Alkermes (NASDAQ:ALKS) Announces Quarterly Earnings Results

Alkermes (NASDAQ:ALKS - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.15), Briefing.com reports. The company had revenue of $350.37 million during the quarter, compared to analyst estimates of $360.26 million. Alkermes had a net margin of 21.39% and a return on equity of 16.10%. Alkermes's quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.10) EPS. Alkermes updated its FY 2024 guidance to 2.800-2.800 EPS.

Alkermes Trading Down 0.6 %

Shares of ALKS stock traded down $0.15 on Thursday, reaching $23.86. 1,986,808 shares of the stock were exchanged, compared to its average volume of 1,900,685. The stock has a market cap of $4.04 billion, a PE ratio of 11.53, a P/E/G ratio of 0.68 and a beta of 0.61. Alkermes has a one year low of $22.01 and a one year high of $33.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.86 and a quick ratio of 2.50. The stock has a 50 day moving average price of $26.84 and a 200 day moving average price of $26.77.

Analysts Set New Price Targets

Several analysts recently commented on ALKS shares. Jefferies Financial Group boosted their price target on Alkermes from $42.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday, April 9th. UBS Group downgraded Alkermes from a "neutral" rating to a "sell" rating and set a $25.00 price objective for the company. in a research report on Tuesday, February 20th. Robert W. Baird assumed coverage on Alkermes in a research report on Tuesday, March 19th. They issued an "outperform" rating and a $37.00 price objective for the company. Piper Sandler reiterated an "overweight" rating and issued a $39.00 price objective on shares of Alkermes in a research report on Monday, April 1st. Finally, HC Wainwright reiterated a "neutral" rating and issued a $35.00 price objective on shares of Alkermes in a research report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $35.38.

Alkermes announced that its board has authorized a share repurchase program on Thursday, February 15th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at Alkermes

In related news, SVP Christian Todd Nichols sold 10,417 shares of Alkermes stock in a transaction on Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the completion of the sale, the senior vice president now directly owns 65,911 shares of the company's stock, valued at $1,852,099.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.76% of the stock is currently owned by corporate insiders.

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.