Alkermes (NASDAQ:ALKS) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Alkermes from a "strong sell" to a "hold", and several other firms have recently raised ratings or price objectives, leaving a MarketBeat consensus rating of "Moderate Buy".
• Alkermes opened at $34.14 versus a consensus price target of $44.07, with a 52‑week range of $25.17–$36.48 and a market cap of about $5.68 billion (P/E 23.87), suggesting potential upside to the consensus target.
• The company reported last-quarter EPS of $0.29 on $384.6 million in revenue but analysts project a fiscal‑year EPS of −0.69; insiders sold about 159,468 shares in the past three months while institutional investors own roughly 95.2% of the stock.

Alkermes (NASDAQ:ALKS - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research analysts also recently issued reports on ALKS. HC Wainwright reaffirmed a "neutral" rating and set a $43.00 price objective on shares of Alkermes in a report on Thursday, February 26th. Piper Sandler dropped their target price on shares of Alkermes from $45.00 to $43.00 and set an "overweight" rating for the company in a research report on Tuesday, March 24th. Weiss Ratings upgraded Alkermes from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday. Wells Fargo & Company lifted their price objective on Alkermes from $37.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. Finally, Bank of America lifted their price objective on Alkermes from $34.00 to $36.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Alkermes presently has an average rating of "Moderate Buy" and a consensus price target of $44.07.

Alkermes Stock Performance

NASDAQ:ALKS opened at $34.14 on Monday. The stock's fifty day moving average price is $31.37 and its two-hundred day moving average price is $30.92. Alkermes has a 52-week low of $25.17 and a 52-week high of $36.48. The company has a market cap of $5.68 billion, a price-to-earnings ratio of 23.87 and a beta of 0.44.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its quarterly earnings data on Saturday, February 14th. The company reported $0.29 earnings per share (EPS) for the quarter. Alkermes had a return on equity of 14.91% and a net margin of 16.37%.The firm had revenue of $384.55 million for the quarter. On average, equities analysts predict that Alkermes will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Shane Cooke sold 61,200 shares of Alkermes stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $34.57, for a total transaction of $2,115,684.00. Following the completion of the sale, the director directly owned 103,744 shares of the company's stock, valued at $3,586,430.08. The trade was a 37.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $35.51, for a total value of $319,590.00. Following the sale, the executive vice president directly owned 85,389 shares of the company's stock, valued at approximately $3,032,163.39. This trade represents a 9.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 159,468 shares of company stock valued at $5,433,699 in the last three months. 4.59% of the stock is currently owned by company insiders.

Institutional Trading of Alkermes

Several hedge funds have recently added to or reduced their stakes in the business. Baker BROS. Advisors LP raised its stake in Alkermes by 23.7% during the 4th quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company's stock worth $280,143,000 after buying an additional 1,920,916 shares during the period. State Street Corp raised its stake in Alkermes by 10.9% during the 4th quarter. State Street Corp now owns 9,472,858 shares of the company's stock worth $265,051,000 after buying an additional 932,507 shares during the period. Renaissance Technologies LLC raised its stake in Alkermes by 6.0% during the 4th quarter. Renaissance Technologies LLC now owns 6,668,028 shares of the company's stock worth $186,571,000 after buying an additional 375,500 shares during the period. JPMorgan Chase & Co. raised its stake in Alkermes by 32.0% during the 4th quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company's stock worth $145,064,000 after buying an additional 1,256,377 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Alkermes by 19.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,412,783 shares of the company's stock worth $123,467,000 after buying an additional 714,787 shares during the period. Institutional investors and hedge funds own 95.21% of the company's stock.

Alkermes Company Profile

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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