Alkermes (NASDAQ:ALKS) Price Target Raised to $58.00 at Robert W. Baird

Key Points

• Robert W. Baird raised Alkermes’ price target from $48 to $58 while maintaining an “outperform” rating, implying 14.85% upside from the stock’s reported $50.50 price.
• Analyst sentiment is broadly positive: Alkermes has a consensus “Moderate Buy” rating and an average price target of $54.50, with recent targets ranging from $50 to $65.
• Institutional investors own 95.21% of Alkermes, while insiders own 4.59%; insiders have sold 35,102 shares worth approximately $1.49 million over the past 90 days.

Alkermes (NASDAQ:ALKS - Get Free Report) had its price target raised by Robert W. Baird from $48.00 to $58.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's target price indicates a potential upside of 14.85% from the stock's current price.

Several other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. assumed coverage on Alkermes in a research note on Monday, July 13th. They issued a "neutral" rating and a $60.00 price target for the company. Needham & Company LLC upped their price objective on shares of Alkermes from $61.00 to $62.00 and gave the company a "buy" rating in a research note on Monday, July 13th. TD Cowen lifted their target price on shares of Alkermes from $42.00 to $50.00 and gave the stock a "buy" rating in a research note on Monday, June 22nd. Wells Fargo & Company upped their price target on shares of Alkermes from $44.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Finally, Stifel Nicolaus reiterated a "buy" rating and issued a $63.00 target price (up from $45.00) on shares of Alkermes in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Alkermes has a consensus rating of "Moderate Buy" and an average price target of $54.50.

Alkermes Price Performance

Shares of NASDAQ:ALKS opened at $50.50 on Wednesday. The firm has a market cap of $8.42 billion, a PE ratio of 56.11 and a beta of 0.34. Alkermes has a 52 week low of $25.17 and a 52 week high of $55.67. The firm's fifty day moving average is $47.51 and its 200-day moving average is $37.82. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27.

Insiders Place Their Bets

In other Alkermes news, Director Christopher I. Wright sold 2,000 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $45.10, for a total transaction of $90,200.00. Following the completion of the sale, the director directly owned 25,680 shares of the company's stock, valued at approximately $1,158,168. The trade was a 7.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $43.05, for a total value of $87,563.70. Following the completion of the sale, the executive vice president directly owned 229,524 shares of the company's stock, valued at approximately $9,881,008.20. This trade represents a 0.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 35,102 shares of company stock worth $1,494,410. Insiders own 4.59% of the company's stock.

Institutional Investors Weigh In On Alkermes

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cullen Frost Bankers Inc. purchased a new position in Alkermes during the fourth quarter worth about $28,000. Johnson Financial Group Inc. bought a new position in shares of Alkermes in the third quarter valued at approximately $31,000. UMB Bank n.a. grew its holdings in shares of Alkermes by 57.6% in the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company's stock valued at $34,000 after acquiring an additional 446 shares in the last quarter. Salomon & Ludwin LLC increased its position in shares of Alkermes by 115.6% during the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company's stock valued at $35,000 after acquiring an additional 667 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Alkermes by 1,041.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company's stock valued at $37,000 after acquiring an additional 1,208 shares during the last quarter. 95.21% of the stock is owned by hedge funds and other institutional investors.

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.

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