Alkermes (NASDAQ:ALKS) Now Covered by Analysts at Truist Financial

Key Points

• Truist Financial initiated coverage of Alkermes with a “buy” rating and a $55 price target, implying 37.16% upside from the previous close.
• Analyst sentiment is generally positive: Alkermes has a consensus rating of “Moderate Buy” and an average price target of $54.47, though ratings range from Strong Buy to Sell.
• Alkermes shares opened at $40.10, while institutional investors own a substantial 95.21% of the stock; insiders sold $3.75 million worth of shares over the past three months.

Equities researchers at Truist Financial initiated coverage on shares of Alkermes (NASDAQ:ALKS - Get Free Report) in a research note issued on Friday, Briefing.com reports. The brokerage set a "buy" rating and a $55.00 price target on the stock. Truist Financial's price target would suggest a potential upside of 37.16% from the company's previous close.

A number of other research firms have also weighed in on ALKS. Weiss Ratings reissued a "hold (c)" rating on shares of Alkermes in a research report on Friday, August 7th. The Goldman Sachs Group reissued a "neutral" rating and set a $50.00 target price on shares of Alkermes in a research report on Thursday, September 24th. HC Wainwright reaffirmed a "neutral" rating on shares of Alkermes in a research report on Monday, September 21st. Needham & Company LLC reiterated a "buy" rating and set a $62.00 price target on shares of Alkermes in a report on Monday, September 21st. Finally, Wells Fargo & Company upped their price objective on Alkermes from $44.00 to $65.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.47.

Alkermes Stock Performance

Shares of Alkermes stock opened at $40.10 on Friday. Alkermes has a 52 week low of $27.00 and a 52 week high of $55.67. The company has a quick ratio of 1.85, a current ratio of 2.30 and a debt-to-equity ratio of 0.82. The business has a 50 day moving average price of $45.17 and a 200-day moving average price of $43.64. The company has a market cap of $6.73 billion, a PE ratio of 105.53 and a beta of 0.32.

Insider Transactions at Alkermes

In other news, EVP David Gaffin sold 2,034 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $41.03, for a total transaction of $83,455.02. Following the completion of the transaction, the executive vice president owned 221,388 shares in the company, valued at approximately $9,083,549.64. This represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Christian Nichols sold 7,576 shares of Alkermes stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $49.23, for a total value of $372,966.48. Following the completion of the sale, the senior vice president directly owned 102,193 shares of the company's stock, valued at approximately $5,030,961.39. This trade represents a 6.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 76,150 shares of company stock valued at $3,752,181 in the last three months. 4.59% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alkermes

Several institutional investors have recently added to or reduced their stakes in ALKS. GAMMA Investing LLC increased its stake in shares of Alkermes by 5.7% in the third quarter. GAMMA Investing LLC now owns 7,090 shares of the company's stock worth $287,000 after purchasing an additional 385 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Alkermes in the 2nd quarter worth approximately $113,000. Baird Financial Group Inc. bought a new position in Alkermes in the 2nd quarter worth approximately $2,791,000. Arizona State Retirement System grew its stake in Alkermes by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 43,580 shares of the company's stock valued at $2,283,000 after buying an additional 494 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Alkermes in the 2nd quarter valued at approximately $1,733,000. 95.21% of the stock is owned by hedge funds and other institutional investors.

Alkermes Company Profile

Alkermes plc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. The company's portfolio addresses conditions including addiction, schizophrenia, bipolar disorder and amyotrophic lateral sclerosis (ALS), with an emphasis on long-acting injectable, extended-release and other drug-delivery technologies.

Its marketed products include Vivitrol, an extended-release injectable formulation of naltrexone used to treat alcohol dependence and prevent opioid dependence relapse; Aristada, a long-acting injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; Lybalvi, an oral combination of olanzapine and samidorphan for schizophrenia and bipolar I disorder; and Exservan, an oral film formulation of riluzole for ALS.

Founded in 1987, Alkermes is headquartered in Dublin, Ireland, with operations and corporate offices in the United States, including Waltham, Massachusetts.

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