Alkermes (NASDAQ:ALKS) Issues Earnings Results

Alkermes (NASDAQ:ALKS) posted its earnings results on Wednesday. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.15), Briefing.com reports. The company had revenue of $350.37 million for the quarter, compared to analysts’ expectations of $360.26 million. Alkermes had a net margin of 21.39% and a return on equity of 16.10%. The firm’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.10) EPS. Alkermes updated its FY 2024 guidance to 2.800-2.800 EPS.

Alkermes Price Performance

ALKS traded down $0.44 during midday trading on Thursday, hitting $23.57. The stock had a trading volume of 107,666 shares, compared to its average volume of 1,878,079. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.50 and a current ratio of 2.86. Alkermes has a 1 year low of $22.01 and a 1 year high of $33.71. The business has a fifty day moving average of $26.94 and a 200 day moving average of $26.79. The company has a market cap of $3.99 billion, a P/E ratio of 11.60, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61.

Insider Buying and Selling at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 10,417 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $28.10, for a total value of $292,717.70. Following the completion of the sale, the senior vice president now owns 65,911 shares in the company, valued at $1,852,099.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.76% of the company’s stock.

Alkermes announced that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the company to buy up to 8.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. StockNews.com lowered Alkermes from a “strong-buy” rating to a “buy” rating in a report on Friday, February 23rd. Piper Sandler reissued an “overweight” rating and set a $39.00 price objective on shares of Alkermes in a report on Monday, April 1st. Robert W. Baird assumed coverage on Alkermes in a report on Tuesday, March 19th. They set an “outperform” rating and a $37.00 price objective for the company. Jefferies Financial Group boosted their price objective on Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Finally, TheStreet raised Alkermes from a “c+” rating to a “b” rating in a report on Thursday, February 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.38.

Alkermes Company Profile

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.