Alkermes (NASDAQ:ALKS) Shares Down 4.7% - Here's Why

Shares of Alkermes plc (NASDAQ:ALKS - Get Free Report) were down 4.7% during mid-day trading on Monday . The company traded as low as $26.23 and last traded at $27.84. Approximately 453,572 shares changed hands during trading, a decline of 74% from the average daily volume of 1,724,002 shares. The stock had previously closed at $29.22.

Analysts Set New Price Targets

ALKS has been the topic of a number of recent research reports. HC Wainwright restated a "neutral" rating and issued a $46.00 target price on shares of Alkermes in a report on Monday. Cantor Fitzgerald upgraded shares of Alkermes to a "strong-buy" rating in a research report on Tuesday, May 13th. Wall Street Zen cut shares of Alkermes from a "strong-buy" rating to a "buy" rating in a research note on Monday, May 5th. The Goldman Sachs Group began coverage on shares of Alkermes in a research report on Tuesday, July 15th. They issued a "buy" rating and a $43.00 target price for the company. Finally, Royal Bank Of Canada upped their price target on shares of Alkermes from $39.00 to $40.00 and gave the stock a "sector perform" rating in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Alkermes currently has a consensus rating of "Moderate Buy" and an average target price of $40.92.

Alkermes Price Performance

The stock has a market cap of $4.43 billion, a PE ratio of 12.84, a PEG ratio of 1.82 and a beta of 0.44. The firm has a 50 day moving average of $30.03 and a two-hundred day moving average of $30.92.

Alkermes (NASDAQ:ALKS - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.19). Alkermes had a return on equity of 27.52% and a net margin of 23.30%. The firm had revenue of $306.51 million during the quarter, compared to analyst estimates of $307.53 million. During the same quarter last year, the company earned $0.43 earnings per share. The business's revenue for the quarter was down 12.6% on a year-over-year basis. As a group, equities analysts anticipate that Alkermes plc will post 1.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Alkermes news, SVP Christian Todd Nichols sold 3,334 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $31.09, for a total value of $103,654.06. Following the transaction, the senior vice president owned 86,208 shares in the company, valued at approximately $2,680,206.72. This trade represents a 3.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alkermes

Hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Alkermes by 0.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 100,032 shares of the company's stock worth $2,877,000 after acquiring an additional 311 shares in the last quarter. Diversified Trust Co raised its holdings in shares of Alkermes by 0.8% in the 2nd quarter. Diversified Trust Co now owns 44,232 shares of the company's stock worth $1,265,000 after purchasing an additional 372 shares during the period. Quantbot Technologies LP grew its position in Alkermes by 54.5% in the first quarter. Quantbot Technologies LP now owns 1,091 shares of the company's stock worth $36,000 after acquiring an additional 385 shares in the last quarter. Hohimer Wealth Management LLC raised its stake in Alkermes by 3.8% in the first quarter. Hohimer Wealth Management LLC now owns 12,362 shares of the company's stock worth $408,000 after buying an additional 450 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Alkermes by 3.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,352 shares of the company's stock worth $408,000 after acquiring an additional 451 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company's stock.

About Alkermes

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.

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