Alkermes (NASDAQ:ALKS) Hits New 12-Month Low - What's Next?

Key Points

• Alkermes' stock price hit a new 52-week low of $25.17, closing last at $26.98, which indicates a decline from its previous close of $29.94.
• Equities analysts have a generally positive outlook on Alkermes, with two analysts rating it as a "Strong Buy" and an average target price of $41.31.
• Alkermes reported earnings of $0.52 EPS for the last quarter, exceeding expectations, although its revenue was down 2.1% year-over-year.

Alkermes plc (NASDAQ:ALKS - Get Free Report)'s share price reached a new 52-week low during trading on Monday . The stock traded as low as $25.17 and last traded at $26.98, with a volume of 172546 shares. The stock had previously closed at $29.94.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wells Fargo & Company raised shares of Alkermes to a "strong-buy" rating in a research report on Wednesday, September 3rd. Royal Bank Of Canada lifted their target price on shares of Alkermes from $40.00 to $42.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Cantor Fitzgerald raised shares of Alkermes to a "strong-buy" rating in a research report on Tuesday, May 13th. HC Wainwright reissued a "neutral" rating and set a $46.00 target price on shares of Alkermes in a research report on Monday, July 21st. Finally, UBS Group raised shares of Alkermes from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $33.00 to $42.00 in a research report on Tuesday, June 17th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $41.31.

Alkermes Trading Down 5.6%

The business's fifty day simple moving average is $28.35 and its 200-day simple moving average is $30.10. The firm has a market cap of $4.67 billion, a P/E ratio of 13.46, a PEG ratio of 1.72 and a beta of 0.53.

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. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The business had revenue of $390.66 million for the quarter, compared to analysts' expectations of $343.20 million. During the same quarter in the previous year, the firm posted $1.16 EPS. The business's revenue for the quarter was down 2.1% compared to the same quarter last year. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. As a group, research analysts expect that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

Insider Transactions at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 3,334 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $31.09, for a total transaction of $103,654.06. Following the sale, the senior vice president owned 86,208 shares of the company's stock, valued at $2,680,206.72. The trade was a 3.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. State Street Corp grew its position in shares of Alkermes by 2.3% during the 2nd quarter. State Street Corp now owns 8,208,256 shares of the company's stock valued at $234,838,000 after purchasing an additional 185,586 shares in the last quarter. RTW Investments LP grew its position in 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. grew its position in 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 grew its position in 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 position in Alkermes by 2.1% in the second quarter. Geode Capital Management LLC now owns 4,023,552 shares of the company's stock worth $115,128,000 after acquiring an additional 83,858 shares in the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

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.

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