Akorn, Inc. (NASDAQ:AKRX) announced the appointment ofRandall Pollard as Chief Accounting Officer and Interim Chief Financial Officer. Mr. Pollard’s appointment follows the departure of Timothy Dick, who has elected to step down as Senior Vice President and Chief Financial Officer to pursue other opportunities. The company has retained a national executive search firm to assist in the search for a permanent Chief Financial Officer.
Mr. Pollard joined Akorn as Vice President and Corporate Controller in April 2015 from Novartis Pharmaceuticals, where he served as the head of accounting and reporting for Novartis’ generic division, Sandoz. During his tenure at Novartis, Mr. Pollard also served as Controller of Sandoz. Prior to Novartis/Sandoz, he served in various financial leadership roles at Wyeth and Mayne Pharma. Mr. Pollard began his career in public accounting at Arthur Andersen. Mr. Pollard is a Certified Public Accountant and holds a B.S. in Accounting from Pennsylvania State University and an MBA from Fairleigh Dickinson University.
“Tim has been a valued member of our management team and has been instrumental to our growth over the past six years,” said Raj Rai, Akorn’s Chief Executive Officer. “Tim has agreed to facilitate a smooth transition and Akorn wishes him the best of luck in his future endeavors.” (Original Source)
Shares of Akorn closed today at $45.86, down $0.30 or 0.65%. AKRX has a 1-year high of $57.10 and a 1-year low of $31.85. The stock’s 50-day moving average is $45.07 and its 200-day moving average is $46.11.
On the ratings front, Akorn has been the subject of a number of recent research reports. In a report issued on April 28, William Blair analyst Tim Lugo reiterated a Buy rating on AKRX, with a price target of $58, which implies an upside of 26.5% from current levels. Separately, on April 27, Piper Jaffray’s David Amsellem downgraded the stock to Hold and has a price target of $53.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Tim Lugo and David Amsellem have a total average return of -0.2% and 25.9% respectively. Lugo has a success rate of 47.2% and is ranked #2706 out of 3724 analysts, while Amsellem has a success rate of 74.1% and is ranked #120.
The street is mostly Bullish on AKRX stock. Out of 4 analysts who cover the stock, 3 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $53.00, which represents a potential upside of 15.6% from where the stock is currently trading.
Akorn Inc manufactures and markets a full line of diagnostic and therapeutic ophthalmic pharmaceuticals as well as niche hospital drugs and injectable pharmaceuticals.