Alkermes (NASDAQ:ALKS) Releases Earnings Results

Alkermes (NASDAQ:ALKS) announced its quarterly earnings data on Wednesday. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.15), Briefing.com reports. The company had revenue of $350.37 million for the quarter, compared to analyst estimates of $360.26 million. Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The business’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period last year, the business earned ($0.10) EPS. Alkermes updated its FY 2024 guidance to 2.800-2.800 EPS.

Alkermes Stock Down 1.5 %

Shares of ALKS stock traded down $0.36 on Thursday, hitting $23.65. The stock had a trading volume of 206,039 shares, compared to its average volume of 1,878,833. Alkermes has a 12-month low of $22.01 and a 12-month high of $33.71. The business has a 50 day moving average of $26.94 and a 200 day moving average of $26.79. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.86 and a quick ratio of 2.50. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 11.39, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61.

Insiders Place Their Bets

In related news, SVP Christian Todd Nichols sold 10,417 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $28.10, for a total transaction of $292,717.70. Following the completion of the transaction, the senior vice president now owns 65,911 shares in the company, valued at $1,852,099.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 4.76% of the company’s stock.

Alkermes announced that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have commented on ALKS. HC Wainwright restated a “neutral” rating and issued a $35.00 price target on shares of Alkermes in a report on Friday, April 19th. TheStreet upgraded Alkermes from a “c+” rating to a “b” rating in a research note on Thursday, February 15th. UBS Group lowered Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 target price for the company. in a research report on Tuesday, February 20th. Piper Sandler reiterated an “overweight” rating and issued a $39.00 price target on shares of Alkermes in a report on Monday, April 1st. Finally, StockNews.com cut Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $35.38.

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.