Free Trial

Needham & Company LLC Reaffirms Buy Rating for Alkermes (NASDAQ:ALKS)

Alkermes logo with Medical background

Key Points

  • Needham & Company LLC has reaffirmed a "buy" rating for Alkermes' stock, with a price target of $45.00, indicating a potential upside of 72.08% from the current price.
  • Alkermes reported a quarterly earnings loss with $0.13 EPS, missing the consensus estimate of $0.32, and a revenue decrease of 12.6% year-over-year.
  • Consensus rating for Alkermes is currently a "Moderate Buy," with nine analysts assigning a buy rating and a consensus price target set at $40.92.
  • MarketBeat previews the top five stocks to own by August 1st.
  • Limited Time Offer: Unlock powerful research tools, advanced financial data, and expert insights to help you invest with confidence. Save 50% when you upgrade to MarketBeat All Access during the month of July. Claim your discount here.

Needham & Company LLC restated their buy rating on shares of Alkermes (NASDAQ:ALKS - Free Report) in a report issued on Tuesday morning,Benzinga reports. They currently have a $45.00 target price on the stock.

A number of other brokerages have also recently issued reports on ALKS. Wall Street Zen cut shares of Alkermes from a "strong-buy" rating to a "buy" rating in a report on Monday, May 5th. HC Wainwright reiterated a "neutral" rating and issued a $46.00 price target on shares of Alkermes in a research note on Monday, July 21st. The Goldman Sachs Group initiated coverage on shares of Alkermes in a research note on Tuesday, July 15th. They issued a "buy" rating and a $43.00 price target on the stock. Robert W. Baird upped their price target on shares of Alkermes from $38.00 to $41.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Finally, UBS Group upgraded shares of Alkermes from a "neutral" rating to a "buy" rating and upped their price target for the company from $33.00 to $42.00 in a research note on Tuesday, June 17th. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Alkermes has an average rating of "Moderate Buy" and a consensus price target of $41.08.

View Our Latest Stock Report on Alkermes

Alkermes Price Performance

NASDAQ:ALKS traded up $0.93 on Tuesday, hitting $27.93. 5,149,789 shares of the company's stock were exchanged, compared to its average volume of 1,967,972. The firm has a 50-day moving average price of $29.34 and a 200-day moving average price of $30.79. The company has a market cap of $4.61 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 1.65 and a beta of 0.44. Alkermes has a 52 week low of $25.56 and a 52 week high of $36.45.

Alkermes (NASDAQ:ALKS - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.10. The company had revenue of $390.66 million for the quarter, compared to analysts' expectations of $343.20 million. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. Alkermes's quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.16 EPS. On average, research analysts expect that Alkermes will post 1.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Alkermes news, SVP Christian Todd Nichols sold 3,334 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $31.09, for a total value of $103,654.06. Following the completion of the transaction, the senior vice president directly owned 86,208 shares in the company, valued at approximately $2,680,206.72. This represents a 3.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.40% of the company's stock.

Institutional Trading of Alkermes

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Twin Tree Management LP bought a new stake in Alkermes during the first quarter valued at about $29,000. Armstrong Advisory Group Inc. bought a new stake in shares of Alkermes during the second quarter valued at approximately $29,000. Brooklyn Investment Group raised its position in shares of Alkermes by 1,071.1% during the first quarter. Brooklyn Investment Group now owns 1,054 shares of the company's stock valued at $35,000 after buying an additional 964 shares during the last quarter. Quantbot Technologies LP raised its position in shares of Alkermes by 54.5% during the first quarter. Quantbot Technologies LP now owns 1,091 shares of the company's stock valued at $36,000 after buying an additional 385 shares during the last quarter. Finally, USA Financial Formulas bought a new stake in shares of Alkermes during the first quarter valued at approximately $49,000. 95.21% of the stock is currently owned by institutional investors.

About Alkermes

(Get Free Report)

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.

Featured Stories

Analyst Recommendations for Alkermes (NASDAQ:ALKS)

Should You Invest $1,000 in Alkermes Right Now?

Before you consider Alkermes, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alkermes wasn't on the list.

While Alkermes currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Beginner's Guide To Retirement Stocks Cover

Enter your email address and we'll send you MarketBeat's list of seven best retirement stocks and why they should be in your portfolio.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

The $2.5B Merger No One Is Talking About
ALERT: Big Tech Earnings – Watch Before Wednesday
ACT FAST! Congress is Dumping these 3 Stocks

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines