Alkermes (NASDAQ:ALKS) Sets New 1-Year High - Still a Buy?

Key Points

• Alkermes shares hit a new 52-week high, trading as high as $36.48 (last $35.84) and are up roughly 1.8%, with a market capitalization near $6.0 billion.
• Analyst sentiment is mixed but the consensus is a Moderate Buy with an average price target of $43.93, ranging from Strong Buy to Strong Sell and including Wells Fargo’s raised $43 overweight target.
• Fundamentals are mixed: the company missed EPS ($0.29 vs. $0.43 expected) while revenue of $384.6M slightly beat estimates but fell 10.6% year‑over‑year; insiders have recently sold shares and institutions own about 95% of the stock.

Alkermes plc (NASDAQ:ALKS - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $36.48 and last traded at $35.8410, with a volume of 572154 shares changing hands. The stock had previously closed at $35.36.

Analysts Set New Price Targets

Several analysts have recently weighed in on ALKS shares. Wall Street Zen downgraded Alkermes from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Truist Financial upgraded shares of Alkermes to a "strong-buy" rating in a report on Wednesday, March 25th. Zacks Research downgraded shares of Alkermes from a "hold" rating to a "strong sell" rating in a research note on Friday, March 20th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Alkermes in a report on Monday, December 29th. Finally, Wells Fargo & Company upped their target price on shares of Alkermes from $37.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $43.93.

Alkermes Trading Up 1.8%

The firm has a market capitalization of $6.00 billion, a P/E ratio of 25.14, a price-to-earnings-growth ratio of 7.52 and a beta of 0.53. The stock has a 50-day simple moving average of $31.36 and a two-hundred day simple moving average of $30.25.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.14). The firm had revenue of $384.55 million for the quarter, compared to the consensus estimate of $380.44 million. Alkermes had a return on equity of 14.91% and a net margin of 16.37%.Alkermes's quarterly revenue was down 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.05 EPS. As a group, research analysts expect that Alkermes plc will post 1.31 EPS for the current year.

Insider Buying and Selling at Alkermes

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of the firm's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $29.29, for a total transaction of $59,575.86. Following the transaction, the executive vice president owned 237,660 shares of the company's stock, valued at approximately $6,961,061.40. This trade represents a 0.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Craig C. Hopkinson sold 9,000 shares of the business's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $33.93, for a total transaction of $305,370.00. Following the completion of the sale, the executive vice president owned 57,740 shares of the company's stock, valued at approximately $1,959,118.20. This represents a 13.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 157,434 shares of company stock valued at $5,305,794 in the last 90 days. Insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Alkermes

A number of large investors have recently bought and sold shares of the business. American Century Companies Inc. boosted 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 worth $131,924,000 after acquiring an additional 740,248 shares in the last quarter. Public Sector Pension Investment Board grew its stake in shares of Alkermes by 11.6% during the third quarter. Public Sector Pension Investment Board now owns 710,700 shares of the company's stock worth $21,321,000 after acquiring an additional 73,787 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Alkermes by 43.1% during the third quarter. Victory Capital Management Inc. now owns 344,202 shares of the company's stock valued at $10,326,000 after acquiring an additional 103,749 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Alkermes by 36.8% during the third quarter. Artisan Partners Limited Partnership now owns 2,109,772 shares of the company's stock valued at $63,293,000 after acquiring an additional 567,965 shares in the last quarter. Finally, Capital Fund Management S.A. purchased a new position in shares of Alkermes in the 2nd quarter valued at approximately $1,142,000. 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.

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