Alkermes (NASDAQ:ALKS) Given New $35.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised Alkermes' price target from $34.00 to $35.00, indicating a potential upside of 25.67% from the stock's previous close.
• Alkermes has a consensus rating of Moderate Buy among analysts, with an average price target of $42.00, supported by recent upgrades from multiple firms.
• The company's recent quarterly earnings showed a net margin of 23.15% and a revenue of $390.66 million, which surpassed analysts' expectations.

Alkermes (NASDAQ:ALKS - Free Report) had its target price lifted by JPMorgan Chase & Co. from $34.00 to $35.00 in a research note published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other equities analysts have also commented on ALKS. Royal Bank Of Canada lifted their price target on shares of Alkermes from $40.00 to $42.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Wells Fargo & Company raised shares of Alkermes to a "strong-buy" rating in a research report on Wednesday, September 3rd. Needham & Company LLC restated a "buy" rating and issued a $45.00 price objective on shares of Alkermes in a research note on Tuesday, July 29th. Cantor Fitzgerald upgraded shares of Alkermes to a "strong-buy" rating in a research note on Tuesday, May 13th. Finally, HC Wainwright restated a "neutral" rating and issued a $46.00 price objective on shares of Alkermes in a research note on Tuesday, September 9th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $41.85.

Alkermes Stock Down 2.7%

Shares of NASDAQ:ALKS traded down $0.74 during trading on Tuesday, reaching $26.97. The stock had a trading volume of 2,480,906 shares, compared to its average volume of 1,863,509. Alkermes has a 52 week low of $25.17 and a 52 week high of $36.45. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 12.97, a P/E/G ratio of 1.56 and a beta of 0.53. The stock has a fifty day simple moving average of $28.23 and a two-hundred day simple moving average of $29.84.

Alkermes (NASDAQ:ALKS - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.52 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 company had revenue of $390.66 million for the quarter, compared to analyst estimates of $343.20 million. During the same quarter last year, the firm posted $1.16 earnings per share. The company's quarterly revenue was down 2.1% compared to the same quarter last year. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. On average, analysts forecast that Alkermes will post 1.31 EPS for the current year.

Institutional Investors Weigh In On Alkermes

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

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.