Robert W. Baird Forecasts Strong Price Appreciation for Alkermes (NASDAQ:ALKS) Stock

Alkermes (NASDAQ:ALKS) had its target price boosted by analysts at Robert W. Baird from $58.00 to $61.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price target points to a potential upside of 38.07% from the company’s previous close.

ALKS has been the topic of a number of other reports. Mizuho raised shares of Alkermes to a “strong-buy” rating in a report on Wednesday, September 16th. Wells Fargo & Company raised their price target on shares of Alkermes from $44.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. TD Cowen restated a “buy” rating on shares of Alkermes in a report on Monday. JPMorgan Chase & Co. upped their price objective on shares of Alkermes from $60.00 to $61.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Alkermes in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.75.

Alkermes Trading Up 1.8%

Shares of Alkermes stock opened at $44.18 on Tuesday. The stock has a fifty day simple moving average of $48.82 and a 200 day simple moving average of $42.04. Alkermes has a 12-month low of $26.99 and a 12-month high of $55.67. The company has a market capitalization of $7.41 billion, a P/E ratio of 116.27 and a beta of 0.31. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82.

Insiders Place Their Bets

In related news, Director Nancy Lynn Md Snyderman sold 44,472 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,239,165.20. Following the completion of the sale, the director owned 15,395 shares in the company, valued at approximately $775,138.25. This trade represents a 74.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP David Gaffin sold 2,034 shares of Alkermes stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $48.01, for a total transaction of $97,652.34. Following the completion of the sale, the executive vice president directly owned 223,422 shares in the company, valued at approximately $10,726,490.22. This represents a 0.90% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 85,150 shares of company stock valued at $4,242,213. 4.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alkermes

Several large investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC purchased a new position in Alkermes in the second quarter valued at approximately $113,000. Baird Financial Group Inc. bought a new stake in shares of Alkermes in the second quarter valued at $2,791,000. Arizona State Retirement System lifted its position in shares of Alkermes by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 43,580 shares of the company’s stock valued at $2,283,000 after buying an additional 494 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Alkermes during the 2nd quarter worth $1,733,000. Finally, Ameritas Advisory Services LLC purchased a new stake in Alkermes in the 2nd quarter worth about $39,000. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Key Alkermes News

Here are the key news stories impacting Alkermes this week:

• Positive Sentiment: Alkermes reported positive Phase 1b results showing clinical proof of concept for ALKS 7290 in adults with attention-deficit/hyperactivity disorder. The company said the orexin agonist produced meaningful improvements in ADHD symptoms, strengthening the drug’s potential as a new growth opportunity. Alkermes Announces Positive Phase 1b Results for ALKS 7290
• Positive Sentiment: The ADHD data generated strong investor interest, with reports describing ALKS 7290 as a potentially important or “company-changing” program and highlighting the treatment’s differentiated orexin-based approach. Alkermes Eyes Orexin Agonist Potential
• Positive Sentiment: Analyst sentiment remains favorable. Needham reaffirmed its Buy rating and assigned a $62 price target, implying substantial upside from the cited current level. Separately, Alkermes received a consensus rating of “Moderate Buy.” Alkermes Receives Moderate Buy Consensus
• Neutral Sentiment: ALKS 7290 remains in early-stage development. The Phase 1b results will need to be confirmed in larger, later-stage trials before the program’s commercial potential can be established.

About Alkermes

Alkermes plc (NASDAQ: ALKS) is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities include treatments for schizophrenia, bipolar disorder, addiction and other serious neurological or psychiatric conditions, with an emphasis on long-acting injectable and extended-release formulations.

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 after detoxification; ARISTADA, an extended-release injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; and LYBALVI, an oral combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in Ireland in 1987, Alkermes has developed drug-delivery technologies intended to help extend dosing intervals and support medication adherence.