Alkermes plc (NASDAQ:ALKS) Stock Now Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analysts rate Alkermes a “Moderate Buy”: Of 18 analysts, 12 recommend buying or strong buying, and the average 12-month price target is $55.06.
• Quarterly results topped expectations: Alkermes reported adjusted earnings of $0.09 per share versus estimates of a $0.08 loss, while revenue rose 21.8% year over year to $480.13 million.
• Brokerage targets vary: Piper Sandler set a $65 target and Stifel Nicolaus a $63 target, while HC Wainwright and Goldman Sachs assigned $50 targets with neutral ratings.

Alkermes plc (NASDAQ:ALKS - Get Free Report) has been assigned an average rating of "Moderate Buy" from the eighteen ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $55.06.

A number of brokerages have issued reports on ALKS. HC Wainwright lifted their target price on shares of Alkermes from $43.00 to $50.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 4th. Piper Sandler reiterated an "overweight" rating and issued a $65.00 price target (up from $43.00) on shares of Alkermes in a research report on Tuesday, July 28th. The Goldman Sachs Group initiated coverage on shares of Alkermes in a research note on Thursday, September 24th. They set a "neutral" rating and a $50.00 price objective for the company. Robert W. Baird set a $61.00 price objective on shares of Alkermes in a research note on Wednesday, November 4th. Finally, Stifel Nicolaus restated 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.

Alkermes Stock Up 0.6%

ALKS opened at $46.47 on Wednesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 2.02 and a current ratio of 2.42. The company has a market cap of $7.81 billion, a price-to-earnings ratio of -2,322.34 and a beta of 0.32. Alkermes has a one year low of $27.00 and a one year high of $55.67. The business's fifty day moving average is $43.67 and its two-hundred day moving average is $40.92.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of ($0.08) by $0.17. The business had revenue of $480.13 million during the quarter, compared to analysts' expectations of $463.48 million. Alkermes had a positive return on equity of 0.40% and a negative net margin of 0.02%. The business's revenue for the quarter was up 21.8% on a year-over-year basis. During the same quarter last year, the business posted $0.49 earnings per share. Analysts anticipate that Alkermes will post -0.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Christian Nichols sold 7,576 shares of the company's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $49.23, for a total value of $372,966.48. Following the sale, the senior vice president directly owned 102,193 shares in the company, valued at $5,030,961.39. This represents a 6.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Gaffin sold 2,035 shares of the company's stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $46.17, for a total value of $93,955.95. Following the completion of the sale, the executive vice president owned 219,353 shares in the company, valued at $10,127,528.01. This represents a 0.92% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 22,679 shares of company stock valued at $1,070,940. Corporate insiders own 4.59% of the company's stock.

Institutional Trading of Alkermes

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Root Financial Partners LLC purchased a new stake in shares of Alkermes during the 3rd quarter worth about $25,000. Ameritas Advisory Services LLC purchased a new position in Alkermes in the second quarter valued at approximately $39,000. Allworth Financial LP raised its holdings in Alkermes by 77.4% in the third quarter. Allworth Financial LP now owns 958 shares of the company's stock valued at $39,000 after buying an additional 418 shares during the period. Versant Capital Management Inc raised its holdings in 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 during the period. Finally, Harbor Investment Advisory LLC purchased a new position in Alkermes in the second quarter valued at approximately $82,000. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Alkermes Company Profile

Alkermes plc is a biopharmaceutical company focused on developing and commercializing medicines for neuroscience-related conditions, including serious mental illness and addiction. Founded in 1987, the company has operations in the United States and Ireland, with its corporate headquarters in Dublin and major U.S. operations in Massachusetts. Its marketed medicines include Vivitrol, an extended-release injectable formulation of naltrexone used to treat alcohol dependence and to prevent relapse to opioid dependence after detoxification; Aristada, an injectable treatment for schizophrenia in adults; and Lybalvi, a medicine for schizophrenia and bipolar I disorder in adults.

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