Alkermes (NASDAQ:ALKS) Receives Neutral Rating from HC Wainwright

HC Wainwright reissued their neutral rating on shares of Alkermes (NASDAQ:ALKS) in a report published on Thursday morning, Benzinga reports. They currently have a $35.00 price objective on the stock.

A number of other equities analysts also recently commented on the stock. StockNews.com downgraded shares of Alkermes from a strong-buy rating to a buy rating in a report on Friday, February 23rd. Robert W. Baird initiated coverage on shares of Alkermes in a research report on Tuesday, March 19th. They set an outperform rating and a $37.00 target price for the company. TheStreet raised shares of Alkermes from a c+ rating to a b rating in a report on Thursday, February 15th. Jefferies Financial Group upped 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. Finally, Piper Sandler reissued an overweight rating and issued a $39.00 price objective on shares of Alkermes in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Alkermes currently has a consensus rating of Hold and a consensus target price of $35.38.

Alkermes Stock Up 0.8 %

Shares of NASDAQ ALKS traded up $0.19 during midday trading on Thursday, reaching $24.05. 1,347,148 shares of the company’s stock traded hands, compared to its average volume of 1,894,260. The company has a market cap of $4.07 billion, a price-to-earnings ratio of 9.51, a P/E/G ratio of 0.66 and a beta of 0.61. Alkermes has a one year low of $22.01 and a one year high of $33.71. The company has a quick ratio of 2.50, a current ratio of 3.13 and a debt-to-equity ratio of 0.23. The stock’s 50 day simple moving average is $26.73 and its 200-day simple moving average is $26.74.

Alkermes (NASDAQ:ALKS) last announced its earnings results on Wednesday, May 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.15). The company had revenue of $350.37 million for the quarter, compared to the consensus estimate of $360.26 million. Alkermes had a net margin of 25.17% and a return on equity of 20.31%. The firm’s revenue was up 21.8% compared to the same quarter last year. During the same period last year, the business posted ($0.10) EPS. On average, analysts predict that Alkermes will post 2.22 EPS for the current fiscal year.

Alkermes announced that its board has authorized a stock buyback plan on Thursday, February 15th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Alkermes

In related news, SVP Christian Todd Nichols sold 10,417 shares of Alkermes 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 completion of the sale, the senior vice president now owns 65,911 shares of the company’s stock, valued at $1,852,099.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Alkermes by 12.3% during the 4th quarter. Vanguard Group Inc. now owns 20,955,454 shares of the company’s stock valued at $581,304,000 after buying an additional 2,288,185 shares during the last quarter. Wellington Management Group LLP grew its holdings in Alkermes by 29.8% during the fourth quarter. Wellington Management Group LLP now owns 15,241,470 shares of the company’s stock worth $422,798,000 after acquiring an additional 3,494,678 shares during the period. RTW Investments LP raised its position in Alkermes by 338.8% during the fourth quarter. RTW Investments LP now owns 3,901,523 shares of the company’s stock valued at $108,228,000 after acquiring an additional 3,012,450 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Alkermes by 4.0% in the third quarter. Bank of New York Mellon Corp now owns 2,761,316 shares of the company’s stock valued at $77,344,000 after acquiring an additional 106,749 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Alkermes by 3.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,403,195 shares of the company’s stock worth $66,666,000 after purchasing an additional 90,219 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.