Alkermes (NASDAQ:ALKS) PT Lowered to $43.00

Alkermes (NASDAQ:ALKS) had its price objective lowered by equities researchers at Cantor Fitzgerald from $48.00 to $43.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 64.81% from the company’s previous close.

ALKS has been the subject of several other reports. Piper Sandler reiterated an “overweight” rating and issued a $37.00 target price (down from $38.00) on shares of Alkermes in a report on Friday. Robert W. Baird raised their price objective on shares of Alkermes from $37.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. lifted their price objective on shares of Alkermes from $31.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. StockNews.com upgraded Alkermes from a “hold” rating to a “buy” rating in a report on Sunday, July 28th. Finally, HC Wainwright reiterated a “neutral” rating and set a $37.00 price target on shares of Alkermes in a report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Alkermes has a consensus rating of “Moderate Buy” and an average price target of $34.90.

Alkermes Stock Performance

ALKS opened at $26.09 on Friday. The company has a quick ratio of 2.61, a current ratio of 2.99 and a debt-to-equity ratio of 0.22. The firm has a market cap of $4.41 billion, a PE ratio of 10.31, a P/E/G ratio of 0.56 and a beta of 0.46. The business has a fifty day simple moving average of $27.83 and a 200-day simple moving average of $25.87. Alkermes has a fifty-two week low of $22.06 and a fifty-two week high of $32.88.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings results on Wednesday, July 24th. The company reported $0.70 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.70. The business had revenue of $399.13 million during the quarter, compared to analyst estimates of $393.30 million. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. Alkermes’s revenue for the quarter was down 35.4% on a year-over-year basis. During the same quarter last year, the company posted $0.38 EPS. As a group, equities analysts predict that Alkermes will post 2.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Alkermes by 421.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,326,256 shares of the company’s stock valued at $225,393,000 after buying an additional 6,730,671 shares during the last quarter. Pacer Advisors Inc. raised its position in Alkermes by 31.8% during the second quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock valued at $135,939,000 after acquiring an additional 1,362,079 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Alkermes by 14.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,884,012 shares of the company’s stock valued at $69,507,000 after acquiring an additional 371,039 shares in the last quarter. Armistice Capital LLC lifted its stake in Alkermes by 301.5% in the second quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock valued at $65,050,000 after acquiring an additional 2,026,961 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Alkermes by 87.1% in the second quarter. American Century Companies Inc. now owns 2,203,456 shares of the company’s stock worth $53,103,000 after acquiring an additional 1,025,905 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

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.