Alkermes (NASDAQ:ALKS) Price Target Raised to $61.00

by · The Cerbat Gem

Alkermes (NASDAQ:ALKS – Free Report) had its price target increased by Robert W. Baird from $58.00 to $61.00 in a report published on Tuesday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Several other research firms have also recently commented on ALKS. Bank of America reissued an “underperform” rating on shares of Alkermes in a research note on Monday, June 29th. Royal Bank Of Canada raised their price objective on shares of Alkermes from $45.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, June 9th. HC Wainwright restated a “neutral” rating on shares of Alkermes in a research report on Monday. Mizuho raised Alkermes to a “strong-buy” rating in a research note on Wednesday, September 16th. Finally, JPMorgan Chase & Co. lifted their price target on Alkermes from $60.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $54.47.

Check Out Our Latest Stock Analysis on ALKS

Alkermes Stock Performance

ALKS opened at $40.79 on Tuesday. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82. The business’s 50 day moving average is $48.24 and its 200-day moving average is $42.32. The stock has a market cap of $6.84 billion, a PE ratio of 107.34 and a beta of 0.31. Alkermes has a twelve month low of $26.99 and a twelve month high of $55.67.

Insider Buying and Selling at Alkermes

In related news, EVP David Gaffin sold 2,034 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $48.01, for a total transaction of $97,652.34. Following the completion of the sale, the executive vice president directly owned 223,422 shares of the company’s stock, valued at $10,726,490.22. This represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Christian Nichols sold 7,576 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $49.23, for a total transaction of $372,966.48. Following the sale, the senior vice president owned 102,193 shares of the company’s stock, valued at $5,030,961.39. The trade was a 6.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 85,150 shares of company stock valued at $4,242,213 in the last ninety days. Company insiders own 4.59% of the company’s stock.

Hedge Funds Weigh In On Alkermes

A number of hedge funds have recently modified their holdings of ALKS. Ameritas Advisory Services LLC purchased a new stake in shares of Alkermes during the second quarter valued at $39,000. Cullen Frost Bankers Inc. acquired a new stake in Alkermes during the 4th quarter worth about $28,000. Versant Capital Management Inc lifted its stake in Alkermes by 33.9% during the second quarter. Versant Capital Management Inc now owns 1,445 shares of the company’s stock valued at $76,000 after buying an additional 366 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Alkermes in the second quarter worth about $82,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in shares of Alkermes in the second quarter worth about $104,000. 95.21% of the stock is currently owned by institutional investors and hedge funds.

About Alkermes

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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.

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