Alkermes (NASDAQ:ALKS) Stock Rating Upgraded by The Goldman Sachs Group

Key Points

• Goldman Sachs upgraded Alkermes to “hold”, while the broader analyst consensus remains “Moderate Buy” with an average price target of $54.47.
• Alkermes shares opened at $40.79, below their 50-day moving average of $48.24, with a 52-week range of $26.99 to $55.67 and a market capitalization of approximately $6.84 billion.
• Insiders have sold 85,150 shares worth about $4.24 million over the past 90 days, while institutional investors own a substantial 95.21% of the company.

Alkermes (NASDAQ:ALKS - Get Free Report) was upgraded by research analysts at The Goldman Sachs Group to a "hold" rating in a research note issued on Thursday, Zacks reports.

Other analysts have also recently issued research reports about the company. Stifel Nicolaus reiterated a "buy" rating and set a $63.00 price objective (up from $45.00) on shares of Alkermes in a research report on Monday, July 20th. HC Wainwright restated a "neutral" rating on shares of Alkermes in a research note on Monday. Wells Fargo & Company upped their price target on shares of Alkermes from $44.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. JPMorgan Chase & Co. raised their price objective on shares of Alkermes from $60.00 to $61.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $65.00 target price (up from $43.00) on shares of Alkermes in a report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.47.

Alkermes Price Performance

NASDAQ ALKS opened at $40.79 on Thursday. The stock has a 50-day moving average of $48.24 and a 200 day moving average of $42.32. Alkermes has a one year low of $26.99 and a one year high of $55.67. The company has a market capitalization of $6.84 billion, a price-to-earnings ratio of 107.34 and a beta of 0.31. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.85 and a current ratio of 2.30.

Insider Activity

In related news, SVP Christian Nichols sold 7,576 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $49.23, for a total transaction of $372,966.48. Following the completion of the sale, the senior vice president owned 102,193 shares in the company, valued at approximately $5,030,961.39. This trade represents a 6.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Gaffin sold 2,034 shares of Alkermes stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $48.01, for a total value of $97,652.34. Following the sale, the executive vice president directly owned 223,422 shares in the company, valued at $10,726,490.22. This trade represents a 0.90% 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 have sold 85,150 shares of company stock valued at $4,242,213 over the last 90 days. Company insiders own 4.59% of the company's stock.

Institutional Investors Weigh In On Alkermes

Institutional investors and hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC bought a new position in shares of Alkermes during the 2nd quarter valued at about $113,000. Baird Financial Group Inc. purchased a new position in shares of Alkermes during the second quarter valued at about $2,791,000. Arizona State Retirement System increased its holdings in shares of Alkermes by 1.1% in the second quarter. Arizona State Retirement System now owns 43,580 shares of the company's stock worth $2,283,000 after purchasing an additional 494 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Alkermes in the second quarter worth about $1,733,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Alkermes in the second quarter worth about $39,000. Institutional investors own 95.21% of the company's stock.

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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