HC Wainwright Reiterates Neutral Rating for Alkermes (NASDAQ:ALKS)

Alkermes (NASDAQ:ALKS - Get Free Report)'s stock had its "neutral" rating restated by equities researchers at HC Wainwright in a report released on Thursday, Benzinga reports. They currently have a $35.00 target price on the stock. HC Wainwright's target price suggests a potential upside of 46.69% from the stock's previous close.

A number of other analysts have also recently weighed in on ALKS. Piper Sandler reissued an "overweight" rating and issued a $39.00 price objective on shares of Alkermes in a research report on Monday, April 1st. UBS Group cut 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. StockNews.com cut Alkermes from a "strong-buy" rating to a "buy" rating in a research report on Friday, February 23rd. 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. Finally, Robert W. Baird initiated coverage on Alkermes in a research note on Tuesday, March 19th. They set an "outperform" rating and a $37.00 price target on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Alkermes has an average rating of "Moderate Buy" and a consensus target price of $35.38.

Alkermes Stock Down 0.6 %

Shares of NASDAQ:ALKS traded down $0.15 on Thursday, reaching $23.86. The company had a trading volume of 1,986,808 shares, compared to its average volume of 1,900,685. Alkermes has a 52-week low of $22.01 and a 52-week high of $33.71. The firm's 50 day simple moving average is $26.84 and its 200-day simple moving average is $26.77. The firm has a market capitalization of $4.04 billion, a PE ratio of 11.53, a PEG ratio of 0.68 and a beta of 0.61. The company has a current ratio of 2.86, a quick ratio of 2.50 and a debt-to-equity ratio of 0.24.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.58 by ($0.15). Alkermes had a net margin of 21.39% and a return on equity of 16.10%. The company had revenue of $350.37 million during the quarter, compared to analysts' expectations of $360.26 million. During the same quarter in the prior year, the business posted ($0.10) earnings per share. The company's revenue was up 21.8% compared to the same quarter last year. As a group, analysts expect that Alkermes will post 2.22 earnings per share for the current fiscal year.

Alkermes declared that its Board of Directors has approved a share repurchase plan on Thursday, February 15th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the company to buy up to 8.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 10,417 shares of the 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 completion of the transaction, the senior vice president now 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 Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.76% of the company's stock.

Hedge Funds Weigh In On Alkermes

A number of hedge funds have recently made changes to their positions in ALKS. CWM LLC increased its holdings in shares of Alkermes by 147.5% in 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. Handelsbanken Fonder AB increased its holdings in shares of Alkermes by 19.0% in the third quarter. Handelsbanken Fonder AB now owns 28,200 shares of the company's stock valued at $790,000 after purchasing an additional 4,500 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Alkermes in the third quarter valued at approximately $387,000. Raymond James & Associates increased its holdings in shares of Alkermes by 32.4% in the third quarter. Raymond James & Associates now owns 26,592 shares of the company's stock valued at $745,000 after purchasing an additional 6,510 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Alkermes by 4.0% in the third quarter. Bank of New York Mellon Corp now owns 2,761,316 shares of the company's stock valued at $77,344,000 after purchasing an additional 106,749 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company's stock.

About Alkermes

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.