Alkermes (NASDAQ:ALKS) Given Hold Rating at The Goldman Sachs Group

Alkermes (NASDAQ:ALKS)‘s stock had its “hold” rating restated by analysts at The Goldman Sachs Group in a research note issued to investors on Thursday, MarketBeat reports. They presently have a $50.00 target price on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 22.40% from the company’s previous close.

ALKS has been the subject of several other research reports. Bank of America reissued an “underperform” rating on shares of Alkermes in a research note on Monday, June 29th. Stifel Nicolaus reiterated a “buy” rating and issued a $63.00 target price (up from $45.00) on shares of Alkermes in a report on Monday, July 20th. Mizuho upgraded shares of Alkermes to a “strong-buy” rating in a report on Wednesday, September 16th. HC Wainwright restated a “neutral” rating on shares of Alkermes in a research report on Monday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 price objective (up from $43.00) on shares of Alkermes in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.47.

Alkermes Trading Up 0.1%

NASDAQ:ALKS traded up $0.06 during trading hours on Thursday, hitting $40.85. 2,292,914 shares of the company were exchanged, compared to its average volume of 2,142,522. The stock has a market capitalization of $6.85 billion, a price-to-earnings ratio of 107.50 and a beta of 0.31. Alkermes has a one year low of $27.00 and a one year high of $55.67. The company has a fifty day simple moving average of $48.00 and a 200 day simple moving average of $42.31. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82.

Insiders Place Their Bets

In other news, EVP David Gaffin sold 2,034 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $48.01, for a total value of $97,652.34. Following the completion of the sale, the executive vice president directly owned 223,422 shares in the company, valued at $10,726,490.22. This trade represents a 0.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Christian Nichols sold 7,576 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $49.23, for a total value of $372,966.48. Following the completion of the sale, the senior vice president directly owned 102,193 shares of the company’s stock, valued at $5,030,961.39. This trade represents a 6.90% 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. Over the last ninety days, insiders sold 85,150 shares of company stock worth $4,242,213. Company insiders own 4.59% of the company’s stock.

Institutional Trading of Alkermes

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC purchased a new position in shares of Alkermes during the second quarter valued at approximately $113,000. Baird Financial Group Inc. purchased a new stake in Alkermes in the 2nd quarter valued at $2,791,000. Arizona State Retirement System raised its position in Alkermes by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 43,580 shares of the company’s stock valued at $2,283,000 after buying an additional 494 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Alkermes during the 2nd quarter valued at $1,733,000. Finally, Ameritas Advisory Services LLC bought a new position in Alkermes during the 2nd quarter valued at $39,000. 95.21% of the stock is owned by institutional investors.

Alkermes Company Profile

Alkermes plc (NASDAQ: ALKS) is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities include treatments for schizophrenia, bipolar disorder, addiction and other serious neurological or psychiatric conditions, with an emphasis on long-acting injectable and extended-release formulations.

The company’s marketed products include VIVITROL, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence after detoxification; ARISTADA, an extended-release injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; and LYBALVI, an oral combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in Ireland in 1987, Alkermes has developed drug-delivery technologies intended to help extend dosing intervals and support medication adherence.