Oak Ridge Investments reduced its stake in AKRX by selling 17,349 shares or 0.79% in the most recent quarter. The Hedge Fund company now holds 2,166,851 shares of AKRX which is valued at $43,900,401. Akorn makes up approx 1.22% of Oak Ridge Investments’s portfolio. Alps Advisors Inc added AKRX to its portfolio by purchasing 175,680 company shares during the most recent quarter which is valued at $4,346,323. Akorn makes up approx 0.04% of Alps Advisors Inc’s portfolio.

Akorn closed down -0.38 points or -1.71% at $21.89 with 9,04,275 shares getting traded on Monday. Post opening the session at $22.22, the shares hit an intraday low of $21.77 and an intraday high of $22.5953 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Akorn reported $0.56 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Nov 3, 2016. Analyst had a consensus of $0.54. The company had revenue of $284.10 million for the quarter, compared to analysts expectations of $266.70 million. The company’s revenue was up 10.6% compared to the same quarter last year.

Many Wall Street Analysts have commented on Akorn. Akorn was Downgraded by BofA/Merrill to ” Underperform” on Nov 7, 2016. Shares were Downgraded by WallachBeth on Nov 7, 2016 to ” Hold” and Lowered the Price Target to $ 22 from a previous price target of $40 .Shares were Downgraded by RBC Capital Mkts on Nov 4, 2016 to ” Sector Perform” and Lowered the Price Target to $ 24 from a previous price target of $37 .

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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