Alkermes (NASDAQ:ALKS) Shares Gap Up to $24.22

Shares of Alkermes plc (NASDAQ:ALKSGet Rating) gapped up before the market opened on Tuesday . The stock had previously closed at $24.22, but opened at $24.80. Alkermes shares last traded at $23.94, with a volume of 3,467 shares.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ALKS shares. Piper Sandler began coverage on Alkermes in a report on Tuesday, August 16th. They set a “neutral” rating and a $26.00 price objective for the company. Stifel Nicolaus upped their price target on shares of Alkermes to $28.00 in a research report on Wednesday, July 27th. StockNews.com raised shares of Alkermes from a “buy” rating to a “strong-buy” rating in a research report on Monday. Finally, Mizuho decreased their price target on shares of Alkermes from $36.00 to $34.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Five analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.44.

Alkermes Trading Up 0.6 %

The company has a current ratio of 2.39, a quick ratio of 2.03 and a debt-to-equity ratio of 0.27. The business’s 50-day simple moving average is $26.46 and its two-hundred day simple moving average is $27.43. The company has a market capitalization of $3.90 billion, a PE ratio of -41.68 and a beta of 0.61.

Alkermes (NASDAQ:ALKSGet Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. Alkermes had a negative net margin of 8.02% and a positive return on equity of 0.79%. The business had revenue of $276.22 million for the quarter, compared to analysts’ expectations of $269.01 million. During the same quarter last year, the company posted $0.13 earnings per share. The company’s quarterly revenue was down 9.1% compared to the same quarter last year. On average, analysts predict that Alkermes plc will post -0.34 earnings per share for the current year.

Insider Transactions at Alkermes

In other news, SVP Christian Todd Nichols sold 7,474 shares of the stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $28.26, for a total transaction of $211,215.24. Following the transaction, the senior vice president now owns 21,035 shares of the company’s stock, valued at $594,449.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.76% of the company’s stock.

Institutional Trading of Alkermes

Several hedge funds have recently made changes to their positions in ALKS. BlackRock Inc. boosted its position in Alkermes by 5.8% during the 1st quarter. BlackRock Inc. now owns 15,080,046 shares of the company’s stock valued at $396,756,000 after purchasing an additional 827,759 shares during the period. Sarissa Capital Management LP boosted its position in Alkermes by 6.3% during the 4th quarter. Sarissa Capital Management LP now owns 14,040,000 shares of the company’s stock valued at $326,570,000 after purchasing an additional 827,000 shares during the period. State Street Corp boosted its position in Alkermes by 2.3% during the 2nd quarter. State Street Corp now owns 5,911,104 shares of the company’s stock valued at $176,092,000 after purchasing an additional 131,205 shares during the period. Hardman Johnston Global Advisors LLC boosted its position in Alkermes by 1.9% during the 2nd quarter. Hardman Johnston Global Advisors LLC now owns 5,357,716 shares of the company’s stock valued at $159,606,000 after purchasing an additional 98,799 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Alkermes by 9.3% during the 2nd quarter. Renaissance Technologies LLC now owns 5,322,613 shares of the company’s stock valued at $158,561,000 after purchasing an additional 454,600 shares during the period. Institutional investors own 94.77% of the company’s stock.

Alkermes Company Profile

(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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