Alkermes (NASDAQ:ALKS) Upgraded by Mizuho to Strong-Buy Rating

Alkermes (NASDAQ:ALKS) was upgraded by research analysts at Mizuho to a “strong-buy” rating in a report released on Wednesday, Zacks reports.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird lifted their price objective on shares of Alkermes from $48.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Stifel Nicolaus reissued a “buy” rating and set a $63.00 target price (up from $45.00) on shares of Alkermes in a report on Monday, July 20th. Piper Sandler restated an “overweight” rating and issued a $65.00 price target (up from $43.00) on shares of Alkermes in a research report on Tuesday, July 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Alkermes in a report on Friday, August 7th. Finally, Needham & Company LLC lifted their price target on shares of Alkermes from $61.00 to $62.00 and gave the company a “buy” rating in a report on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Alkermes presently has an average rating of “Moderate Buy” and an average target price of $54.56.

Alkermes Price Performance

Shares of ALKS opened at $46.71 on Wednesday. Alkermes has a 52 week low of $26.99 and a 52 week high of $55.67. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82. The firm has a market cap of $7.84 billion, a price-to-earnings ratio of 122.92 and a beta of 0.31. The stock has a 50 day moving average of $49.15 and a 200-day moving average of $41.84.

Insider Buying and Selling

In other Alkermes news, SVP Christian Nichols sold 7,576 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $49.23, for a total value of $372,966.48. Following the sale, the senior vice president directly owned 102,193 shares of the company’s stock, valued at $5,030,961.39. This trade represents a 6.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $48.58, for a total value of $437,220.00. Following the completion of the sale, the executive vice president owned 69,389 shares in the company, valued at $3,370,917.62. The trade was a 11.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 85,150 shares of company stock valued at $4,242,213 in the last 90 days. Corporate insiders own 4.59% of the company’s stock.

Institutional Trading of Alkermes

A number of large investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC bought a new stake in Alkermes in the 2nd quarter valued at about $113,000. Baird Financial Group Inc. bought a new position in Alkermes in the 2nd quarter worth about $2,791,000. Arizona State Retirement System grew its position in Alkermes by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 43,580 shares of the company’s stock worth $2,283,000 after purchasing an additional 494 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Alkermes in the 2nd quarter worth about $1,733,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Alkermes in the second quarter valued at approximately $39,000. Institutional investors and hedge funds own 95.21% of the company’s stock.

About Alkermes

Alkermes plc (NASDAQ: ALKS) is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities include treatments for schizophrenia, bipolar disorder, addiction and other serious neurological or psychiatric conditions, with an emphasis on long-acting injectable and extended-release formulations.

The company’s marketed products include VIVITROL, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence after detoxification; ARISTADA, an extended-release injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; and LYBALVI, an oral combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in Ireland in 1987, Alkermes has developed drug-delivery technologies intended to help extend dosing intervals and support medication adherence.