Alkermes (NASDAQ:ALKS) Given Neutral Rating at HC Wainwright

HC Wainwright reiterated their neutral rating on shares of Alkermes (NASDAQ:ALKS) in a report released on Friday, Benzinga reports. They currently have a $35.00 target price on the stock.

Several other analysts also recently commented on the stock. TheStreet raised shares of Alkermes from a c+ rating to a b rating in a research report on Thursday, February 15th. Piper Sandler reissued an overweight rating and issued a $39.00 target price on shares of Alkermes in a research report on Monday, April 1st. Bank of America boosted their target price on shares of Alkermes from $27.00 to $29.00 and gave the stock a neutral rating in a research report on Tuesday, January 2nd. StockNews.com downgraded shares of Alkermes from a strong-buy rating to a buy rating in a report on Friday, February 23rd. Finally, UBS Group downgraded shares of Alkermes from a neutral rating to a sell rating and set a $25.00 price objective for the company. in a report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Alkermes currently has an average rating of Moderate Buy and a consensus target price of $35.38.

Alkermes Stock Performance

Shares of ALKS opened at $24.07 on Friday. The company’s 50 day moving average price is $27.74 and its 200 day moving average price is $26.96. Alkermes has a 52 week low of $22.01 and a 52 week high of $33.71. The company has a market capitalization of $4.07 billion, a PE ratio of 11.63, a PEG ratio of 0.64 and a beta of 0.56. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.50 and a current ratio of 2.86.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings data on Thursday, February 15th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.29). Alkermes had a net margin of 21.39% and a return on equity of 16.10%. The company had revenue of $377.50 million for the quarter, compared to analysts’ expectations of $362.78 million. During the same period in the previous year, the firm posted ($0.02) earnings per share. The business’s revenue for the quarter was up 23.9% on a year-over-year basis. Research analysts expect that Alkermes will post 2.27 EPS for the current fiscal year.

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

Insider Activity 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 transaction, the senior vice president now owns 65,911 shares in the company, valued at approximately $1,852,099.10. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.76% of the company’s stock.

Hedge Funds Weigh In On Alkermes

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Alkermes by 12.3% in 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 in the last quarter. Wellington Management Group LLP grew its holdings in shares of Alkermes by 29.8% in the 4th quarter. Wellington Management Group LLP now owns 15,241,470 shares of the company’s stock worth $422,798,000 after purchasing an additional 3,494,678 shares during the last quarter. RTW Investments LP grew its holdings in shares of Alkermes by 338.8% in the 4th quarter. RTW Investments LP now owns 3,901,523 shares of the company’s stock worth $108,228,000 after purchasing an additional 3,012,450 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Alkermes by 4.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,761,316 shares of the company’s stock worth $77,344,000 after purchasing an additional 106,749 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of 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 during the last quarter. Institutional investors and hedge funds 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.