Alkermes plc (NASDAQ:ALKS) Receives $54.56 Average Price Target from Analysts

Alkermes plc (NASDAQ:ALKS) has been assigned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $54.5625.

Several equities research analysts recently issued reports on ALKS shares. JPMorgan Chase & Co. raised their target price on shares of Alkermes from $60.00 to $61.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Bank of America reaffirmed an “underperform” rating on shares of Alkermes in a research report on Monday, June 29th. Royal Bank Of Canada increased their price target on shares of Alkermes from $45.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 9th. Piper Sandler reiterated an “overweight” rating and issued a $65.00 price target (up from $43.00) on shares of Alkermes in a report on Tuesday, July 28th. Finally, Needham & Company LLC boosted their price objective on shares of Alkermes from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, July 13th.

Alkermes Stock Down 1.8%

ALKS opened at $46.88 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.30 and a quick ratio of 1.85. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of 123.37 and a beta of 0.31. The business has a 50-day moving average of $50.74 and a two-hundred day moving average of $40.86. Alkermes has a 12 month low of $25.17 and a 12 month high of $55.67.

Insiders Place Their Bets

In related news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $51.51, for a total value of $463,590.00. Following the transaction, the executive vice president owned 73,389 shares in the company, valued at approximately $3,780,267.39. This trade represents a 10.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Gaffin sold 2,034 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $48.01, for a total value of $97,652.34. Following the sale, the executive vice president directly owned 223,422 shares of the company’s stock, valued at approximately $10,726,490.22. This trade represents a 0.90% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 87,150 shares of company stock worth $4,332,413. Corporate insiders own 4.59% of the company’s stock.

Institutional Trading of Alkermes

A number of institutional investors have recently modified their holdings of ALKS. Cullen Frost Bankers Inc. purchased a new position in Alkermes in the fourth quarter valued at approximately $28,000. Johnson Financial Group Inc. purchased a new stake in Alkermes during the third quarter worth approximately $31,000. UMB Bank n.a. grew its stake in Alkermes by 57.6% during the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock worth $34,000 after buying an additional 446 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in Alkermes by 1,041.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company’s stock worth $37,000 after buying an additional 1,208 shares during the period. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Alkermes in the 2nd quarter valued at $39,000. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Alkermes Company Profile

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.