Alkermes (NASDAQ:ALKS) Price Target Raised to $57.00

Alkermes (NASDAQ:ALKS) had its price target boosted by Royal Bank Of Canada from $56.00 to $57.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

ALKS has been the topic of several other reports. Wells Fargo & Company raised their price target on Alkermes from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Wednesday. TD Cowen reissued a “buy” rating on shares of Alkermes in a research note on Monday, September 21st. HC Wainwright raised their target price on Alkermes from $43.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their target price on Alkermes from $60.00 to $61.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Finally, Mizuho upgraded shares of Alkermes to a “strong-buy” rating in a research report on Wednesday, September 16th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Alkermes has a consensus rating of “Moderate Buy” and a consensus price target of $55.06.

Alkermes Trading Up 3.1%

Alkermes stock traded up $1.36 during trading hours on Wednesday, reaching $45.90. 1,673,316 shares of the company’s stock traded hands, compared to its average volume of 1,832,351. The firm has a market capitalization of $7.70 billion, a price-to-earnings ratio of -2,293.85 and a beta of 0.32. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.85 and a current ratio of 2.30. Alkermes has a fifty-two week low of $27.00 and a fifty-two week high of $55.67. The firm’s 50 day moving average is $43.71 and its 200-day moving average is $40.80.

Alkermes (NASDAQ:ALKS) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.17. Alkermes had a net margin of 3.96% and a return on equity of 4.15%. The business had revenue of $480.13 million during the quarter, compared to the consensus estimate of $463.48 million. During the same period in the previous year, the firm posted $0.49 earnings per share. Alkermes’s revenue for the quarter was up 21.8% compared to the same quarter last year. On average, analysts predict that Alkermes will post -0.56 earnings per share for the current year.

Insider Buying and Selling at Alkermes

In related news, SVP Christian Nichols sold 7,576 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $49.23, for a total value of $372,966.48. Following the completion of the transaction, the senior vice president directly owned 102,193 shares in the company, valued at approximately $5,030,961.39. The trade was a 6.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig Hopkinson sold 9,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $46.99, for a total value of $422,910.00. Following the sale, the executive vice president directly owned 65,389 shares of the company’s stock, valued at approximately $3,072,629.11. The trade was a 12.10% 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. Over the last ninety days, insiders sold 22,679 shares of company stock valued at $1,070,940. Company insiders own 4.59% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its holdings in shares of Alkermes by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,522,378 shares of the company’s stock worth $159,850,000 after acquiring an additional 109,595 shares during the period. Commodore Capital LP grew its holdings in shares of Alkermes by 18.3% during the first quarter. Commodore Capital LP now owns 4,200,000 shares of the company’s stock worth $148,512,000 after buying an additional 650,000 shares in the last quarter. First Trust Advisors LP raised its position in Alkermes by 104.2% in the 1st quarter. First Trust Advisors LP now owns 2,968,785 shares of the company’s stock valued at $104,976,000 after buying an additional 1,514,783 shares during the last quarter. Affinity Asset Advisors LLC lifted its stake in Alkermes by 35.0% in the 1st quarter. Affinity Asset Advisors LLC now owns 1,350,000 shares of the company’s stock valued at $47,736,000 after acquiring an additional 350,000 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in Alkermes by 20.4% during the 3rd quarter. Pictet Asset Management Holding SA now owns 1,009,318 shares of the company’s stock worth $41,012,000 after acquiring an additional 171,292 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Alkermes Company Profile

Alkermes plc (NASDAQ:ALKS) is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities address conditions including schizophrenia, bipolar disorder, addiction, depression and other neuropsychiatric disorders.

The company’s marketed products include Vivitrol, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence; Aristada and Aristada Initio, long-acting injectable formulations of aripiprazole lauroxil for the treatment of schizophrenia; and Lybalvi, a combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in 1987, Alkermes is incorporated in Ireland and maintains its corporate headquarters in Waltham, Massachusetts.