Akorn, Inc. (NASDAQ:AKRX) Sees Significant Growth in Short Interest

September 15, 2019 Off By administrator

Akorn, Inc. (NASDAQ:AKRX) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 13,420,500 shares, an increase of 7.2% from the July 31st total of 12,520,600 shares. Based on an average daily trading volume, of 1,780,000 shares, the days-to-cover ratio is currently 7.5 days. Approximately 14.3% of the shares of the company are short sold.

A number of equities analysts have weighed in on the stock. BidaskClub upgraded shares of Akorn from a “strong sell” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research lowered shares of Akorn from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Royal Bank of Canada set a $5.00 target price on shares of Akorn and gave the stock a “hold” rating in a research report on Monday, August 12th. Finally, ValuEngine upgraded shares of Akorn from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $6.58.

In related news, Director Steven J. Meyer purchased 20,000 shares of Akorn stock in a transaction that occurred on Wednesday, August 14th. The stock was bought at an average price of $2.60 per share, for a total transaction of $52,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.90% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of AKRX. Factorial Partners LLC lifted its holdings in shares of Akorn by 4.5% in the first quarter. Factorial Partners LLC now owns 69,500 shares of the company’s stock worth $245,000 after buying an additional 3,000 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Akorn by 122.1% in the second quarter. Bank of Montreal Can now owns 8,931 shares of the company’s stock worth $46,000 after buying an additional 4,909 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Akorn by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 1,113,911 shares of the company’s stock worth $5,736,000 after buying an additional 7,235 shares in the last quarter. UBS Asset Management Americas Inc. lifted its holdings in shares of Akorn by 14.0% in the second quarter. UBS Asset Management Americas Inc. now owns 70,367 shares of the company’s stock worth $362,000 after buying an additional 8,651 shares in the last quarter. Finally, Aperio Group LLC lifted its holdings in shares of Akorn by 12.0% in the second quarter. Aperio Group LLC now owns 88,349 shares of the company’s stock worth $455,000…

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