Alkermes (NASDAQ:ALKS) Hits New 1-Year High – Time to Buy?

Alkermes plc (NASDAQ:ALKS)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $44.76 and last traded at $44.8170, with a volume of 1570521 shares changing hands. The stock had previously closed at $42.45.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ALKS shares. HC Wainwright reissued a “neutral” rating and issued a $43.00 target price on shares of Alkermes in a report on Thursday, February 26th. Bank of America raised their price target on Alkermes from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Wolfe Research initiated coverage on Alkermes in a research report on Monday, February 23rd. They issued an “outperform” rating and a $45.00 price target for the company. Royal Bank Of Canada raised their price target on Alkermes from $45.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, UBS Group raised their price target on Alkermes from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $46.13.

Alkermes Price Performance

The company has a current ratio of 2.27, a quick ratio of 1.70 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $7.49 billion, a PE ratio of 49.91 and a beta of 0.38. The company’s 50 day simple moving average is $36.72 and its 200 day simple moving average is $32.52.

Alkermes (NASDAQ:ALKS) last released its earnings results on Saturday, February 14th. The company reported $0.29 earnings per share (EPS) for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. The business had revenue of $384.55 million for the quarter. On average, equities analysts anticipate that Alkermes plc will post -0.43 earnings per share for the current year.

Insider Buying and Selling

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $33.40, for a total value of $300,600.00. Following the completion of the transaction, the executive vice president owned 81,389 shares in the company, valued at $2,718,392.60. This represents a 9.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $43.05, for a total value of $87,563.70. Following the transaction, the executive vice president owned 229,524 shares of the company’s stock, valued at approximately $9,881,008.20. This trade represents a 0.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 33,102 shares of company stock valued at $1,220,628. 4.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alkermes

Several institutional investors and hedge funds have recently made changes to their positions in ALKS. Assetmark Inc. raised its position in shares of Alkermes by 933.8% during the 3rd quarter. Assetmark Inc. now owns 827 shares of the company’s stock valued at $25,000 after acquiring an additional 747 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Alkermes during the 4th quarter valued at approximately $28,000. Johnson Financial Group Inc. acquired a new stake in shares of Alkermes during the 3rd quarter valued at approximately $31,000. UMB Bank n.a. raised its position in shares of Alkermes by 57.6% during the 4th quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock valued at $34,000 after acquiring an additional 446 shares in the last quarter. Finally, Salomon & Ludwin LLC raised its position in shares of Alkermes by 115.6% during the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock valued at $35,000 after acquiring an additional 667 shares in the last quarter. 95.21% of the stock is owned by institutional investors and hedge funds.

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.