Alkermes (NASDAQ:ALKS) Price Target Raised to $50.00

Alkermes (NASDAQ:ALKS) had its price target raised by HC Wainwright from $43.00 to $50.00 in a research note released on Wednesday morning, Marketbeat Ratings reports. They currently have a neutral rating on the stock.

A number of other brokerages have also issued reports on ALKS. Royal Bank Of Canada reiterated an “outperform” rating and set a $56.00 price target on shares of Alkermes in a research report on Tuesday, September 22nd. Needham & Company LLC restated a “buy” rating and set a $62.00 price objective on shares of Alkermes in a research note on Monday, September 21st. The Goldman Sachs Group initiated coverage on shares of Alkermes in a report on Thursday, September 24th. They issued a “neutral” rating and a $50.00 price objective for the company. Piper Sandler restated an “overweight” rating and set a $65.00 price target (up from $43.00) on shares of Alkermes in a research report on Tuesday, July 28th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $63.00 price target (up from $45.00) on shares of Alkermes in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.06.

Alkermes Stock Performance

NASDAQ ALKS traded up $1.36 on Wednesday, hitting $45.90. The stock had a trading volume of 1,673,316 shares, compared to its average volume of 1,832,351. Alkermes has a one year low of $27.00 and a one year high of $55.67. The company has a quick ratio of 1.85, a current ratio of 2.30 and a debt-to-equity ratio of 0.82. The stock has a market cap of $7.70 billion, a price-to-earnings ratio of -2,293.85 and a beta of 0.32. The company’s 50-day moving average is $43.71 and its two-hundred day moving average is $40.80.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.17. The company had revenue of $480.13 million for the quarter, compared to analysts’ expectations of $463.48 million. Alkermes had a return on equity of 4.15% and a net margin of 3.96%. The business’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 earnings per share. On average, analysts expect that Alkermes will post -0.56 earnings per share for the current year.

Insider Transactions at Alkermes

In related news, SVP Christian Nichols sold 7,576 shares of Alkermes stock in a transaction on Monday, August 17th. The stock was sold at an average price of $49.23, for a total value of $372,966.48. Following the transaction, the senior vice president directly owned 102,193 shares in the company, valued at $5,030,961.39. The trade was a 6.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Gaffin sold 2,035 shares of the business’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $46.17, for a total value of $93,955.95. Following the sale, the executive vice president directly owned 219,353 shares in the company, valued at $10,127,528.01. This trade represents a 0.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,679 shares of company stock valued at $1,070,940 in the last quarter. Insiders own 4.59% of the company’s stock.

Hedge Funds Weigh In On Alkermes

Hedge funds and other institutional investors have recently modified their holdings of the stock. Diversified Trust Co increased its position in shares of Alkermes by 3.1% in the third quarter. Diversified Trust Co now owns 56,241 shares of the company’s stock worth $2,279,000 after acquiring an additional 1,703 shares in the last quarter. Aberdeen Group plc boosted its stake in Alkermes by 69.4% in the 3rd quarter. Aberdeen Group plc now owns 328,287 shares of the company’s stock worth $13,302,000 after purchasing an additional 134,482 shares during the period. Allworth Financial LP boosted its stake in Alkermes by 77.4% in the 3rd quarter. Allworth Financial LP now owns 958 shares of the company’s stock worth $39,000 after purchasing an additional 418 shares during the period. Fisher Asset Management LLC grew its position in Alkermes by 3.4% during the 3rd quarter. Fisher Asset Management LLC now owns 433,263 shares of the company’s stock worth $17,556,000 after purchasing an additional 14,161 shares in the last quarter. Finally, Maryland State Retirement & Pension System raised its stake in Alkermes by 54.1% during the 3rd quarter. Maryland State Retirement & Pension System now owns 37,347 shares of the company’s stock valued at $1,513,000 after purchasing an additional 13,105 shares during the period. Institutional investors and hedge funds own 95.21% of the company’s stock.

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 address conditions including schizophrenia, bipolar disorder, addiction, depression and other neuropsychiatric disorders.

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; Aristada and Aristada Initio, long-acting injectable formulations of aripiprazole lauroxil for the treatment of schizophrenia; and Lybalvi, a combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in 1987, Alkermes is incorporated in Ireland and maintains its corporate headquarters in Waltham, Massachusetts.