FY2024 EPS Estimates for Alkermes plc (NASDAQ:ALKS) Reduced by Analyst

Alkermes plc (NASDAQ:ALKS) – Investment analysts at Leerink Partnrs lowered their FY2024 earnings estimates for Alkermes in a research note issued on Tuesday, April 9th. Leerink Partnrs analyst M. Goodman now anticipates that the company will post earnings of $2.25 per share for the year, down from their previous estimate of $2.30. The consensus estimate for Alkermes’ current full-year earnings is $2.23 per share.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings results on Thursday, February 15th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.29). Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The company had revenue of $377.50 million during the quarter, compared to analysts’ expectations of $362.78 million. During the same period in the prior year, the firm earned ($0.02) EPS. Alkermes’s quarterly revenue was up 23.9% on a year-over-year basis.

Other equities analysts have also recently issued research reports about the stock. TheStreet raised shares of Alkermes from a “c+” rating to a “b” rating in a research note on Thursday, February 15th. UBS Group cut shares of Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 price target for the company. in a research note on Tuesday, February 20th. Robert W. Baird started coverage on shares of Alkermes in a research note on Tuesday, March 19th. They issued an “outperform” rating and a $37.00 price target for the company. Bank of America upped their price objective on shares of Alkermes from $27.00 to $29.00 and gave the company a “neutral” rating in a research note on Tuesday, January 2nd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $39.00 price objective on shares of Alkermes in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Alkermes currently has an average rating of “Moderate Buy” and a consensus price target of $35.25.

Alkermes Price Performance

ALKS stock opened at $24.42 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.86 and a quick ratio of 2.50. Alkermes has a one year low of $22.01 and a one year high of $33.71. The stock has a market cap of $4.13 billion, a PE ratio of 11.80 and a beta of 0.55. The firm has a 50 day simple moving average of $28.13 and a two-hundred day simple moving average of $27.16.

Alkermes declared that its Board of Directors has approved a stock buyback program on Thursday, February 15th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the company to purchase up to 8.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, SVP Christian Todd Nichols sold 10,417 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $28.10, for a total transaction of $292,717.70. Following the completion of the sale, the senior vice president now directly owns 65,911 shares in the company, valued at approximately $1,852,099.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.76% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alkermes

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALKS. Emerald Advisers LLC bought a new stake in Alkermes during the 3rd quarter valued at $27,000. Neo Ivy Capital Management bought a new position in Alkermes in the 2nd quarter worth $27,000. CWM LLC raised its holdings in Alkermes by 147.5% in the 3rd quarter. CWM LLC now owns 1,037 shares of the company’s stock worth $29,000 after purchasing an additional 618 shares in the last quarter. McGlone Suttner Wealth Management Inc. bought a new position in Alkermes in the 4th quarter worth $30,000. Finally, GAMMA Investing LLC bought a new position in Alkermes in the 4th quarter worth $35,000. 95.21% of the stock is currently owned by institutional investors.

About Alkermes

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.