Alkermes (NASDAQ:ALKS) Given New $54.00 Price Target at Needham & Company LLC

Alkermes (NASDAQ:ALKS) had its price target increased by analysts at Needham & Company LLC from $50.00 to $54.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 21.32% from the company’s current price.

Other analysts also recently issued research reports about the stock. Truist Financial raised shares of Alkermes to a “strong-buy” rating in a report on Wednesday, March 25th. UBS Group boosted their price objective on shares of Alkermes from $42.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Weiss Ratings downgraded shares of Alkermes from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Robert W. Baird boosted their price objective on shares of Alkermes from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Finally, Wall Street Zen downgraded shares of Alkermes from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Alkermes presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.40.

Alkermes Price Performance

Shares of ALKS opened at $44.51 on Thursday. The firm has a market capitalization of $7.42 billion, a PE ratio of 49.46 and a beta of 0.38. The company’s 50-day moving average is $37.68 and its 200-day moving average is $33.06. Alkermes has a fifty-two week low of $25.17 and a fifty-two week high of $45.76. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.27 and a quick ratio of 1.70.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings results on Saturday, February 14th. The company reported $0.29 EPS for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. The business had revenue of $384.55 million for the quarter. Equities analysts forecast that Alkermes will post -0.43 EPS for the current year.

Insiders Place Their Bets

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $43.05, for a total transaction of $87,563.70. Following the sale, the executive vice president directly owned 229,524 shares in the company, valued at $9,881,008.20. This represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $45.10, for a total transaction of $90,200.00. Following the sale, the director owned 25,680 shares in the company, valued at $1,158,168. The trade was a 7.23% 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 35,102 shares of company stock worth $1,310,828 over the last ninety days. Corporate insiders own 4.59% of the company’s stock.

Institutional Investors Weigh In On Alkermes

Hedge funds have recently made changes to their positions in the stock. Assetmark Inc. boosted its stake in shares of Alkermes by 933.8% in the 3rd quarter. Assetmark Inc. now owns 827 shares of the company’s stock valued at $25,000 after purchasing an additional 747 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Alkermes in the 4th quarter valued at approximately $28,000. Johnson Financial Group Inc. acquired a new stake in shares of Alkermes in the 3rd quarter valued at approximately $31,000. UMB Bank n.a. boosted its stake in shares of Alkermes by 57.6% in the 4th quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock valued at $34,000 after purchasing an additional 446 shares in the last quarter. Finally, Salomon & Ludwin LLC boosted its stake in shares of Alkermes by 115.6% in the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock valued at $35,000 after purchasing an additional 667 shares in 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.