Alkermes (NASDAQ:ALKS) Rating Increased to Strong-Buy at Zacks Investment Research

Alkermes (NASDAQ:ALKSGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports. The brokerage presently has a $33.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 17.02% from the company’s current price.

According to Zacks, “Alkermes’ portfolio of marketed drugs, Vivitrol and Aristada, continues to drive growth for the company. Approval of new drugs will add another revenue stream in the long run. In June 2021, the FDA approved Lybalvi for the treatment of adults with schizophrenia and bipolar I disorder. The drug was launched in October 2021. The drug is already generating incremental sales. Its pipeline candidate, nemvaleukin alfa, is being developed in multiple studies for treating solid tumors. Other pipeline candidates too are making good progress which holds promise. However, Alkermes is highly dependent on manufacturing and royalty revenues, which is a woe. Recent pipeline setbacks have hurt the stock. Loss estimates have gone down ahead of Q1 earnings. Alkermes has a positive record of earnings surprises in recent quarters.”

Several other equities analysts have also commented on the stock. Mizuho upped their price target on shares of Alkermes from $33.00 to $35.00 in a research report on Thursday, February 17th. Cantor Fitzgerald upgraded shares of Alkermes from a “hold” rating to an “overweight” rating and set a $32.00 price target for the company in a research report on Thursday, January 27th. SVB Leerink upped their price target on shares of Alkermes from $24.00 to $25.00 and gave the stock a “market perform” rating in a research report on Thursday. TheStreet raised shares of Alkermes from a “d+” rating to a “c” rating in a report on Tuesday, March 1st. Finally, StockNews.com raised shares of Alkermes from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 13th. One analyst has rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $30.80.

ALKS stock opened at $28.20 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.25 and a quick ratio of 1.93. Alkermes has a 1-year low of $20.76 and a 1-year high of $33.00. The firm has a fifty day moving average price of $26.41 and a two-hundred day moving average price of $25.70. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of -94.00 and a beta of 0.90.

Alkermes (NASDAQ:ALKSGet Rating) last released its earnings results on Wednesday, February 16th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.16. Alkermes had a negative net margin of 4.10% and a positive return on equity of 3.95%. The firm had revenue of $324.50 million during the quarter, compared to analyst estimates of $306.55 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, analysts expect that Alkermes will post -0.67 EPS for the current fiscal year.

In other news, COO Blair Curtis Jackson sold 49,999 shares of the company’s stock in a transaction dated Wednesday, April 20th. The stock was sold at an average price of $29.61, for a total value of $1,480,470.39. Following the transaction, the chief operating officer now owns 87,915 shares in the company, valued at approximately $2,603,163.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Shane Cooke sold 10,000 shares of the company’s stock in a transaction dated Monday, April 11th. The shares were sold at an average price of $29.26, for a total value of $292,600.00. Following the completion of the transaction, the director now owns 90,478 shares in the company, valued at approximately $2,647,386.28. The disclosure for this sale can be found here. Insiders have sold 94,288 shares of company stock valued at $2,698,411 over the last ninety days. Insiders own 4.63% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Credit Agricole S A acquired a new stake in shares of Alkermes in the 4th quarter valued at $35,000. UMB Bank N A MO acquired a new stake in shares of Alkermes in the 4th quarter valued at $47,000. SouthState Corp acquired a new stake in shares of Alkermes in the 3rd quarter valued at $77,000. Altshuler Shaham Ltd lifted its stake in shares of Alkermes by 130.9% in the 3rd quarter. Altshuler Shaham Ltd now owns 4,069 shares of the company’s stock valued at $126,000 after purchasing an additional 2,307 shares during the last quarter. Finally, Advisor Group Holdings Inc. lifted its stake in shares of Alkermes by 30.7% in the 3rd quarter. Advisor Group Holdings Inc. now owns 5,516 shares of the company’s stock valued at $171,000 after purchasing an additional 1,295 shares during the last quarter. Hedge funds and other institutional investors own 94.37% of the company’s stock.

About Alkermes (Get Rating)

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in various therapeutic areas in the United States, Ireland, and internationally. Its marketed products include ARISTADA, an intramuscular injectable suspension for the treatment of schizophrenia; VIVITROL for the treatment of alcohol and prevention of opioid dependence; RISPERDAL CONSTA for the treatment of schizophrenia and bipolar I disorder; INVEGA SUSTENNA for the treatment of schizophrenia and schizoaffective disorder; XEPLION, INVEGA TRINZA, and TREVICTA to treat schizophrenia and schizoaffective; and VUMERITY for the treatment of relapsing forms of multiple sclerosis in adults, including clinically isolated syndrome, relapsing-remitting and active secondary progressive diseases.

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