Alkermes (NASDAQ:ALKS) Receives “Neutral” Rating from HC Wainwright

Alkermes (NASDAQ:ALKS)‘s stock had its “neutral” rating reiterated by equities research analysts at HC Wainwright in a report issued on Friday, Benzinga reports. They presently have a $35.00 price objective on the stock. HC Wainwright’s price target suggests a potential upside of 46.75% from the company’s previous close.

Several other research firms have also weighed in on ALKS. Jefferies Financial Group lifted their target price on shares of Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Piper Sandler reaffirmed an “overweight” rating and set a $39.00 target price on shares of Alkermes in a report on Monday, April 1st. UBS Group lowered shares of Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 target price for the company. in a report on Tuesday, February 20th. StockNews.com cut shares of Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 23rd. Finally, Robert W. Baird began coverage on shares of Alkermes in a research note on Tuesday, March 19th. They issued an “outperform” rating and a $37.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Alkermes currently has an average rating of “Moderate Buy” and a consensus price target of $35.38.

Alkermes Stock Performance

ALKS opened at $23.85 on Friday. Alkermes has a 12-month low of $22.01 and a 12-month high of $33.71. The company has a current ratio of 2.86, a quick ratio of 2.50 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $4.03 billion, a PE ratio of 11.52, a P/E/G ratio of 0.65 and a beta of 0.55. The firm has a 50 day moving average of $27.83 and a two-hundred day moving average of $27.00.

Alkermes (NASDAQ:ALKS) last posted its earnings results on Thursday, February 15th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.29). The firm had revenue of $377.50 million for the quarter, compared to analysts’ expectations of $362.78 million. Alkermes had a net margin of 21.39% and a return on equity of 16.10%. Alkermes’s revenue for the quarter was up 23.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.02) earnings per share. On average, analysts anticipate that Alkermes will post 2.23 EPS for the current year.

Alkermes announced that its Board of Directors has approved a share buyback plan on Thursday, February 15th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the company to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Alkermes

In related news, SVP Christian Todd Nichols sold 10,417 shares of the company’s stock in a transaction dated 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 owns 65,911 shares of the company’s stock, valued at approximately $1,852,099.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 4.76% of the company’s stock.

Hedge Funds Weigh In On Alkermes

A number of institutional investors have recently added to or reduced their stakes in ALKS. Emerald Advisers LLC purchased a new position in Alkermes during the third quarter worth approximately $27,000. Neo Ivy Capital Management purchased a new position in Alkermes during the second quarter worth approximately $27,000. CWM LLC lifted its position in Alkermes by 147.5% during the third quarter. CWM LLC now owns 1,037 shares of the company’s stock worth $29,000 after buying an additional 618 shares in the last quarter. McGlone Suttner Wealth Management Inc. purchased a new position in Alkermes during the fourth quarter worth approximately $30,000. Finally, GAMMA Investing LLC purchased a new position in Alkermes during the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Alkermes Company Profile

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.