Alkermes (NASDAQ:ALKS) Stock Bumped Up to Hold by The Goldman Sachs Group

Alkermes (NASDAQ:ALKS) was upgraded by analysts at The Goldman Sachs Group to a “hold” rating in a research note issued on Thursday, Zacks reports.

Other equities analysts have also recently issued reports about the stock. Royal Bank Of Canada reissued an “outperform” rating and issued a $56.00 price objective on shares of Alkermes in a research note on Tuesday. Piper Sandler restated 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. Stifel Nicolaus restated a “buy” rating and set a $63.00 target price (up from $45.00) on shares of Alkermes in a research report on Monday, July 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $62.00 price target on shares of Alkermes in a report on Monday. Finally, Mizuho upgraded Alkermes to a “strong-buy” rating in a research report on Wednesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.47.

Alkermes Trading Down 3.2%

Shares of ALKS opened at $40.79 on Thursday. The company’s fifty day moving average is $48.24 and its 200 day moving average is $42.32. Alkermes has a fifty-two week low of $26.99 and a fifty-two week high of $55.67. The stock has a market capitalization of $6.84 billion, a PE ratio of 107.34 and a beta of 0.31. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.85 and a current ratio of 2.30.

Insider Activity

In other news, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $48.58, for a total value of $437,220.00. Following the sale, the executive vice president owned 69,389 shares of the company’s stock, valued at approximately $3,370,917.62. This represents a 11.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nancy Lynn Md Snyderman sold 44,472 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,239,165.20. Following the completion of the sale, the director owned 15,395 shares of the company’s stock, valued at $775,138.25. This trade represents a 74.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 85,150 shares of company stock worth $4,242,213. 4.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alkermes

Large investors have recently added to or reduced their stakes in the stock. Ameritas Advisory Services LLC purchased a new stake in shares of Alkermes in the second quarter valued at approximately $39,000. Versant Capital Management Inc raised its position in shares of Alkermes by 33.9% in the 2nd quarter. Versant Capital Management Inc now owns 1,445 shares of the company’s stock worth $76,000 after acquiring an additional 366 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of Alkermes during the 2nd quarter worth $82,000. C M Bidwell & Associates Ltd. bought a new stake in Alkermes during the second quarter valued at about $104,000. Finally, Hantz Financial Services Inc. boosted its position in Alkermes by 65.1% during the fourth quarter. Hantz Financial Services Inc. now owns 2,045 shares of the company’s stock valued at $57,000 after purchasing an additional 806 shares in the last quarter. 95.21% of the stock is owned by hedge funds and other institutional investors.

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.