Alkermes (NASDAQ:ALKS) Stock Price Up 2.9%

Alkermes plc (NASDAQ:ALKS - Get Free Report)'s stock price was up 2.9% during mid-day trading on Wednesday . The company traded as high as $24.57 and last traded at $24.46. Approximately 974,501 shares changed hands during trading, a decline of 49% from the average daily volume of 1,896,073 shares. The stock had previously closed at $23.77.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ALKS shares. Jefferies Financial Group raised their price objective on Alkermes from $42.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday, April 9th. Robert W. Baird started coverage on Alkermes in a research note on Tuesday, March 19th. They set an "outperform" rating and a $37.00 price objective on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $39.00 price objective on shares of Alkermes in a research note on Monday, April 1st. TheStreet raised Alkermes from a "c+" rating to a "b" rating in a research note on Thursday, February 15th. Finally, Bank of America raised their price objective on Alkermes from $27.00 to $29.00 and gave the company a "neutral" rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $35.25.

Alkermes Stock Up 1.0 %

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 company has a market capitalization of $4.06 billion, a P/E ratio of 11.83, a PEG ratio of 0.66 and a beta of 0.55. The company has a 50 day moving average of $28.01 and a 200-day moving average of $27.08.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.29). The firm had revenue of $377.50 million for 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 business's revenue was up 23.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.02) earnings per share. As a group, equities analysts anticipate that Alkermes plc will post 2.23 EPS for the current year.

Alkermes announced that its board has authorized a stock buyback plan on Thursday, February 15th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 8.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 10,417 shares of Alkermes stock in a transaction that occurred 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 sale, the senior vice president now directly owns 65,911 shares of the company's stock, valued at approximately $1,852,099.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.76% of the company's stock.

Hedge Funds Weigh In On Alkermes

Large investors have recently made changes to their positions in the business. Neo Ivy Capital Management purchased a new position in shares of Alkermes during the second quarter valued at approximately $27,000. Emerald Advisers LLC purchased a new position in shares of Alkermes during the third quarter valued at approximately $27,000. CWM LLC lifted its holdings in shares of Alkermes by 147.5% during the third quarter. CWM LLC now owns 1,037 shares of the company's stock valued at $29,000 after purchasing an additional 618 shares during the last quarter. McGlone Suttner Wealth Management Inc. purchased a new position in shares of Alkermes during the fourth quarter valued at approximately $30,000. Finally, Castleview Partners LLC purchased a new position in shares of Alkermes during the second quarter valued at approximately $38,000. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

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.