Analysts Set Alkermes plc (NASDAQ:ALKS) Target Price at $44.69

Shares of Alkermes plc (NASDAQ:ALKS) have been given a consensus rating of “Moderate Buy” by the sixteen analysts that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $44.6923.

Several research firms have issued reports on ALKS. Wells Fargo & Company cut their price objective on Alkermes from $42.00 to $37.00 and set an “overweight” rating for the company in a research report on Thursday, November 13th. Zacks Research raised Alkermes from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 13th. Truist Financial boosted their target price on Alkermes from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Deutsche Bank Aktiengesellschaft dropped their price target on Alkermes from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Finally, Mizuho increased their target price on Alkermes from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, October 27th.

Alkermes Stock Performance

Shares of Alkermes stock opened at $34.91 on Monday. The stock has a 50 day moving average of $30.69 and a 200 day moving average of $29.77. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 17.28 and a beta of 0.49. Alkermes has a fifty-two week low of $25.17 and a fifty-two week high of $36.45.

Insider Activity at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $33.93, for a total transaction of $305,370.00. Following the completion of the transaction, the executive vice president directly owned 57,740 shares in the company, valued at $1,959,118.20. This represents a 13.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Shane Cooke sold 61,200 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $34.57, for a total value of $2,115,684.00. Following the transaction, the director directly owned 103,744 shares of the company’s stock, valued at approximately $3,586,430.08. The trade was a 37.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 148,148 shares of company stock valued at $5,028,378. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Alkermes

A number of institutional investors have recently added to or reduced their stakes in the company. Assetmark Inc. raised its holdings in Alkermes by 933.8% in the 3rd quarter. Assetmark Inc. now owns 827 shares of the company’s stock worth $25,000 after purchasing an additional 747 shares during the period. Cullen Frost Bankers Inc. bought a new stake in Alkermes during the fourth quarter valued at about $28,000. Johnson Financial Group Inc. purchased a new stake in Alkermes in the third quarter worth about $31,000. Salomon & Ludwin LLC lifted its holdings in Alkermes by 115.6% during the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock valued at $35,000 after purchasing an additional 667 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its position in shares of Alkermes by 395.6% in the third quarter. Hantz Financial Services Inc. now owns 1,239 shares of the company’s stock worth $37,000 after purchasing an additional 989 shares during the period. 95.21% of the stock is owned by institutional investors.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.