Alkermes (NASDAQ:ALKS) Earns "Neutral" Rating from HC Wainwright

Key Points

• HC Wainwright has reiterated a neutral rating for Alkermes with a price target of $46.00, suggesting a potential upside of 61.69% from the current stock price.
• Despite a slight year-over-year revenue decline of 2.1%, Alkermes reported $0.52 EPS for the last quarter, exceeding estimates of $0.42.
• The stock has received a mixed rating from analysts, including two Strong Buy, eight Buy, and three Hold ratings, with an average target price of $41.31.

Alkermes (NASDAQ:ALKS - Get Free Report)'s stock had its "neutral" rating restated by analysts at HC Wainwright in a report released on Tuesday, Marketbeat reports. They presently have a $46.00 price target on the stock. HC Wainwright's price objective would suggest a potential upside of 70.56% from the company's previous close.

ALKS has been the topic of a number of other research reports. UBS Group raised shares of Alkermes from a "neutral" rating to a "buy" rating and increased their price target for the stock from $33.00 to $42.00 in a research note on Tuesday, June 17th. Royal Bank Of Canada increased their price target on shares of Alkermes from $40.00 to $42.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. Wells Fargo & Company raised shares of Alkermes to a "strong-buy" rating in a research note on Wednesday, September 3rd. Needham & Company LLC reaffirmed a "buy" rating and set a $45.00 price target on shares of Alkermes in a research note on Tuesday, July 29th. Finally, The Goldman Sachs Group initiated coverage on shares of Alkermes in a research note on Tuesday, July 15th. They set a "buy" rating and a $43.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $41.85.

Alkermes Stock Down 2.7%

Shares of ALKS traded down $0.74 on Tuesday, hitting $26.97. 2,480,906 shares of the stock traded hands, compared to its average volume of 1,863,509. The firm has a market capitalization of $4.45 billion, a P/E ratio of 12.97, a P/E/G ratio of 1.56 and a beta of 0.53. The stock's 50 day moving average is $28.23 and its two-hundred day moving average is $29.87. Alkermes has a 1 year low of $25.17 and a 1 year high of $36.45.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.10. The business had revenue of $390.66 million for the quarter, compared to the consensus estimate of $343.20 million. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The company's quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.16 earnings per share. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. Research analysts forecast that Alkermes will post 1.31 EPS for the current year.

Institutional Investors Weigh In On Alkermes

Several large investors have recently made changes to their positions in the business. State Street Corp increased its position in shares of Alkermes by 2.3% in the second quarter. State Street Corp now owns 8,208,256 shares of the company's stock worth $234,838,000 after acquiring an additional 185,586 shares in the last quarter. RTW Investments LP increased its position in shares of Alkermes by 13.6% in the fourth quarter. RTW Investments LP now owns 7,557,835 shares of the company's stock worth $217,363,000 after acquiring an additional 903,802 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Alkermes by 488.6% in the first quarter. JPMorgan Chase & Co. now owns 5,234,995 shares of the company's stock worth $172,860,000 after acquiring an additional 4,345,523 shares in the last quarter. Baker BROS. Advisors LP increased its position in shares of Alkermes by 7.2% in the first quarter. Baker BROS. Advisors LP now owns 4,483,285 shares of the company's stock worth $148,038,000 after acquiring an additional 301,534 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Alkermes by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 4,023,552 shares of the company's stock valued at $115,128,000 after purchasing an additional 83,858 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company's stock.

About Alkermes

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.