Alkermes (NASDAQ:ALKS) Price Target Raised to $48.00

Alkermes (NASDAQ:ALKS) had its target price lifted by equities researchers at Robert W. Baird from $45.00 to $48.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s target price would indicate a potential upside of 25.36% from the company’s current price.

Several other brokerages have also issued reports on ALKS. Needham & Company LLC lifted their target price on shares of Alkermes from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. HC Wainwright reiterated a “neutral” rating and issued a $43.00 target price on shares of Alkermes in a research report on Thursday, February 26th. UBS Group lifted their target price on shares of Alkermes from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Bank of America lifted their target price on shares of Alkermes from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Finally, Piper Sandler dropped their target price on shares of Alkermes from $45.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Alkermes currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.40.

Alkermes Stock Up 8.0%

ALKS opened at $38.29 on Wednesday. Alkermes has a fifty-two week low of $25.17 and a fifty-two week high of $38.46. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27. The company has a fifty day moving average of $31.97 and a two-hundred day moving average of $31.15. The stock has a market capitalization of $6.38 billion, a price-to-earnings ratio of 42.54 and a beta of 0.31.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings data on Saturday, February 14th. The company reported $0.29 earnings per share for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. The company had revenue of $384.55 million during the quarter. On average, research analysts expect that Alkermes will post -0.62 earnings per share for the current year.

Insider Activity

In related news, SVP Christian Todd Nichols sold 6,000 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $30.00, for a total transaction of $180,000.00. Following the transaction, the senior vice president directly owned 109,769 shares in the company, valued at approximately $3,293,070. The trade was a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP David Joseph Gaffin sold 2,034 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $33.20, for a total transaction of $67,528.80. Following the transaction, the executive vice president owned 231,558 shares in the company, valued at $7,687,725.60. The trade was a 0.87% 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. Insiders have sold a total of 39,102 shares of company stock worth $1,265,090 over the last 90 days. 4.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alkermes

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Baker BROS. Advisors LP boosted its position in Alkermes by 23.7% during the fourth quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock worth $280,143,000 after acquiring an additional 1,920,916 shares during the last quarter. State Street Corp boosted its position in Alkermes by 10.9% during the fourth quarter. State Street Corp now owns 9,472,858 shares of the company’s stock worth $265,051,000 after acquiring an additional 932,507 shares during the last quarter. Renaissance Technologies LLC boosted its position in Alkermes by 6.0% during the fourth quarter. Renaissance Technologies LLC now owns 6,668,028 shares of the company’s stock worth $186,571,000 after acquiring an additional 375,500 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Alkermes by 32.0% during the fourth quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock worth $145,064,000 after acquiring an additional 1,256,377 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Alkermes by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,522,378 shares of the company’s stock worth $159,850,000 after acquiring an additional 109,595 shares during the last quarter. 95.21% of the stock is currently owned by institutional investors and hedge funds.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.