Alkermes (NASDAQ:ALKS) Stock Rating Upgraded by Wells Fargo & Company

Key Points

• Alkermes was upgraded to a "strong-buy" rating by Wells Fargo & Company, reflecting growing investor confidence in the stock.
• The company reported a quarterly EPS of $0.52, exceeding expectations, with revenues of $390.66 million, surpassing analyst predictions by over $47 million.
• Institutional investors now hold 95.21% of Alkermes' stock, indicating strong institutional interest in the company.

Wells Fargo & Company upgraded shares of Alkermes (NASDAQ:ALKS - Free Report) to a strong-buy rating in a report issued on Wednesday,Zacks.com reports.

Several other research analysts also recently issued reports on the stock. The Goldman Sachs Group started coverage on shares of Alkermes in a report on Tuesday, July 15th. They set a "buy" rating and a $43.00 price objective on the stock. Cantor Fitzgerald upgraded shares of Alkermes to a "strong-buy" rating in a report on Tuesday, May 13th. HC Wainwright restated a "neutral" rating and set a $46.00 price objective on shares of Alkermes in a report on Monday, July 21st. Royal Bank Of Canada boosted their price objective on shares of Alkermes from $40.00 to $42.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Finally, Needham & Company LLC restated a "buy" rating and set a $45.00 price objective on shares of Alkermes in a report on Tuesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $41.31.

Alkermes Stock Down 1.5%

Shares of ALKS traded down $0.43 during mid-day trading on Wednesday, hitting $28.02. 1,012,408 shares of the company's stock were exchanged, compared to its average volume of 1,769,942. The firm has a fifty day moving average of $28.35 and a two-hundred day moving average of $30.05. Alkermes has a twelve month low of $25.17 and a twelve month high of $36.45. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of 13.48, a P/E/G ratio of 1.72 and a beta of 0.53.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.42 by $0.10. The firm 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%. The business's quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.16 EPS. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. On average, equities analysts predict that Alkermes will post 1.31 earnings per share for the current year.

Hedge Funds Weigh In On Alkermes

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALKS. Tudor Investment Corp ET AL acquired a new position in Alkermes in the fourth quarter valued at about $492,000. The Manufacturers Life Insurance Company boosted its position in Alkermes by 0.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 196,831 shares of the company's stock valued at $5,661,000 after buying an additional 1,088 shares in the last quarter. Northern Trust Corp boosted its position in Alkermes by 9.6% in the fourth quarter. Northern Trust Corp now owns 1,912,132 shares of the company's stock valued at $54,993,000 after buying an additional 167,452 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Alkermes by 45.8% in the fourth quarter. BNP Paribas Financial Markets now owns 217,980 shares of the company's stock valued at $6,269,000 after buying an additional 68,487 shares in the last quarter. Finally, Captrust Financial Advisors boosted its position in Alkermes by 9.7% in the fourth quarter. Captrust Financial Advisors now owns 18,362 shares of the company's stock valued at $528,000 after buying an additional 1,619 shares in the last quarter. 95.21% of the stock is currently owned by institutional investors and hedge funds.

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.