Alkermes (NASDAQ:ALKS) Hits New 1-Year High at $32.34

Posted by Defense World Staff on Jun 18th, 2023

Alkermes plc (NASDAQ:ALKS – Get Rating) shares hit a new 52-week high on Friday . The company traded as high as $32.34 and last traded at $32.01, with a volume of 302433 shares traded. The stock had previously closed at $31.93.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ALKS shares. Piper Sandler boosted their target price on shares of Alkermes from $35.00 to $37.00 in a report on Wednesday, June 7th. JPMorgan Chase & Co. boosted their target price on shares of Alkermes from $29.00 to $31.00 in a report on Tuesday, April 25th. HC Wainwright lifted their price objective on shares of Alkermes from $32.00 to $34.00 in a research report on Thursday, April 27th. Mizuho increased their price objective on shares of Alkermes from $36.00 to $40.00 in a research report on Wednesday, June 7th. Finally, StockNews.com began coverage on shares of Alkermes in a research note on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Alkermes Price Performance

The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of -32.51 and a beta of 0.60. The company’s 50 day moving average is $29.94 and its 200 day moving average is $27.96. The company has a quick ratio of 1.88, a current ratio of 2.25 and a debt-to-equity ratio of 0.29.

Alkermes (NASDAQ:ALKS – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.09. Alkermes had a negative net margin of 14.65% and a negative return on equity of 5.02%. The firm had revenue of $287.60 million during the quarter, compared to the consensus estimate of $284.24 million. On average, equities research analysts anticipate that Alkermes plc will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Alkermes

In other news, Director Nancy Wysenski sold 41,250 shares of the company’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $31.24, for a total transaction of $1,288,650.00. Following the completion of the sale, the director now directly owns 15,829 shares in the company, valued at approximately $494,497.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Nancy Wysenski sold 41,250 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $31.24, for a total transaction of $1,288,650.00. Following the completion of the sale, the director now owns 15,829 shares of the company’s stock, valued at approximately $494,497.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Cato T. Laurencin sold 2,800 shares of the stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $31.50, for a total transaction of $88,200.00. Following the sale, the director now owns 7,479 shares in the company, valued at approximately $235,588.50. The disclosure for this sale can be found here. Insiders sold 71,184 shares of company stock valued at $2,161,837 in the last three months. Corporate insiders own 4.76% of the company’s stock.

Hedge Funds Weigh In On Alkermes

Hedge funds and other institutional investors have recently modified their holdings of the business. TCI Wealth Advisors Inc. boosted its stake in Alkermes by 105.4% in the first quarter. TCI Wealth Advisors Inc. now owns 908 shares of the company’s stock valued at $26,000 after buying an additional 466 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Alkermes in the second quarter valued at about $27,000. Dark Forest Capital Management LP acquired a new stake in Alkermes in the first quarter valued at about $55,000. China Universal Asset Management Co. Ltd. boosted its stake in Alkermes by 33.4% in the first quarter. China Universal Asset Management Co. Ltd. now owns 2,227 shares of the company’s stock valued at $63,000 after buying an additional 558 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in Alkermes in the first quarter valued at about $72,000. Institutional investors own 96.15% of the company’s stock.

Alkermes Company Profile

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Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in the fields of neuroscience and oncology in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products focused on alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of product candidates in development for neurological disorders and cancer.