Akorn (AKRX) was Initiated by Goldman to “Sell”. Goldman advised their investors in a research report released on Dec 1, 2016.
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 .
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.
Akorn closed down -0.4 points or -1.79% at $22 with 18,62,991 shares getting traded on Tuesday. Post opening the session at $22.91, the shares hit an intraday low of $21.82 and an intraday high of $23.05 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
In a different news, on Aug 16, 2016, Kenneth Abramowitz (director) sold 2,691 shares at $30.46 per share price. According to the SEC, on Jun 14, 2016, Joseph Bonaccorsi (Sr VP Gen Counsel & Secretary) sold 6,500 shares at $29.84 per share price. On Jun 9, 2016, Ronald M Johnson (director) sold 7,542 shares at $31.49 per share price, according to the Form-4 filing with the securities and exchange commission.
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.