Alkermes (NASDAQ:ALKS) Hits New 1-Year High After Analyst Upgrade

Shares of Alkermes plc (NASDAQ:ALKS) hit a new 52-week high on Thursday after Needham & Company LLC raised their price target on the stock from $50.00 to $54.00. Needham & Company LLC currently has a buy rating on the stock. Alkermes traded as high as $45.76 and last traded at $45.1250, with a volume of 324922 shares trading hands. The stock had previously closed at $44.51.

Other analysts have also recently issued reports about the stock. Bank of America raised their target price on Alkermes from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Wolfe Research started coverage on Alkermes in a research note on Monday, February 23rd. They issued an “outperform” rating and a $45.00 price objective on the stock. Zacks Research upgraded Alkermes from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Piper Sandler lowered their price target on Alkermes from $45.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, March 24th. Finally, Robert W. Baird lifted their price target on shares of Alkermes from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.40.

Insider Buying and Selling at Alkermes

In related news, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $43.05, for a total value of $87,563.70. Following the completion of the sale, the executive vice president owned 229,524 shares in the company, valued at approximately $9,881,008.20. This trade represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of Alkermes stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $45.10, for a total value of $90,200.00. Following the completion of the transaction, the director directly owned 25,680 shares of the company’s stock, valued at $1,158,168. This represents a 7.23% 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 a total of 35,102 shares of company stock valued at $1,310,828 in the last ninety days. Company insiders own 4.59% of the company’s stock.

Institutional Trading of Alkermes

A number of institutional investors have recently modified their holdings of ALKS. Assetmark Inc. lifted its position in Alkermes by 933.8% during the 3rd quarter. Assetmark Inc. now owns 827 shares of the company’s stock worth $25,000 after buying an additional 747 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Alkermes in the fourth quarter valued at about $28,000. Johnson Financial Group Inc. bought a new stake in Alkermes during the third quarter worth about $31,000. UMB Bank n.a. raised its holdings in Alkermes by 57.6% during the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock worth $34,000 after acquiring an additional 446 shares in the last quarter. Finally, Salomon & Ludwin LLC boosted its position in Alkermes by 115.6% during the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock valued at $35,000 after purchasing an additional 667 shares during the last quarter. 95.21% of the stock is currently owned by institutional investors.

Alkermes Stock Performance

The stock has a market capitalization of $7.47 billion, a P/E ratio of 49.79 and a beta of 0.38. The stock has a 50 day simple moving average of $37.68 and a two-hundred day simple moving average of $33.06. The company has a quick ratio of 1.70, a current ratio of 2.27 and a debt-to-equity ratio of 0.85.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings data on Saturday, February 14th. The company reported $0.29 earnings per share for the quarter. The company had revenue of $384.55 million for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. On average, equities analysts forecast that Alkermes plc will post -0.43 EPS for the current fiscal year.

Alkermes Company Profile

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.