Brokerages Set Alkermes plc (NASDAQ:ALKS) Price Target at $54.56

Alkermes plc (NASDAQ:ALKS) has been assigned a consensus recommendation of “Moderate Buy” from the eighteen analysts that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, twelve have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $54.5625.

ALKS has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price target on shares of Alkermes from $60.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Royal Bank Of Canada upped their price target on Alkermes from $45.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 9th. Stifel Nicolaus reaffirmed a “buy” rating and set a $63.00 price target (up from $45.00) on shares of Alkermes in a report on Monday, July 20th. Piper Sandler reissued an “overweight” rating and issued a $65.00 price objective (up from $43.00) on shares of Alkermes in a research note on Tuesday, July 28th. Finally, TD Cowen 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 Monday, June 22nd.

Insider Transactions at Alkermes

In related news, EVP David Joseph Gaffin sold 2,034 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $48.58, for a total transaction of $98,811.72. Following the transaction, the executive vice president owned 225,456 shares of the company’s stock, valued at $10,952,652.48. This represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nancy Lynn Md Snyderman sold 44,472 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,239,165.20. Following the transaction, the director directly owned 15,395 shares in the company, valued at approximately $775,138.25. This trade represents a 74.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 78,150 shares of company stock valued at $3,899,414. 4.59% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alkermes

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its stake in shares of Alkermes by 117.2% during the 1st quarter. Royal Bank of Canada now owns 275,526 shares of the company’s stock worth $9,098,000 after purchasing an additional 148,696 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in Alkermes during the first quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Alkermes by 4.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 482,332 shares of the company’s stock worth $15,927,000 after buying an additional 20,091 shares during the last quarter. Cetera Investment Advisers boosted its stake in Alkermes by 32.3% in the 2nd quarter. Cetera Investment Advisers now owns 13,907 shares of the company’s stock worth $398,000 after buying an additional 3,394 shares during the last quarter. Finally, Quantbot Technologies LP grew its holdings in Alkermes by 539.4% in the 2nd quarter. Quantbot Technologies LP now owns 6,976 shares of the company’s stock valued at $200,000 after buying an additional 5,885 shares during the period. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Alkermes Price Performance

ALKS stock opened at $47.41 on Friday. 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 company has a market capitalization of $7.95 billion, a P/E ratio of 124.77 and a beta of 0.34. The business has a 50 day simple moving average of $50.91 and a 200-day simple moving average of $40.48. Alkermes has a twelve month low of $25.17 and a twelve month high of $55.67.

Alkermes Company Profile

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.