Alkermes (NASDAQ:ALKS) Upgraded by UBS Group to Buy Rating

Alkermes (NASDAQ:ALKS - Get Free Report) was upgraded by analysts at UBS Group from a "neutral" rating to a "buy" rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage presently has a $42.00 price target on the stock, up from their previous price target of $33.00. UBS Group's target price would suggest a potential upside of 41.08% from the stock's previous close.

ALKS has been the topic of a number of other research reports. HC Wainwright reiterated a "neutral" rating on shares of Alkermes in a research report on Friday, May 2nd. Wall Street Zen downgraded Alkermes from a "strong-buy" rating to a "buy" rating in a research note on Monday, May 5th. Robert W. Baird upped their price target on Alkermes from $38.00 to $41.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Royal Bank of Canada upped their price target on Alkermes from $39.00 to $40.00 and gave the stock a "sector perform" rating in a research note on Friday, May 2nd. Finally, Needham & Company LLC initiated coverage on Alkermes in a report on Wednesday, May 28th. They set a "buy" rating and a $45.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $39.54.

Alkermes Price Performance

ALKS stock traded up $0.35 during midday trading on Tuesday, reaching $29.77. 2,491,672 shares of the stock were exchanged, compared to its average volume of 1,738,131. The stock has a market capitalization of $4.91 billion, a PE ratio of 13.72, a P/E/G ratio of 2.20 and a beta of 0.47. Alkermes has a 52 week low of $22.90 and a 52 week high of $36.45. The company has a fifty day moving average price of $29.68 and a 200 day moving average price of $31.05.

Alkermes (NASDAQ:ALKS - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $306.51 million for the quarter, compared to the consensus estimate of $307.53 million. Alkermes had a return on equity of 30.80% and a net margin of 23.57%. The company's revenue was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 EPS. As a group, analysts anticipate that Alkermes will post 1.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Christian Todd Nichols sold 3,334 shares of Alkermes stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $31.09, for a total transaction of $103,654.06. Following the completion of the sale, the senior vice president now owns 86,208 shares of the company's stock, valued at approximately $2,680,206.72. This trade represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.40% of the company's stock.

Institutional Investors Weigh In On Alkermes

Several large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 valued at $2,877,000 after buying an additional 311 shares during the period. CIBC Asset Management Inc raised its position in Alkermes by 4.4% during the fourth quarter. CIBC Asset Management Inc now owns 9,155 shares of the company's stock valued at $263,000 after purchasing an additional 384 shares in the last quarter. Quantbot Technologies LP raised its position in Alkermes by 54.5% during the first quarter. Quantbot Technologies LP now owns 1,091 shares of the company's stock valued at $36,000 after purchasing an additional 385 shares in the last quarter. Hohimer Wealth Management LLC raised its position in Alkermes by 3.8% during the first quarter. Hohimer Wealth Management LLC now owns 12,362 shares of the company's stock valued at $408,000 after purchasing an additional 450 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Alkermes by 3.8% during the first quarter. PNC Financial Services Group Inc. now owns 12,352 shares of the company's stock valued at $408,000 after purchasing an additional 451 shares in the last quarter. Institutional investors own 95.21% of the company's stock.

Alkermes Company Profile

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.