Alkermes (NASDAQ:ALKS) Now Covered by Analysts at Truist Financial

Research analysts at Truist Financial started coverage on shares of Alkermes (NASDAQ:ALKS) in a report issued on Friday, Briefing.com reports. The brokerage set a “buy” rating and a $55.00 price target on the stock. Truist Financial’s price target indicates a potential upside of 37.16% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company upped their price target on shares of Alkermes from $44.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. TD Cowen reaffirmed a “buy” rating on shares of Alkermes in a report on Monday, September 21st. JPMorgan Chase & Co. raised their price target on Alkermes from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Needham & Company LLC reissued a “buy” rating and set a $62.00 price objective on shares of Alkermes in a report on Monday, September 21st. Finally, HC Wainwright restated a “neutral” rating on shares of Alkermes in a research report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.47.

Alkermes Price Performance

ALKS stock opened at $40.10 on Friday. Alkermes has a 12 month low of $27.00 and a 12 month high of $55.67. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $6.73 billion, a P/E ratio of 105.53 and a beta of 0.32. The firm has a 50 day moving average of $45.17 and a 200-day moving average of $43.64.

Insider Activity at Alkermes

In related news, EVP David Gaffin sold 2,034 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $41.03, for a total value of $83,455.02. Following the transaction, the executive vice president owned 221,388 shares of the company’s stock, valued at $9,083,549.64. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nancy Lynn Md Snyderman sold 44,472 shares of Alkermes stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $50.35, for a total value of $2,239,165.20. Following the sale, the director directly owned 15,395 shares of the company’s stock, valued at approximately $775,138.25. This trade represents a 74.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 76,150 shares of company stock valued at $3,752,181 over the last ninety days. 4.59% of the stock is currently owned by insiders.

Institutional Trading of Alkermes

Several hedge funds and other institutional investors have recently bought and sold shares of ALKS. GAMMA Investing LLC raised its position in Alkermes by 5.7% in the 3rd quarter. GAMMA Investing LLC now owns 7,090 shares of the company’s stock worth $287,000 after purchasing an additional 385 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Alkermes during the second quarter valued at about $113,000. Baird Financial Group Inc. purchased a new stake in Alkermes during the second quarter valued at about $2,791,000. Arizona State Retirement System grew its stake in shares of Alkermes by 1.1% during the second 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. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Alkermes during the second quarter valued at about $1,733,000. Hedge funds and other institutional investors own 95.21% of the company’s stock.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. The company’s portfolio addresses conditions including addiction, schizophrenia, bipolar disorder and amyotrophic lateral sclerosis (ALS), with an emphasis on long-acting injectable, extended-release and other drug-delivery technologies.

Its marketed products include Vivitrol, an extended-release injectable formulation of naltrexone used to treat alcohol dependence and prevent opioid dependence relapse; Aristada, a long-acting injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; Lybalvi, an oral combination of olanzapine and samidorphan for schizophrenia and bipolar I disorder; and Exservan, an oral film formulation of riluzole for ALS.

Founded in 1987, Alkermes is headquartered in Dublin, Ireland, with operations and corporate offices in the United States, including Waltham, Massachusetts.