Alkermes (NASDAQ:ALKS) Issues FY 2024 Earnings Guidance

Alkermes (NASDAQ:ALKS) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 2.800-2.800 for the period, compared to the consensus estimate of 2.740. The company issued revenue guidance of $1.5 billion-$1.6 billion, compared to the consensus revenue estimate of $1.5 billion.

Alkermes Price Performance

Shares of ALKS traded up $0.19 during midday trading on Friday, hitting $24.05. 1,347,148 shares of the company traded hands, compared to its average volume of 1,980,594. Alkermes has a 52 week low of $22.01 and a 52 week high of $33.71. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.50 and a current ratio of 3.20. The firm has a 50 day moving average of $26.73 and a 200-day moving average of $26.74. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 9.51, a PEG ratio of 0.68 and a beta of 0.61.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.15). Alkermes had a return on equity of 20.31% and a net margin of 25.17%. The firm had revenue of $350.37 million for the quarter, compared to analysts’ expectations of $360.26 million. During the same period last year, the company earned ($0.10) earnings per share. The firm’s revenue was up 21.8% on a year-over-year basis. On average, analysts forecast that Alkermes will post 2.22 EPS for the current fiscal year.

Alkermes declared that its board has approved a stock buyback program on Thursday, February 15th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have commented on ALKS. Robert W. Baird assumed coverage on shares of Alkermes in a research note on Tuesday, March 19th. They set an outperform rating and a $37.00 price objective for the company. StockNews.com downgraded shares of Alkermes from a buy rating to a hold rating in a research note on Friday. Jefferies Financial Group upped their target price on Alkermes from $42.00 to $50.00 and gave the company a buy rating in a research note on Tuesday, April 9th. Piper Sandler reiterated an overweight rating and issued a $39.00 price target on shares of Alkermes in a report on Monday, April 1st. Finally, TheStreet upgraded Alkermes from a c+ rating to a b rating in a report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $35.38.

Insider Buying and Selling

In other news, SVP Christian Todd Nichols sold 10,417 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $28.10, for a total value of $292,717.70. Following the completion of the sale, the senior vice president now owns 65,911 shares of the company’s stock, valued at approximately $1,852,099.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.76% of the stock is owned by insiders.

Alkermes Company Profile

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.