Alkermes (NASDAQ:ALKS - Get Free Report) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.800-2.800 for the period, compared to the consensus earnings per share estimate of 2.740. The company issued revenue guidance of $1.5 billion-$1.6 billion, compared to the consensus revenue estimate of $1.5 billion.
Alkermes Stock Down 2.2 %
ALKS traded down $0.53 during trading on Wednesday, hitting $24.01. The company had a trading volume of 2,843,961 shares, compared to its average volume of 1,899,660. The company has a market capitalization of $4.06 billion, a PE ratio of 11.60, a PEG ratio of 0.69 and a beta of 0.55. Alkermes has a one year low of $22.01 and a one year high of $33.71. The firm's 50-day moving average price is $26.94 and its 200 day moving average price is $26.79. The company has a quick ratio of 2.50, a current ratio of 2.86 and a debt-to-equity ratio of 0.24.
Alkermes (NASDAQ:ALKS - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.29). The company had revenue of $377.50 million during the quarter, compared to the consensus estimate of $362.78 million. Alkermes had a net margin of 21.39% and a return on equity of 16.10%. The company's revenue was up 23.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.02) earnings per share. As a group, equities analysts expect that Alkermes will post 2.22 earnings per share for the current year.
Alkermes announced that its Board of Directors has approved a stock repurchase program on Thursday, February 15th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 8.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.
Analyst Ratings Changes
Several equities research analysts have commented on the stock. StockNews.com cut shares of Alkermes from a strong-buy rating to a buy rating in a research report on Friday, February 23rd. Piper Sandler reissued an overweight rating and set a $39.00 price target on shares of Alkermes in a research report on Monday, April 1st. Bank of America boosted their price target on shares of Alkermes from $27.00 to $29.00 and gave the stock a neutral rating in a research report on Tuesday, January 2nd. Jefferies Financial Group boosted their price target on shares of Alkermes from $42.00 to $50.00 and gave the stock a buy rating in a research report on Tuesday, April 9th. Finally, TheStreet upgraded shares of Alkermes from a c+ rating to a b rating in a research note on Thursday, February 15th. One investment 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's stock. According to MarketBeat.com, Alkermes has a consensus rating of Moderate Buy and a consensus price target of $35.38.
Get Our Latest Report on Alkermes
Insider Activity at Alkermes
In related news, SVP Christian Todd Nichols sold 10,417 shares of the company's stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $28.10, for a total value of $292,717.70. Following the transaction, the senior vice president now owns 65,911 shares in the company, valued at approximately $1,852,099.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 4.76% of the stock is owned by company insiders.
About Alkermes
(
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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.
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