Alkermes (NASDAQ:ALKS) Lowered to Hold at StockNews.com

StockNews.com downgraded shares of Alkermes (NASDAQ:ALKS) from a buy rating to a hold rating in a report published on Friday morning.

Other analysts have also issued reports about the stock. Piper Sandler restated an overweight rating and issued a $39.00 price objective on shares of Alkermes in a report on Monday, April 1st. HC Wainwright restated a neutral rating and issued a $35.00 price objective on shares of Alkermes in a report on Thursday, May 2nd. 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 objective for the company. TheStreet raised Alkermes from a c+ rating to a b rating in a research report on Thursday, February 15th. Finally, Jefferies Financial Group raised their price target on Alkermes from $42.00 to $50.00 and gave the stock a buy rating in a research report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Alkermes has a consensus rating of Hold and an average target price of $35.38.

Alkermes Stock Up 0.2 %

Shares of NASDAQ:ALKS opened at $24.10 on Friday. Alkermes has a 52-week low of $22.01 and a 52-week high of $33.71. The stock has a market cap of $4.08 billion, a P/E ratio of 9.53, a PEG ratio of 0.64 and a beta of 0.61. The business has a fifty day moving average of $26.61 and a two-hundred day moving average of $26.71. The company has a quick ratio of 2.77, a current ratio of 3.20 and a debt-to-equity ratio of 0.23.

Alkermes (NASDAQ:ALKS) 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 return on equity of 20.31% and a net margin of 25.17%. The firm had revenue of $350.37 million for the quarter, compared to analyst estimates of $360.26 million. During the same quarter in the prior year, the business earned ($0.10) EPS. The firm’s quarterly revenue was up 21.8% on a year-over-year basis. On average, research analysts expect that Alkermes will post 2.39 earnings per share for the current year.

Alkermes declared that its board has initiated a share buyback plan on Thursday, February 15th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 10,417 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the sale, the senior vice president now owns 65,911 shares in the company, valued at approximately $1,852,099.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Emerald Advisers LLC purchased a new stake in shares of Alkermes during the 3rd quarter worth $27,000. CWM LLC lifted its holdings in Alkermes by 147.5% during the 3rd quarter. CWM LLC now owns 1,037 shares of the company’s stock worth $29,000 after buying an additional 618 shares during the last quarter. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Alkermes during the 4th quarter worth about $30,000. GAMMA Investing LLC purchased a new position in shares of Alkermes in the 4th quarter valued at about $35,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in shares of Alkermes during the 3rd quarter worth about $37,000. Institutional investors and hedge funds own 95.21% of the company’s stock.

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.