Alkermes (NASDAQ:ALKS) Price Target Raised to $50.00
by Amy Steele · The Cerbat GemAlkermes (NASDAQ:ALKS – Free Report) had its price objective boosted by Needham & Company LLC from $45.00 to $50.00 in a report released on Wednesday, MarketBeat reports. The brokerage currently has a buy rating on the stock.
Other equities research analysts have also recently issued reports about the company. Royal Bank Of Canada decreased their price target on Alkermes from $47.00 to $45.00 and set an “outperform” rating for the company in a research note on Thursday, February 26th. Zacks Research raised Alkermes from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Piper Sandler dropped their price target on Alkermes from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, March 24th. HC Wainwright reaffirmed a “neutral” rating and set a $43.00 target price on shares of Alkermes in a research note on Thursday, February 26th. Finally, Bank of America raised their target price on Alkermes from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.21.
Get Our Latest Stock Report on ALKS
Alkermes Price Performance
NASDAQ ALKS opened at $34.99 on Wednesday. The stock has a market cap of $5.83 billion, a price-to-earnings ratio of 38.88 and a beta of 0.31. The company has a current ratio of 2.27, a quick ratio of 3.19 and a debt-to-equity ratio of 0.85. The company’s 50 day moving average is $31.63 and its two-hundred day moving average is $31.04. Alkermes has a 12 month low of $25.17 and a 12 month high of $36.60.
Alkermes (NASDAQ:ALKS – Get Free Report) last issued its earnings results on Saturday, February 14th. The company reported $0.29 earnings per share (EPS) for the quarter. Alkermes had a return on equity of 9.26% and a net margin of 9.78%.The firm had revenue of $384.55 million for the quarter. As a group, research analysts anticipate that Alkermes will post -0.62 earnings per share for the current year.
Insider Buying and Selling at Alkermes
In related news, SVP Christian Todd Nichols sold 6,000 shares of Alkermes stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $30.00, for a total value of $180,000.00. Following the transaction, the senior vice president owned 109,769 shares in the company, valued at $3,293,070. This trade represents a 5.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $33.20, for a total value of $67,528.80. Following the completion of the sale, the executive vice president directly owned 231,558 shares of the company’s stock, valued at $7,687,725.60. This represents a 0.87% 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 have sold 39,102 shares of company stock worth $1,265,090 over the last 90 days. 4.59% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Alkermes
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. lifted its holdings in Alkermes by 20.2% during the third quarter. American Century Companies Inc. now owns 4,397,471 shares of the company’s stock worth $131,924,000 after acquiring an additional 740,248 shares during the period. Victory Capital Management Inc. raised its stake in shares of Alkermes by 43.1% during the 3rd quarter. Victory Capital Management Inc. now owns 344,202 shares of the company’s stock valued at $10,326,000 after purchasing an additional 103,749 shares during the period. Public Sector Pension Investment Board lifted its holdings in Alkermes by 11.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 710,700 shares of the company’s stock worth $21,321,000 after purchasing an additional 73,787 shares in the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of Alkermes in the 3rd quarter valued at about $1,691,000. Finally, Artisan Partners Limited Partnership lifted its stake in Alkermes by 36.8% during the third quarter. Artisan Partners Limited Partnership now owns 2,109,772 shares of the company’s stock worth $63,293,000 after purchasing an additional 567,965 shares during the last quarter. 95.21% of the stock is owned by institutional investors and hedge funds.
About Alkermes
Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.
Alkermes’ commercial franchise features several approved products.