Alkermes (NASDAQ:ALKS) Coverage Initiated by Analysts at The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group started coverage on shares of Alkermes (NASDAQ:ALKS) in a report issued on Tuesday, Marketbeat reports. The firm set a “buy” rating and a $43.00 price target on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 44.83% from the company’s current price.

ALKS has been the subject of several other research reports. Robert W. Baird raised their target price on shares of Alkermes from $38.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, May 2nd. UBS Group raised shares of Alkermes from a “neutral” rating to a “buy” rating and raised their target price for the stock from $33.00 to $42.00 in a report on Tuesday, June 17th. HC Wainwright restated a “neutral” rating on shares of Alkermes in a research report on Friday, May 2nd. Needham & Company LLC began coverage on shares of Alkermes in a research report on Wednesday, May 28th. They set a “buy” rating and a $45.00 price target on the stock. Finally, Royal Bank Of Canada raised their price target on shares of Alkermes from $39.00 to $40.00 and gave the company a “sector perform” rating in a research report on Friday, May 2nd. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.92.

Alkermes Trading Down 1.9%

NASDAQ ALKS opened at $29.69 on Tuesday. The company has a fifty day simple moving average of $30.12 and a two-hundred day simple moving average of $30.91. The stock has a market cap of $4.90 billion, a P/E ratio of 14.21, a P/E/G ratio of 1.88 and a beta of 0.44. Alkermes has a 12-month low of $23.12 and a 12-month high of $36.45.

Alkermes (NASDAQ:ALKS) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.19). Alkermes had a return on equity of 27.52% and a net margin of 23.30%. The business had revenue of $306.51 million for the quarter, compared to analysts’ expectations of $307.53 million. During the same period last year, the business earned $0.43 EPS. The company’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, sell-side analysts forecast that Alkermes will post 1.31 earnings per share for the current year.

Insider Activity

In related news, SVP Christian Todd Nichols sold 3,334 shares of the business’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $31.09, for a total transaction of $103,654.06. Following the transaction, the senior vice president directly owned 86,208 shares in the company, valued at approximately $2,680,206.72. The trade was a 3.72% 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. 4.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alkermes

Institutional investors and hedge funds have recently bought and sold shares of the business. Twin Tree Management LP acquired a new position in Alkermes during the first quarter worth about $29,000. Armstrong Advisory Group Inc. acquired a new position in Alkermes during the second quarter worth about $29,000. Brooklyn Investment Group boosted its position in Alkermes by 1,071.1% during the first quarter. Brooklyn Investment Group now owns 1,054 shares of the company’s stock worth $35,000 after acquiring an additional 964 shares during the last quarter. Quantbot Technologies LP boosted its position in Alkermes by 54.5% during the first quarter. Quantbot Technologies LP now owns 1,091 shares of the company’s stock worth $36,000 after acquiring an additional 385 shares during the last quarter. Finally, USA Financial Formulas acquired a new position in Alkermes during the first quarter worth about $49,000. 95.21% of the stock is currently owned by institutional investors and hedge funds.

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.