Alkermes (NASDAQ:ALKS) Price Target Raised to $61.00

Alkermes (NASDAQ:ALKS) had its price objective hoisted by research analysts at Needham & Company LLC from $54.00 to $61.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 26.79% from the company’s previous close.

A number of other brokerages have also weighed in on ALKS. UBS Group increased their price target on Alkermes from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Wells Fargo & Company increased their target price on Alkermes from $43.00 to $44.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. TD Cowen raised their price target on Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday. Zacks Research upgraded Alkermes from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Finally, Royal Bank Of Canada upped their price objective on shares of Alkermes from $45.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Alkermes has an average rating of “Moderate Buy” and a consensus target price of $47.06.

Alkermes Price Performance

Alkermes stock opened at $48.11 on Wednesday. The stock has a market capitalization of $8.02 billion, a P/E ratio of 53.46 and a beta of 0.38. Alkermes has a 12-month low of $25.17 and a 12-month high of $48.32. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.27 and a quick ratio of 1.70. The firm’s 50-day moving average is $38.64 and its two-hundred day moving average is $33.54.

Alkermes (NASDAQ:ALKS) last posted its quarterly earnings data on Saturday, February 14th. The company reported $0.29 earnings per share for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. The business had revenue of $384.55 million during the quarter. Equities analysts predict that Alkermes will post -0.43 earnings per share for the current year.

Insider Activity at Alkermes

In other news, EVP David Joseph Gaffin sold 2,034 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $33.20, for a total value of $67,528.80. Following the transaction, the executive vice president directly owned 231,558 shares in the company, valued at $7,687,725.60. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $35.51, for a total value of $319,590.00. Following the completion of the transaction, the executive vice president directly owned 85,389 shares in the company, valued at $3,032,163.39. This represents a 9.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 35,102 shares of company stock worth $1,310,828. 4.59% of the stock is owned by insiders.

Institutional Trading of Alkermes

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Alkermes in the fourth quarter worth $54,442,000. Baker BROS. Advisors LP lifted its holdings in shares of Alkermes by 23.7% during the 4th quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock valued at $280,143,000 after acquiring an additional 1,920,916 shares in the last quarter. UBS Group AG lifted its holdings in shares of Alkermes by 237.4% during the 4th quarter. UBS Group AG now owns 2,544,895 shares of the company’s stock valued at $71,206,000 after acquiring an additional 1,790,729 shares in the last quarter. First Trust Advisors LP boosted its position in Alkermes by 104.2% during the 1st quarter. First Trust Advisors LP now owns 2,968,785 shares of the company’s stock worth $104,976,000 after purchasing an additional 1,514,783 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Alkermes by 32.0% during the 4th quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock worth $145,064,000 after purchasing an additional 1,256,377 shares during the period. Institutional investors and hedge funds own 95.21% of the company’s stock.

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.