Alkermes (NASDAQ:ALKS) Releases Quarterly Earnings Results, Misses Estimates By $0.15 EPS

Alkermes (NASDAQ:ALKS) issued its quarterly earnings results on Wednesday. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.15), Briefing.com reports. Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The business had revenue of $350.37 million during the quarter, compared to analyst estimates of $360.26 million. During the same quarter last year, the company posted ($0.10) EPS. Alkermes’s quarterly 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

Alkermes stock traded down $0.21 during trading hours on Thursday, hitting $23.80. The stock had a trading volume of 155,123 shares, compared to its average volume of 1,878,405. Alkermes has a fifty-two week low of $22.01 and a fifty-two week high of $33.71. The company has a market cap of $4.03 billion, a PE ratio of 11.39, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61. The company has a 50-day moving average of $26.94 and a two-hundred day moving average of $26.79. The company has a quick ratio of 2.50, a current ratio of 2.86 and a debt-to-equity ratio of 0.24.

Alkermes declared that its board has approved a stock repurchase plan on Thursday, February 15th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the company to buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have issued reports on ALKS shares. Piper Sandler reaffirmed an “overweight” rating and issued a $39.00 target price on shares of Alkermes in a research note on Monday, April 1st. TheStreet upgraded Alkermes from a “c+” rating to a “b” rating in a research note on Thursday, February 15th. Robert W. Baird initiated coverage on Alkermes in a research note on Tuesday, March 19th. They set an “outperform” rating and a $37.00 target price for the company. Jefferies Financial Group boosted their target price on Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Finally, StockNews.com downgraded Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.38.

Insider Activity

In related news, SVP Christian Todd Nichols sold 10,417 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the sale, the senior vice president now directly owns 65,911 shares in the company, valued at approximately $1,852,099.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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.