Alkermes (NASDAQ:ALKS) Rating Reiterated by HC Wainwright

HC Wainwright restated their neutral rating on shares of Alkermes (NASDAQ:ALKS) in a research note released on Friday, Benzinga reports. The brokerage currently has a $35.00 target price on the stock.

A number of other brokerages have also issued reports on ALKS. UBS Group lowered shares of Alkermes from a neutral rating to a sell rating and set a $25.00 target price on the stock. in a research note on Tuesday, February 20th. Robert W. Baird initiated coverage on shares of Alkermes in a research note on Tuesday, March 19th. They issued an outperform rating and a $37.00 target price on the stock. Piper Sandler reiterated an overweight rating and set a $39.00 price objective on shares of Alkermes in a research note on Monday, April 1st. StockNews.com lowered Alkermes from a strong-buy rating to a buy rating in a report on Friday, February 23rd. Finally, Jefferies Financial Group boosted their price objective on Alkermes from $42.00 to $50.00 and gave the company a buy rating in a research report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $35.38.

Alkermes Stock Up 0.4 %

Shares of Alkermes stock opened at $23.85 on Friday. The company has a fifty day moving average price of $27.83 and a 200 day moving average price of $26.99. The company has a current ratio of 2.86, a quick ratio of 2.50 and a debt-to-equity ratio of 0.24. Alkermes has a twelve month low of $22.01 and a twelve month high of $33.71. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 11.52, a price-to-earnings-growth ratio of 0.66 and a beta of 0.55.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings results on Thursday, February 15th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.29). Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The business had revenue of $377.50 million for the quarter, compared to analysts’ expectations of $362.78 million. During the same period last year, the company posted ($0.02) earnings per share. The firm’s revenue for the quarter was up 23.9% on a year-over-year basis. Equities research analysts forecast that Alkermes will post 2.27 earnings per share for the current fiscal year.

Alkermes declared that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 8.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Alkermes

In other news, SVP Christian Todd Nichols sold 10,417 shares of Alkermes stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $28.10, for a total value of $292,717.70. Following the transaction, the senior vice president now owns 65,911 shares of the company’s stock, valued at approximately $1,852,099.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.76% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ALKS. JPMorgan Chase & Co. acquired a new stake in shares of Alkermes during the first quarter worth approximately $4,369,000. Raymond James & Associates boosted its holdings in shares of Alkermes by 132.4% during the first quarter. Raymond James & Associates now owns 32,763 shares of the company’s stock worth $862,000 after purchasing an additional 18,667 shares during the period. US Bancorp DE boosted its holdings in shares of Alkermes by 24.0% during the first quarter. US Bancorp DE now owns 10,571 shares of the company’s stock worth $279,000 after purchasing an additional 2,044 shares during the period. Bank of Montreal Can acquired a new stake in shares of Alkermes during the first quarter worth approximately $203,000. Finally, Acadian Asset Management LLC boosted its holdings in shares of Alkermes by 660.7% during the first quarter. Acadian Asset Management LLC now owns 21,945 shares of the company’s stock worth $576,000 after purchasing an additional 19,060 shares during the period. 95.21% of the stock is owned by hedge funds and other institutional investors.

Alkermes Company Profile

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.