SVB Leerink Comments on Alkermes plc’s FY2024 Earnings (NASDAQ:ALKS)

Alkermes plc (NASDAQ:ALKSGet Rating) – SVB Leerink decreased their FY2024 earnings per share (EPS) estimates for shares of Alkermes in a report released on Wednesday, November 2nd. SVB Leerink analyst M. Goodman now anticipates that the company will post earnings of $0.45 per share for the year, down from their prior forecast of $0.57. The consensus estimate for Alkermes’ current full-year earnings is ($0.34) per share.

Alkermes (NASDAQ:ALKSGet Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). Alkermes had a negative net margin of 11.41% and a negative return on equity of 1.10%. The business had revenue of $252.36 million for the quarter, compared to analysts’ expectations of $271.45 million. During the same quarter in the previous year, the firm earned ($0.02) EPS. Alkermes’s revenue was down 14.2% compared to the same quarter last year.

A number of other equities research analysts have also weighed in on the company. Piper Sandler raised Alkermes from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $26.00 to $30.00 in a research report on Thursday. Mizuho decreased their target price on Alkermes from $36.00 to $34.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. StockNews.com lowered Alkermes from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 2nd. Stifel Nicolaus boosted their price target on Alkermes to $28.00 in a research report on Wednesday, July 27th. Finally, Bank of America raised Alkermes from an “underperform” rating to a “neutral” rating and reduced their price target for the stock from $27.00 to $25.00 in a research report on Friday, October 14th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Alkermes presently has an average rating of “Moderate Buy” and an average price target of $29.67.

Alkermes Price Performance

ALKS opened at $23.98 on Monday. The company has a quick ratio of 2.03, a current ratio of 2.24 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average of $23.13 and a 200 day moving average of $26.43. The stock has a market cap of $3.94 billion, a P/E ratio of -30.74 and a beta of 0.60. Alkermes has a 52-week low of $21.24 and a 52-week high of $32.79.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC acquired a new position in Alkermes during the 1st quarter valued at about $874,000. Comerica Bank purchased a new stake in Alkermes during the 2nd quarter valued at about $911,000. Qube Research & Technologies Ltd grew its stake in Alkermes by 242.9% during the 1st quarter. Qube Research & Technologies Ltd now owns 35,680 shares of the company’s stock valued at $939,000 after purchasing an additional 25,276 shares during the last quarter. Aigen Investment Management LP purchased a new stake in Alkermes during the 2nd quarter valued at about $1,002,000. Finally, Integral Health Asset Management LLC grew its stake in Alkermes by 400.0% during the 1st quarter. Integral Health Asset Management LLC now owns 250,000 shares of the company’s stock valued at $6,578,000 after purchasing an additional 200,000 shares during the last quarter. 94.77% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading

Earnings History and Estimates for Alkermes (NASDAQ:ALKS)

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