Alkermes (NASDAQ:ALKS) Price Target Raised to $48.00

Key Points

• Robert W. Baird raised its price target on Alkermes to $48 from $45 and kept an outperform rating, implying about 25% upside from the current share price.
• Analyst sentiment remains generally positive overall, with MarketBeat showing an average Moderate Buy rating and an average target price of $45.40, though some firms recently downgraded or trimmed targets.
• Alkermes shares were trading around $38.29, near their 52-week high, after the company reported quarterly EPS of $0.29 on revenue of $384.55 million; recent insider selling and strong institutional ownership were also highlighted.

Alkermes (NASDAQ:ALKS - Get Free Report) had its price objective hoisted by stock analysts at Robert W. Baird from $45.00 to $48.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price target would suggest a potential upside of 25.36% from the company's current price.

Other equities analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Alkermes from a "buy" rating to a "hold" rating in a research note on Saturday, February 28th. Zacks Research raised shares of Alkermes from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. UBS Group lifted their price target on shares of Alkermes from $42.00 to $48.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Royal Bank Of Canada cut their price target on shares of Alkermes from $47.00 to $45.00 and set an "outperform" rating on the stock in a report on Thursday, February 26th. Finally, HC Wainwright reaffirmed a "neutral" rating and issued a $43.00 price target on shares of Alkermes in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Alkermes presently has an average rating of "Moderate Buy" and an average target price of $45.40.

Alkermes Price Performance

Shares of ALKS stock opened at $38.29 on Wednesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.27 and a quick ratio of 1.70. The company has a market capitalization of $6.38 billion, a P/E ratio of 42.54 and a beta of 0.31. The company's 50-day simple moving average is $31.97 and its two-hundred day simple moving average is $31.15. Alkermes has a one year low of $25.17 and a one year high of $38.46.

Alkermes (NASDAQ:ALKS - Get Free Report) last issued its earnings results on Saturday, February 14th. The company reported $0.29 EPS for the quarter. The business had revenue of $384.55 million for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. As a group, equities analysts anticipate that Alkermes will post -0.62 EPS for the current year.

Insider Transactions at Alkermes

In other news, EVP David Joseph Gaffin sold 2,034 shares of Alkermes stock in a transaction on Monday, May 4th. The shares were sold at an average price of $33.20, for a total transaction of $67,528.80. Following the completion of the sale, the executive vice president directly owned 231,558 shares in the company, valued at approximately $7,687,725.60. The trade was a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Christian Todd Nichols sold 6,000 shares of Alkermes stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $30.00, for a total transaction of $180,000.00. Following the sale, the senior vice president owned 109,769 shares of the company's stock, valued at $3,293,070. The trade was a 5.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 39,102 shares of company stock worth $1,265,090. Company insiders own 4.59% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. American Century Companies Inc. increased its holdings in Alkermes by 20.2% in the third quarter. American Century Companies Inc. now owns 4,397,471 shares of the company's stock valued at $131,924,000 after buying an additional 740,248 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Alkermes by 43.1% in the third quarter. Victory Capital Management Inc. now owns 344,202 shares of the company's stock valued at $10,326,000 after buying an additional 103,749 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Alkermes by 11.6% in the third quarter. Public Sector Pension Investment Board now owns 710,700 shares of the company's stock valued at $21,321,000 after buying an additional 73,787 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in Alkermes in the third quarter valued at $1,691,000. Finally, Artisan Partners Limited Partnership increased its holdings in Alkermes by 36.8% in the third quarter. Artisan Partners Limited Partnership now owns 2,109,772 shares of the company's stock valued at $63,293,000 after buying an additional 567,965 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company's stock.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes' portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes' commercial franchise features several approved products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.