Alkermes (NASDAQ:ALKS) Upgraded to “Strong-Buy” at Truist Financial

Alkermes (NASDAQ:ALKS) was upgraded by equities researchers at Truist Financial to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Other analysts have also issued research reports about the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Alkermes in a research report on Monday, December 29th. Wolfe Research started coverage on Alkermes in a research report on Monday, February 23rd. They set an “outperform” rating and a $45.00 price target for the company. Bank of America lifted their price objective on Alkermes from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Friday, February 20th. Royal Bank Of Canada cut their price objective on Alkermes from $47.00 to $45.00 and set an “outperform” rating on the stock in a report on Thursday, February 26th. Finally, Zacks Research lowered Alkermes from a “hold” rating to a “strong sell” rating in a research note on Friday, March 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.93.

Alkermes Price Performance

Shares of ALKS opened at $29.37 on Wednesday. Alkermes has a 1-year low of $25.17 and a 1-year high of $36.32. The stock has a market cap of $4.89 billion, a PE ratio of 20.54, a P/E/G ratio of 7.08 and a beta of 0.53. The firm has a 50-day simple moving average of $31.39 and a two-hundred day simple moving average of $30.13.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.14). Alkermes had a net margin of 16.37% and a return on equity of 14.91%. The company had revenue of $384.55 million during the quarter, compared to analysts’ expectations of $380.44 million. During the same period last year, the firm posted $1.05 earnings per share. Alkermes’s revenue was down 10.6% on a year-over-year basis. Alkermes has set its FY 2026 guidance at -0.798–0.680 EPS. As a group, sell-side analysts expect that Alkermes will post 1.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Alkermes

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of the business’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $29.29, for a total value of $59,575.86. Following the completion of the transaction, the executive vice president owned 237,660 shares in the company, valued at $6,961,061.40. The trade was a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Shane Cooke sold 61,200 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $34.57, for a total value of $2,115,684.00. Following the sale, the director directly owned 103,744 shares in the company, valued at $3,586,430.08. This represents a 37.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 157,434 shares of company stock valued at $5,305,794 in the last quarter. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. grew its position in shares of 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 buying an additional 740,248 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in Alkermes by 11.6% in the third quarter. Public Sector Pension Investment Board now owns 710,700 shares of the company’s stock valued at $21,321,000 after acquiring an additional 73,787 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Alkermes by 43.1% in the third quarter. Victory Capital Management Inc. now owns 344,202 shares of the company’s stock worth $10,326,000 after acquiring an additional 103,749 shares during the last quarter. Capital Fund Management S.A. purchased a new position in Alkermes in the second quarter worth approximately $1,142,000. Finally, Artisan Partners Limited Partnership grew its holdings in Alkermes by 36.8% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,109,772 shares of the company’s stock worth $63,293,000 after acquiring an additional 567,965 shares in 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.