Alkermes (NASDAQ:ALKS) Price Target Raised to $61.00

Key Points

• Robert W. Baird raised Alkermes’ price target from $58 to $61 and maintained an “outperform” rating, implying 38.07% upside from the cited previous close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $54.75; Needham also set a $62 target, while Mizuho upgraded the stock to “strong buy.”
• Positive Phase 1b results for experimental ADHD treatment ALKS 7290 increased investor interest, though the program remains early-stage and requires confirmation in larger trials. Insiders have sold 85,150 shares worth about $4.24 million over the past three months.

Alkermes (NASDAQ:ALKS - Get Free Report) had its price objective hoisted by equities researchers at Robert W. Baird from $58.00 to $61.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's target price would indicate a potential upside of 38.07% from the company's previous close.

Several other research firms have also recently weighed in on ALKS. Needham & Company LLC reiterated a "buy" rating and set a $62.00 price objective on shares of Alkermes in a research report on Monday. Mizuho upgraded shares of Alkermes to a "strong-buy" rating in a report on Wednesday, September 16th. HC Wainwright reaffirmed a "neutral" rating on shares of Alkermes in a research report on Monday. Royal Bank Of Canada increased their price target on Alkermes from $45.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, June 9th. Finally, TD Cowen reissued a "buy" rating on shares of Alkermes in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $54.75.

Alkermes Stock Performance

Shares of ALKS stock opened at $44.18 on Tuesday. The business's 50 day simple moving average is $48.82 and its 200 day simple moving average is $42.04. Alkermes has a one year low of $26.99 and a one year high of $55.67. The stock has a market capitalization of $7.41 billion, a PE ratio of 116.27 and a beta of 0.31. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.30 and a quick ratio of 1.85.

Insider Activity at Alkermes

In other news, EVP Craig Hopkinson sold 9,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $46.99, for a total transaction of $422,910.00. Following the transaction, the executive vice president owned 65,389 shares of the company's stock, valued at $3,072,629.11. This represents a 12.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nancy Lynn Md Snyderman sold 44,472 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $50.35, for a total value of $2,239,165.20. Following the completion of the sale, the director directly owned 15,395 shares of the company's stock, valued at $775,138.25. The trade was a 74.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 85,150 shares of company stock valued at $4,242,213. Company insiders own 4.59% of the company's stock.

Hedge Funds Weigh In On Alkermes

Institutional investors have recently modified their holdings of the company. Ameritas Advisory Services LLC acquired a new stake in Alkermes in the 2nd quarter valued at $39,000. Cullen Frost Bankers Inc. bought a new position in shares of Alkermes in the fourth quarter valued at $28,000. Versant Capital Management Inc lifted its stake in shares of Alkermes by 33.9% in the second quarter. Versant Capital Management Inc now owns 1,445 shares of the company's stock valued at $76,000 after buying an additional 366 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Alkermes during the second quarter valued at about $82,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in shares of Alkermes during the second quarter valued at about $104,000. 95.21% of the stock is owned by institutional investors and hedge funds.

Alkermes News Roundup

Here are the key news stories impacting Alkermes this week:

• Positive Sentiment: Alkermes reported positive Phase 1b results showing clinical proof of concept for ALKS 7290 in adults with attention-deficit/hyperactivity disorder. The company said the orexin agonist produced meaningful improvements in ADHD symptoms, strengthening the drug’s potential as a new growth opportunity. Alkermes Announces Positive Phase 1b Results for ALKS 7290
• Positive Sentiment: The ADHD data generated strong investor interest, with reports describing ALKS 7290 as a potentially important or “company-changing” program and highlighting the treatment’s differentiated orexin-based approach. Alkermes Eyes Orexin Agonist Potential
• Positive Sentiment: Analyst sentiment remains favorable. Needham reaffirmed its Buy rating and assigned a $62 price target, implying substantial upside from the cited current level. Separately, Alkermes received a consensus rating of “Moderate Buy.” Alkermes Receives Moderate Buy Consensus
• Neutral Sentiment: ALKS 7290 remains in early-stage development. The Phase 1b results will need to be confirmed in larger, later-stage trials before the program’s commercial potential can be established.

About Alkermes

Alkermes plc NASDAQ: ALKS is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities include treatments for schizophrenia, bipolar disorder, addiction and other serious neurological or psychiatric conditions, with an emphasis on long-acting injectable and extended-release formulations.

The company's marketed products include VIVITROL, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence after detoxification; ARISTADA, an extended-release injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; and LYBALVI, an oral combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in Ireland in 1987, Alkermes has developed drug-delivery technologies intended to help extend dosing intervals and support medication adherence.

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