Alkermes (NASDAQ:ALKS) Stock Rating Raised to Hold at The Goldman Sachs Group

by · The Cerbat Gem

The Goldman Sachs Group upgraded shares of Alkermes (NASDAQ:ALKS – Free Report) to a hold rating in a research report released on Thursday,Zacks reports.

A number of other analysts have also commented on ALKS. JPMorgan Chase & Co. boosted their target price on Alkermes from $60.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Stifel Nicolaus reiterated a “buy” rating and issued a $63.00 price target (up from $45.00) on shares of Alkermes in a report on Monday, July 20th. Royal Bank Of Canada restated an “outperform” rating and set a $56.00 price objective on shares of Alkermes in a report on Tuesday. Bank of America reiterated an “underperform” rating on shares of Alkermes in a report on Monday, June 29th. Finally, HC Wainwright restated a “neutral” rating on shares of Alkermes in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $54.47.

Read Our Latest Report on ALKS

Alkermes Stock Down 3.2%

Shares of NASDAQ ALKS opened at $40.79 on Thursday. The firm has a market cap of $6.84 billion, a PE ratio of 107.34 and a beta of 0.31. Alkermes has a 12-month low of $26.99 and a 12-month high of $55.67. The company’s fifty day simple moving average is $48.24 and its 200 day simple moving average is $42.32. The company has a quick ratio of 1.85, a current ratio of 2.30 and a debt-to-equity ratio of 0.82.

Insider Activity

In other news, SVP Christian Nichols sold 7,576 shares of the business’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 value of $372,966.48. Following the transaction, the senior vice president 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $50.35, for a total value of $2,239,165.20. Following the sale, the director directly owned 15,395 shares of the company’s stock, valued at $775,138.25. The trade was a 74.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 85,150 shares of company stock valued at $4,242,213 in the last three months. 4.59% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alkermes

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Baird Financial Group Inc. bought a new position in shares of Alkermes during the second quarter valued at approximately $2,791,000. S&CO Inc. bought a new stake in Alkermes in the second quarter worth $12,824,000. Quantinno Capital Management LP grew its stake in shares of Alkermes by 131.1% in the first quarter. Quantinno Capital Management LP now owns 44,932 shares of the company’s stock worth $1,589,000 after acquiring an additional 25,492 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of Alkermes during the second quarter valued at $2,479,000. Finally, Louisiana State Employees Retirement System purchased a new position in shares of Alkermes in the 1st quarter worth about $2,588,000. Institutional investors own 95.21% of the company’s stock.

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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