Alkermes (NASDAQ:ALKS) Upgraded by Royal Bank Of Canada to "Outperform" Rating

Key Points

• Alkermes has been upgraded to an "outperform" rating by Royal Bank of Canada, with a new price target of $44.00, indicating a potential upside of 62.18% from its previous close.
• The company reported $0.52 earnings per share for the last quarter, surpassing analysts' expectations of $0.42, and had revenues of $390.66 million, exceeding the consensus estimate of $343.20 million.
• Currently, Alkermes has a stock average rating of "Buy" with a projected average target price of $42.00, reflecting optimism from several research analysts regarding its future performance.

Alkermes (NASDAQ:ALKS - Get Free Report) was upgraded by investment analysts at Royal Bank Of Canada from a "sector perform" rating to an "outperform" rating in a report issued on Friday, MarketBeat reports. The brokerage currently has a $44.00 price objective on the stock, up from their prior price objective of $42.00. Royal Bank Of Canada's target price indicates a potential upside of 62.18% from the stock's previous close.

A number of other research analysts also recently weighed in on the company. The Goldman Sachs Group started coverage on Alkermes in a research note on Tuesday, July 15th. They issued a "buy" rating and a $43.00 price target on the stock. UBS Group raised Alkermes from a "neutral" rating to a "buy" rating and increased their price target for the company from $33.00 to $42.00 in a research note on Tuesday, June 17th. JPMorgan Chase & Co. lifted their price target on shares of Alkermes from $34.00 to $35.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 9th. HC Wainwright reissued a "neutral" rating and set a $46.00 price target on shares of Alkermes in a research report on Tuesday, September 9th. Finally, Wells Fargo & Company raised shares of Alkermes to a "strong-buy" rating in a research report on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $42.00.

Alkermes Stock Performance

Shares of Alkermes stock opened at $27.13 on Friday. The firm has a fifty day moving average of $27.87 and a two-hundred day moving average of $29.47. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 1.56 and a beta of 0.53. Alkermes has a 52 week low of $25.17 and a 52 week high of $36.45.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 24.86% and a net margin of 23.15%.The firm's quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.16 EPS. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. As a group, research analysts forecast that Alkermes will post 1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Alkermes

Institutional investors have recently added to or reduced their stakes in the stock. Diversified Trust Co boosted its position in shares of Alkermes by 0.8% during the 2nd quarter. Diversified Trust Co now owns 44,232 shares of the company's stock worth $1,265,000 after acquiring an additional 372 shares in the last quarter. Quantbot Technologies LP boosted its position in shares of 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 acquiring an additional 385 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Alkermes by 1.1% during the 2nd quarter. Tidal Investments LLC now owns 35,130 shares of the company's stock worth $1,005,000 after acquiring an additional 395 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Alkermes by 0.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 77,000 shares of the company's stock worth $2,203,000 after acquiring an additional 400 shares in the last quarter. Finally, Hohimer Wealth Management LLC boosted its position in shares of Alkermes by 3.8% during the 1st quarter. Hohimer Wealth Management LLC now owns 12,362 shares of the company's stock worth $408,000 after acquiring an additional 450 shares in the last quarter. 95.21% of the stock is owned by institutional investors.

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.

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