Alkermes (NASDAQ:ALKS) Releases Earnings Results

Alkermes (NASDAQ:ALKS) released its quarterly earnings data on Wednesday. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.15), Briefing.com reports. Alkermes had a net margin of 25.17% and a return on equity of 20.31%. The firm had revenue of $350.37 million during the quarter, compared to analysts’ expectations of $360.26 million. During the same quarter in the previous year, the firm posted ($0.10) EPS. Alkermes’s revenue was up 21.8% compared to the same quarter last year. Alkermes updated its FY 2024 guidance to 2.800-2.800 EPS.

Alkermes Stock Performance

Shares of NASDAQ ALKS opened at $24.05 on Friday. The firm has a fifty day moving average price of $26.73 and a 200-day moving average price of $26.74. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.20 and a quick ratio of 2.50. The stock has a market cap of $4.07 billion, a PE ratio of 9.51, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61. Alkermes has a 1 year low of $22.01 and a 1 year high of $33.71.

Alkermes announced that its Board of Directors has initiated a share buyback program on Thursday, February 15th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the company to repurchase up to 8.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

ALKS has been the topic of a number of analyst reports. Robert W. Baird initiated coverage on shares of Alkermes in a research report on Tuesday, March 19th. They issued an “outperform” rating and a $37.00 price objective on the stock. Jefferies Financial Group boosted their price objective on shares of Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. UBS Group cut shares of Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 price target on the stock. in a research report on Tuesday, February 20th. TheStreet upgraded shares of Alkermes from a “c+” rating to a “b” rating in a research report on Thursday, February 15th. Finally, Piper Sandler reiterated an “overweight” rating and set a $39.00 price target on shares of Alkermes in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.38.

Insider Transactions at Alkermes

In other news, SVP Christian Todd Nichols sold 10,417 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $28.10, for a total value of $292,717.70. Following the completion of the sale, the senior vice president now directly owns 65,911 shares of the company’s stock, valued at $1,852,099.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.76% 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.