Alkermes PLC (ALKS) Shares Down 9.3% Following Analyst Downgrade
Alkermes PLC (NASDAQ:ALKS) dropped 9.3% during trading on Friday after UBS AG lowered their price target on the stock from $57.00 to $54.00. UBS AG currently has a neutral rating on the stock. Alkermes PLC traded as low as $49.52 and last traded at $49.85. Approximately 2,192,899 shares traded hands during mid-day trading, an increase of 207% from the average daily volume of 715,140 shares. The stock had previously closed at $54.97.
ALKS has been the subject of a number of other reports. Mizuho set a $81.00 target price on shares of Alkermes PLC and gave the company a “buy” rating in a research report on Saturday, October 21st. ValuEngine cut shares of Alkermes PLC from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Zacks Investment Research upgraded shares of Alkermes PLC from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub cut shares of Alkermes PLC from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Jefferies Group LLC set a $69.00 target price on shares of Alkermes PLC and gave the company a “buy” rating in a research report on Friday, August 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $63.55.
In related news, CAO Kathryn L. Biberstein sold 13,566 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $51.29, for a total transaction of $695,800.14. Following the completion of the sale, the chief accounting officer now directly owns 70,455 shares in the company, valued at $3,613,636.95. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Paul J. Mitchell sold 1,500 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $54.91, for a total transaction of $82,365.00. Following the transaction, the director now directly owns 9,500 shares of the company’s stock, valued at approximately $521,645. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,066 shares of company stock valued at $930,280. 5.34% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank boosted its stake in Alkermes PLC by 12.7% during the second quarter. Toronto Dominion Bank now owns 1,875 shares of the company’s stock worth $109,000 after buying an additional 212 shares during the period. Daiwa SB Investments Ltd. purchased a new position in Alkermes PLC during the second quarter worth about $166,000. Greenwood Capital Associates LLC boosted its stake in Alkermes PLC by 1.1% during the second quarter. Greenwood Capital Associates LLC now owns 3,770 shares of the company’s stock worth $219,000 after buying an additional 41 shares during the period. US Bancorp DE boosted its stake in Alkermes PLC by 366.4% during the second quarter. US Bancorp DE now owns 3,974 shares of the company’s stock worth $231,000 after buying an additional 3,122 shares during the period. Finally, Insight Capital Research & Management Inc. purchased a new position in Alkermes PLC during the second quarter worth about $232,000. 98.39% of the stock is owned by institutional investors.
The company’s market capitalization is $7.66 billion. The firm has a 50-day moving average of $51.15 and a 200 day moving average of $55.08.
Alkermes PLC (NASDAQ:ALKS) last posted its quarterly earnings data on Thursday, October 26th. The company reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.04. Alkermes PLC had a negative net margin of 20.12% and a negative return on equity of 7.24%. The company had revenue of $217.40 million during the quarter, compared to the consensus estimate of $231.29 million. During the same quarter in the prior year, the company posted ($0.09) EPS. The company’s quarterly revenue was up 20.6% compared to the same quarter last year. On average, equities research analysts forecast that Alkermes PLC will post ($0.04) EPS for the current year.
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About Alkermes PLC
Alkermes plc is a biopharmaceutical company. The Company is engaged in the researching, developing and commercializing pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. The Company has a portfolio of marketed drug products and a clinical pipeline of products that address central nervous system (CNS) disorders, such as schizophrenia, depression, addiction and multiple sclerosis (MS).
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