Royal Bank Of Canada Reiterates Outperform Rating for Alkermes (NASDAQ:ALKS)

Alkermes (NASDAQ:ALKS)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank Of Canada in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $56.00 price objective on the stock. Royal Bank Of Canada’s price target points to a potential upside of 26.88% from the stock’s previous close.

ALKS has been the topic of a number of other reports. Piper Sandler reaffirmed an “overweight” rating and set a $65.00 target price (up from $43.00) on shares of Alkermes in a research report on Tuesday, July 28th. HC Wainwright reaffirmed a “neutral” rating on shares of Alkermes in a report on Monday. TD Cowen reissued a “buy” rating on shares of Alkermes in a report on Monday. Bank of America reissued an “underperform” rating on shares of Alkermes in a report on Monday, June 29th. Finally, Wells Fargo & Company upped their price objective on Alkermes from $44.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Alkermes has an average rating of “Moderate Buy” and a consensus target price of $54.75.

Alkermes Trading Down 0.1%

NASDAQ ALKS opened at $44.14 on Tuesday. The stock has a market cap of $7.40 billion, a P/E ratio of 118.47 and a beta of 0.31. The company’s fifty day simple moving average is $48.82 and its 200-day simple moving average is $42.04. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82. Alkermes has a 52 week low of $26.99 and a 52 week high of $55.67.

Insider Activity

In other Alkermes news, Director Nancy Lynn Md Snyderman sold 44,472 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,239,165.20. Following the completion of the transaction, the director directly owned 15,395 shares of the company’s stock, valued at $775,138.25. The trade was a 74.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David Gaffin sold 2,034 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $48.01, for a total value of $97,652.34. Following the transaction, the executive vice president owned 223,422 shares of the company’s stock, valued at approximately $10,726,490.22. This represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 85,150 shares of company stock worth $4,242,213. 4.59% of the stock is owned by insiders.

Institutional Trading of Alkermes

Several hedge funds have recently added to or reduced their stakes in ALKS. Baker BROS. Advisors LP raised its stake in shares of Alkermes by 23.7% during the fourth quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock valued at $280,143,000 after purchasing an additional 1,920,916 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Alkermes by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,522,378 shares of the company’s stock worth $159,850,000 after buying an additional 109,595 shares in the last quarter. Commodore Capital LP lifted its stake in shares of Alkermes by 18.3% in the 1st quarter. Commodore Capital LP now owns 4,200,000 shares of the company’s stock worth $148,512,000 after acquiring an additional 650,000 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Alkermes by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 4,080,776 shares of the company’s stock valued at $114,198,000 after acquiring an additional 19,382 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Alkermes by 104.2% during the first quarter. First Trust Advisors LP now owns 2,968,785 shares of the company’s stock worth $104,976,000 after purchasing an additional 1,514,783 shares in the last quarter. Institutional investors own 95.21% of the company’s stock.

Alkermes News Summary

Here are the key news stories impacting Alkermes this week:

• Positive Sentiment: Alkermes reported positive top-line Phase Ib results for ALKS 7290 in adults with attention-deficit hyperactivity disorder. The study demonstrated clinical proof of concept and meaningful improvements in ADHD symptoms, strengthening the case for the company’s orexin agonist platform and creating a potential new growth opportunity beyond its marketed medicines. Alkermes reports positive top-line Phase Ib trial data for ALKS 7290
• Positive Sentiment: The ADHD results were described as a potential “company changer,” with coverage highlighting the significance of applying Alkermes’ orexin research to a large, underserved market. The data prompted a favorable initial market reaction and increased investor interest in the program. With pioneering ADHD data, Alkermes eyes orexin agonist as potential company changer
• Positive Sentiment: Robert W. Baird raised its Alkermes price target from $58 to $61 and maintained an “outperform” rating. Needham also reaffirmed its “buy” rating with a $62 target, suggesting analysts see substantial upside if ALKS 7290 continues to progress.
• Neutral Sentiment: Analyst coverage overall remains constructive, with Alkermes receiving a consensus “Moderate Buy” rating. However, ALKS 7290 is still in early-stage development, so additional clinical testing and regulatory milestones will be needed before the drug can generate commercial revenue. Alkermes given consensus rating of Moderate Buy

About Alkermes

Alkermes plc (NASDAQ: ALKS) is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities include treatments for schizophrenia, bipolar disorder, addiction and other serious neurological or psychiatric conditions, with an emphasis on long-acting injectable and extended-release formulations.

The company’s marketed products include VIVITROL, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence after detoxification; ARISTADA, an extended-release injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; and LYBALVI, an oral combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in Ireland in 1987, Alkermes has developed drug-delivery technologies intended to help extend dosing intervals and support medication adherence.