Alkermes (NASDAQ:ALKS) Receives Neutral Rating from JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. reiterated its neutral rating on Alkermes and kept a $60 price target, implying about 15.5% upside from the prior close.
• Analyst sentiment on ALKS is mixed but generally positive: the stock currently carries a Moderate Buy consensus, with a $51.19 average price target across Wall Street coverage.
• Alkermes recently traded near $51.94, close to its 12-month high of $55.67, while insiders have been selling shares and institutions own 95.21% of the company.

Alkermes (NASDAQ:ALKS - Get Free Report)'s stock had its "neutral" rating reissued by stock analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $60.00 price objective on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 15.52% from the company's previous close.

ALKS has been the topic of a number of other reports. Needham & Company LLC lifted their price target on Alkermes from $54.00 to $61.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. HC Wainwright reaffirmed a "neutral" rating on shares of Alkermes in a report on Thursday, June 18th. Weiss Ratings lowered shares of Alkermes from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Truist Financial upgraded shares of Alkermes to a "strong-buy" rating in a research note on Wednesday, March 25th. Finally, Zacks Research raised shares of Alkermes from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Alkermes presently has an average rating of "Moderate Buy" and a consensus target price of $51.19.

Alkermes Stock Performance

ALKS opened at $51.94 on Monday. The company has a fifty day moving average of $43.75 and a 200-day moving average of $35.81. Alkermes has a twelve month low of $25.17 and a twelve month high of $55.67. The company has a quick ratio of 1.70, a current ratio of 2.27 and a debt-to-equity ratio of 0.85. The stock has a market cap of $8.66 billion, a PE ratio of 57.71 and a beta of 0.34.

Alkermes (NASDAQ:ALKS - Get Free Report) last issued its earnings results on Saturday, February 14th. The company reported $0.29 EPS for the quarter. Alkermes had a return on equity of 9.26% and a net margin of 9.78%.The company had revenue of $384.55 million during the quarter. On average, sell-side analysts predict that Alkermes will post -0.42 EPS for the current year.

Insider Transactions at Alkermes

In other news, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $54.03, for a total value of $109,897.02. Following the sale, the executive vice president directly owned 227,490 shares of the company's stock, valued at approximately $12,291,284.70. This represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $51.51, for a total transaction of $463,590.00. Following the completion of the transaction, the executive vice president owned 73,389 shares of the company's stock, valued at $3,780,267.39. This trade represents a 10.92% 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 ninety days, insiders have sold 35,102 shares of company stock valued at $1,494,410. 4.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ALKS. Cullen Frost Bankers Inc. purchased a new stake in shares of Alkermes in the fourth quarter worth $28,000. Johnson Financial Group Inc. bought a new position in Alkermes in the 3rd quarter worth about $31,000. UMB Bank n.a. raised its holdings in shares of Alkermes by 57.6% in the 4th 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 raised its holdings in shares of Alkermes by 115.6% in the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company's stock valued at $35,000 after acquiring an additional 667 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Alkermes by 1,041.4% during the 4th 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. 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.