Akorn, Inc. (NASDAQ:AKRX), a leading specialty generic pharmaceutical company, today announced that Duane A. Portwood, 49, will join Akorn as Executive Vice President and Chief Financial Officer, effective October 30, 2015.
Mr. Portwood joins Akorn from The Home Depot, Inc., where he served as Vice President & Corporate Controller since 2006. In that role, he was responsible for all of Home Depot’s accounting and financial reporting functions, as well as its financial operations and internal controls.
Prior to Home Depot, Mr. Portwood served with the Wm. Wrigley Jr. Company from 1999 to 2006, in a number of accounting and finance leadership roles of increasing responsibility, most recently as Corporate Controller. Mr. Portwood began his career with PricewaterhouseCoopers LLP, where he held numerous leadership positions in their audit and transaction support practices. Mr. Portwood holds an MBA with Honors from the University of Chicago Booth School of Business and a B.S. in Business Administration from the University of Montana. Mr. Portwood is a Certified Public Accountant.
“Duane is an accomplished executive with over 25 years of extensive accounting and finance experience and we are fortunate to have him join our team,” said Raj Rai, Chief Executive Officer of Akorn. “I look forward to Duane’s leadership and contributions as we move forward to the next phase of the growth in our business.”
“I am delighted to join the Akorn team and look forward to supporting the Company’s strategic vision and growth objectives,” said Mr. Portwood.
Interim Chief Financial Officer Randall Pollard will continue to serve as Senior Vice President, Chief Accounting Officer and Corporate Controller after Mr. Portwood’s appointment. (Original Source)
Shares of Akorn Inc opened today at $27.44. AKRX has a 1-year high of $57.10 and a 1-year low of $26.30. The stock’s 50-day moving average is $35.46 and its 200-day moving average is $43.03.
On the ratings front, Akorn has been the subject of a number of recent research reports. In a report issued on September 29, Nomura analyst Shibani Malhotra initiated coverage with a Hold rating on AKRX and a price target of $43, which implies an upside of 56.7% from current levels. Separately, on September 25, Leerink Swann’s Jason Gerberry reiterated a Hold rating on the stock and has a price target of $41.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Shibani Malhotra and Jason Gerberry have a total average return of 32.3% and 13.1% respectively. Malhotra has a success rate of 90.5% and is ranked #165 out of 3775 analysts, while Gerberry has a success rate of 58.1% and is ranked #355.
Akorn Inc manufactures and markets a full line of diagnostic and therapeutic ophthalmic pharmaceuticals as well as niche hospital drugs and injectable pharmaceuticals.