Marshall Wace LLP Has $873,000 Stock Position in Akorn, Inc. (NASDAQ:AKRX)

Marshall Wace LLP trimmed its position in Akorn, Inc. (NASDAQ:AKRX) by 87.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 248,136 shares of the company’s stock after selling 1,759,009 shares during the quarter. Marshall Wace LLP owned 0.20% of Akorn worth $873,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Akorn by 43.7% in the 4th quarter. BlackRock Inc. now owns 15,707,461 shares of the company’s stock worth $53,248,000 after acquiring an additional 4,776,900 shares in the last quarter. Norges Bank acquired a new position in Akorn in the 4th quarter valued at approximately $4,789,000. Millennium Management LLC raised its holdings in Akorn by 166.8% in the 4th quarter. Millennium Management LLC now owns 2,068,124 shares of the company’s stock valued at $7,011,000 after acquiring an additional 1,292,897 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Akorn by 77.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,375 shares of the company’s stock valued at $8,978,000 after acquiring an additional 1,153,675 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in Akorn by 102.7% in the 4th quarter. Deutsche Bank AG now owns 1,886,403 shares of the company’s stock valued at $6,393,000 after acquiring an additional 955,906 shares in the last quarter. Institutional investors own 66.82% of the company’s stock.

Several equities analysts have commented on the company. Zacks Investment Research raised Golub Capital BDC from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Tuesday. Royal Bank of Canada set a $5.00 price target on Akorn and gave the company a “hold” rating in a report on Thursday, May 30th. Finally, BidaskClub raised WhiteHorse Finance from a “sell” rating to a “hold” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. Akorn presently has an average rating of “Hold” and an average target price of $6.58.

In related news, Director Alan D. Weinstein acquired 50,000 shares of the stock in a transaction dated Friday, May 31st. The shares were bought at an average cost of $3.97 per share, for a total transaction of $198,500.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Terry Allison Rappuhn acquired 10,000 shares of the stock in a transaction dated Monday, May 13th. The stock was bought at an average price of $4.03 per share, for a total transaction of $40,300.00. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 85,000 shares of company stock worth $337,800. Corporate insiders own 3.90% of the company’s stock.

Akorn stock traded down $0.03 during trading hours on Friday, hitting $3.84. The stock had a trading volume of 826,343 shares, compared to its average volume of 1,354,585. Akorn, Inc. has a fifty-two week low of $2.64 and a fifty-two week high of $19.65. The stock has a market cap of $487.04 million, a P/E ratio of -10.67 and a beta of 1.90. The company’s 50-day simple moving average is $4.57. The company has a debt-to-equity ratio of 2.31, a quick ratio of 2.30 and a current ratio of 3.26.

Akorn (NASDAQ:AKRX) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.08. Akorn had a negative return on equity of 13.92% and a negative net margin of 67.38%. The company had revenue of $165.90 million for the quarter, compared to analyst estimates of $153.01 million. The firm’s quarterly revenue was down 9.9% on a year-over-year basis. On average, equities analysts anticipate that Akorn, Inc. will post -0.36 earnings per share for the current fiscal year.

About Akorn

Akorn, Inc, a specialty generic pharmaceutical company, develops, manufactures, and markets generic and branded prescription pharmaceuticals, over-the-counter (OTC) consumer health products, and animal health pharmaceuticals in the United States and internationally. The company operates in two segments, Prescription Pharmaceuticals and Consumer Health.

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Institutional Ownership by Quarter for Akorn (NASDAQ:AKRX)

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