Bank of America Issues Positive Forecast for Alkermes (NASDAQ:ALKS) Stock Price

Alkermes (NASDAQ:ALKS) had its target price increased by Bank of America from $33.00 to $34.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts also recently commented on the stock. Truist Financial boosted their price target on shares of Alkermes from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Needham & Company LLC raised their price objective on shares of Alkermes from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Wells Fargo & Company dropped their target price on Alkermes from $42.00 to $37.00 and set an “overweight” rating on the stock in a report on Thursday, November 13th. Mizuho increased their price target on Alkermes from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Finally, Zacks Research upgraded Alkermes from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 13th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Alkermes has a consensus rating of “Moderate Buy” and an average target price of $43.93.

Alkermes Stock Performance

NASDAQ:ALKS opened at $31.91 on Friday. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of 15.80 and a beta of 0.49. Alkermes has a 1 year low of $25.17 and a 1 year high of $36.32. The business has a fifty day moving average of $31.20 and a 200-day moving average of $30.03.

Insiders Place Their Bets

In related news, Director Shane Cooke sold 61,200 shares of Alkermes stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $34.57, for a total value of $2,115,684.00. Following the transaction, the director directly owned 103,744 shares in the company, valued at $3,586,430.08. The trade was a 37.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Craig C. Hopkinson sold 9,000 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $33.93, for a total value of $305,370.00. Following the sale, the executive vice president directly owned 57,740 shares in the company, valued at $1,959,118.20. This trade represents a 13.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 148,148 shares of company stock valued at $5,028,378 in the last quarter. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. purchased a new position in shares of Alkermes in the fourth quarter worth approximately $59,000. Mercer Global Advisors Inc. ADV acquired a new position in Alkermes in the 4th quarter worth approximately $256,000. Summit Global Investments grew its position in Alkermes by 48.8% during the 4th quarter. Summit Global Investments now owns 29,662 shares of the company’s stock worth $830,000 after purchasing an additional 9,724 shares in the last quarter. Vident Advisory LLC raised its stake in Alkermes by 1.1% during the 4th quarter. Vident Advisory LLC now owns 82,294 shares of the company’s stock valued at $2,303,000 after purchasing an additional 864 shares during the period. Finally, Empowered Funds LLC purchased a new stake in shares of Alkermes in the fourth quarter valued at $1,712,000. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Alkermes Company Profile

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.