Alkermes (NASDAQ:ALKS) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Alkermes (NASDAQ:ALKS – Get Rating) announced its quarterly earnings results on Wednesday. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.11, MarketWatch Earnings reports. The company had revenue of $278.55 million during the quarter, compared to the consensus estimate of $256.02 million. Alkermes had a negative net margin of 4.10% and a positive return on equity of 3.95%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.01 earnings per share. Alkermes updated its FY22 guidance to $(0.18)-0.00 EPS.

NASDAQ ALKS traded up $3.37 on Wednesday, hitting $30.51. 62,278 shares of the company were exchanged, compared to its average volume of 1,366,325. The company’s 50 day moving average price is $26.52 and its 200-day moving average price is $25.69. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.25 and a quick ratio of 1.93. The firm has a market capitalization of $4.98 billion, a P/E ratio of -99.06 and a beta of 0.90. Alkermes has a twelve month low of $21.17 and a twelve month high of $33.00.

ALKS has been the subject of several research analyst reports. SVB Leerink upped their price objective on shares of Alkermes from $24.00 to $25.00 and gave the stock a “market perform” rating in a report on Thursday, April 21st. Cantor Fitzgerald raised shares of Alkermes from a “hold” rating to an “overweight” rating and set a $32.00 price objective for the company in a report on Thursday, January 27th. StockNews.com upgraded shares of Alkermes from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 13th. Citigroup boosted their price target on shares of Alkermes from $22.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 22nd. Finally, The Goldman Sachs Group started coverage on shares of Alkermes in a research report on Wednesday, April 20th. They issued a “buy” rating and a $35.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $30.80.

In other news, EVP Craig C. Hopkinson sold 2,306 shares of the company’s stock in a transaction dated Friday, February 18th. The stock was sold at an average price of $25.17, for a total value of $58,042.02. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Blair Curtis Jackson sold 49,999 shares of the company’s stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $29.61, for a total value of $1,480,470.39. Following the completion of the transaction, the chief operating officer now owns 87,915 shares in the company, valued at approximately $2,603,163.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,288 shares of company stock worth $2,698,411. Corporate insiders own 4.63% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Hardman Johnston Global Advisors LLC increased its holdings in shares of Alkermes by 30.9% in the 4th quarter. Hardman Johnston Global Advisors LLC now owns 5,538,740 shares of the company’s stock valued at $128,831,000 after purchasing an additional 1,306,461 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Alkermes by 4.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,968,966 shares of the company’s stock valued at $45,798,000 after purchasing an additional 75,453 shares during the period. Morgan Stanley increased its holdings in shares of Alkermes by 60.2% in the 2nd quarter. Morgan Stanley now owns 866,050 shares of the company’s stock valued at $21,237,000 after purchasing an additional 325,610 shares during the period. Glenmede Trust Co. NA acquired a new position in shares of Alkermes in the 4th quarter valued at about $13,171,000. Finally, Millennium Management LLC grew its stake in shares of Alkermes by 1,001.3% in the 4th quarter. Millennium Management LLC now owns 326,682 shares of the company’s stock valued at $7,599,000 after buying an additional 297,020 shares in the last quarter. 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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