PiperJaffray Upgrades Akorn to Overweight with Price Target $34.00

Brokerage firm PiperJaffray Upgrades its rating on Akorn(NASDAQ:AKRX). In a research note issued to the investors, the brokerage major Raises the price-target to $34.00 per share. The shares have been rated Overweight. Previously, the analysts had a Neutral rating on the shares. The rating by PiperJaffray was issued on Sep 15, 2016.

In a different note, On Aug 5, 2016, Deutsche Bank said it Downgrades its rating on Akorn. The shares have been rated ‘Hold’ by the firm. On Aug 2, 2016, Raymond James said it Downgrades its rating on Akorn. The shares have been rated ‘Market Perform’ by the firm.

Akorn (AKRX) shares turned negative on Tuesdays trading session with the shares closing down -0.37 points or -1.30% at a volume of 10,69,417. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $28.91. The peak price level was also seen at $28.91 while the days lowest was $27.74. Finally the shares closed at $28.11. The 52-week high of the shares is $39.4633 while the 52-week low is $17.57. According to the latest information available, the market cap of the company is $3,543 M.

Akorn(AKRX) last announced its earnings results on Aug 4, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $280.73M. Analysts had an estimated revenue of $272.71M. Earnings per share were $0.58. Analysts had estimated an EPS of $0.55.

Several Insider Transactions has been reported to the SEC. On Aug 16, 2016, Kenneth Abramowitz (director) sold 2,691 shares at $30.46 per share price.Also, 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.

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