Alkermes (NASDAQ:ALKS) Shares Gap Up After Analyst Upgrade

Key Points

• Alkermes shares gapped up after the Royal Bank of Canada upgraded the stock from a sector perform rating to an outperform rating, with a new price target of $44.00.
• Multiple analysts have issued positive ratings for Alkermes, with a consensus rating of Buy and an average price target of $42.00.
• Alkermes reported earnings of $0.52 per share for the last quarter, exceeding estimates, with revenue of $390.66 million compared to an expected $343.20 million.

Alkermes plc (NASDAQ:ALKS - Get Free Report)'s share price gapped up prior to trading on Friday after Royal Bank Of Canada upgraded the stock from a sector perform rating to an outperform rating. The stock had previously closed at $27.13, but opened at $28.20. Royal Bank Of Canada now has a $44.00 price target on the stock, up from their previous price target of $42.00. Alkermes shares last traded at $28.22, with a volume of 286,179 shares.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Alkermes from $34.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday, September 9th. HC Wainwright restated a "neutral" rating and issued a $46.00 target price on shares of Alkermes in a report on Tuesday, September 9th. Wells Fargo & Company upgraded shares of Alkermes to a "strong-buy" rating in a report on Wednesday, September 3rd. Needham & Company LLC set a $43.00 price objective on shares of Alkermes in a report on Tuesday, September 9th. Finally, UBS Group upgraded shares of Alkermes from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $33.00 to $42.00 in a report on Tuesday, June 17th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $42.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Twin Tree Management LP purchased a new position in shares of Alkermes in the 1st quarter worth approximately $29,000. Armstrong Advisory Group Inc. purchased a new stake in Alkermes during the 2nd quarter worth approximately $29,000. Brooklyn Investment Group grew its position in Alkermes by 1,071.1% during the 1st quarter. Brooklyn Investment Group now owns 1,054 shares of the company's stock worth $35,000 after purchasing an additional 964 shares during the last quarter. Quantbot Technologies LP grew its position in Alkermes by 54.5% during the 1st quarter. Quantbot Technologies LP now owns 1,091 shares of the company's stock worth $36,000 after purchasing an additional 385 shares during the last quarter. Finally, USA Financial Formulas purchased a new stake in Alkermes during the 1st quarter worth approximately $49,000. Hedge funds and other institutional investors own 95.21% of the company's stock.

Alkermes Trading Up 4.0%

The company has a market cap of $4.66 billion, a PE ratio of 13.56, a P/E/G ratio of 1.56 and a beta of 0.53. The firm's 50-day simple moving average is $27.87 and its two-hundred day simple moving average is $29.47.

Alkermes (NASDAQ:ALKS - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.10. The company had revenue of $390.66 million for the quarter, compared to the consensus estimate of $343.20 million. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. Alkermes's revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 EPS. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. As a group, analysts predict that Alkermes plc will post 1.31 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.