Alkermes (NASDAQ:ALKS) Issues Quarterly Earnings Results

Alkermes (NASDAQ:ALKS) released its quarterly earnings data on Wednesday. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.15), Briefing.com reports. Alkermes had a net margin of 25.17% and a return on equity of 20.31%. The company had revenue of $350.37 million for the quarter, compared to analysts’ expectations of $360.26 million. During the same quarter in the previous year, the business posted ($0.10) EPS. The business’s quarterly revenue was up 21.8% on a year-over-year basis. Alkermes updated its FY 2024 guidance to 2.800-2.800 EPS.

Alkermes Trading Up 0.8 %

Shares of Alkermes stock opened at $24.05 on Friday. The company has a current ratio of 3.13, a quick ratio of 2.50 and a debt-to-equity ratio of 0.23. Alkermes has a twelve month low of $22.01 and a twelve month high of $33.71. The firm has a market capitalization of $4.07 billion, a PE ratio of 9.51, a P/E/G ratio of 0.66 and a beta of 0.61. The firm’s 50-day moving average price is $26.73 and its 200 day moving average price is $26.74.

Insiders Place Their Bets

In other news, SVP Christian Todd Nichols sold 10,417 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $28.10, for a total value of $292,717.70. Following the transaction, the senior vice president now owns 65,911 shares in the company, valued at $1,852,099.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.76% of the stock is owned by company insiders.

Alkermes declared that its board has authorized a stock repurchase program on Thursday, February 15th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

ALKS has been the subject of a number of analyst reports. TheStreet raised Alkermes from a “c+” rating to a “b” rating in a report on Thursday, February 15th. StockNews.com cut shares of Alkermes from a “buy” rating to a “hold” rating in a research note on Friday. Robert W. Baird assumed coverage on shares of Alkermes in a research report on Tuesday, March 19th. They set an “outperform” rating and a $37.00 price target on the stock. Jefferies Financial Group upped their price objective on shares of Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. Finally, UBS Group lowered shares of Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 target price on the stock. in a research note on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $35.38.

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.