Alkermes (NASDAQ:ALKS) Releases FY 2024 Earnings Guidance

Alkermes (NASDAQ:ALKS) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 2.800-2.800 for the period, compared to the consensus EPS 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

NASDAQ:ALKS traded up $0.19 during trading hours on Friday, reaching $24.05. The company had a trading volume of 1,347,148 shares, compared to its average volume of 1,980,594. The stock has a 50-day moving average of $26.73 and a two-hundred day moving average of $26.74. Alkermes has a one year low of $22.01 and a one year high of $33.71. The firm has a market capitalization of $4.07 billion, a PE ratio of 9.51, a PEG ratio of 0.68 and a beta of 0.61. The company has a quick ratio of 2.50, a current ratio of 3.20 and a debt-to-equity ratio of 0.23.

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

Alkermes announced that its Board of Directors has approved a stock repurchase program on Thursday, February 15th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the company to buy up to 8.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have recently commented on ALKS. UBS Group cut Alkermes from a neutral rating to a sell rating and set a $25.00 target price on the stock. in a report on Tuesday, February 20th. HC Wainwright reaffirmed a neutral rating and set a $35.00 price target on shares of Alkermes in a research note on Thursday. StockNews.com lowered Alkermes from a buy rating to a hold rating in a research note on Friday. Jefferies Financial Group upped their price target on Alkermes from $42.00 to $50.00 and gave the company a buy rating in a research note on Tuesday, April 9th. Finally, TheStreet raised Alkermes from a c+ rating to a b rating in a research note on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $35.38.

Insider Buying and Selling at Alkermes

In other news, SVP Christian Todd Nichols sold 10,417 shares of Alkermes stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the transaction, the senior vice president now owns 65,911 shares in the company, valued at approximately $1,852,099.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.76% of the company’s stock.

About Alkermes

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.