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

HC Wainwright restated their neutral rating on shares of Alkermes (NASDAQ:ALKS) in a report issued on Monday morning,Benzinga reports. The brokerage currently has a $46.00 target price on the stock.

A number of other brokerages have also recently issued reports on ALKS. Robert W. Baird lifted their price target on shares of Alkermes from $38.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, May 2nd. UBS Group raised shares of Alkermes from a “neutral” rating to a “buy” rating and lifted their price target for the company from $33.00 to $42.00 in a research report on Tuesday, June 17th. Needham & Company LLC reissued a “buy” rating and set a $45.00 price target on shares of Alkermes in a research report on Monday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Alkermes from $40.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, March 27th. Finally, The Goldman Sachs Group initiated coverage on shares of Alkermes in a research note on Tuesday, July 15th. They set a “buy” rating and a $43.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $40.92.

Alkermes Stock Performance

ALKS stock opened at $26.66 on Monday. Alkermes has a 52 week low of $24.48 and a 52 week high of $36.45. The firm’s fifty day moving average is $30.03 and its 200 day moving average is $30.92. The firm has a market cap of $4.40 billion, a P/E ratio of 12.76, a P/E/G ratio of 1.82 and a beta of 0.44.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.19). The firm had revenue of $306.51 million during the quarter, compared to the consensus estimate of $307.53 million. Alkermes had a return on equity of 27.52% and a net margin of 23.30%. Alkermes’s revenue was down 12.6% on a year-over-year basis. During the same period last year, the business earned $0.43 EPS. As a group, analysts forecast that Alkermes will post 1.31 EPS for the current year.

Insider Activity at Alkermes

In related news, SVP Christian Todd Nichols sold 3,334 shares of the company’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $31.09, for a total value of $103,654.06. Following the completion of the sale, the senior vice president directly owned 86,208 shares of the company’s stock, valued at $2,680,206.72. This represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.40% of the company’s stock.

Institutional Trading of Alkermes

Several hedge funds have recently modified their holdings of ALKS. RTW Investments LP raised its position in shares of Alkermes by 13.6% in the 4th quarter. RTW Investments LP now owns 7,557,835 shares of the company’s stock valued at $217,363,000 after purchasing an additional 903,802 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Alkermes by 1.1% in the 4th quarter. Renaissance Technologies LLC now owns 5,478,728 shares of the company’s stock valued at $157,568,000 after purchasing an additional 57,697 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Alkermes by 488.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,234,995 shares of the company’s stock worth $172,860,000 after buying an additional 4,345,523 shares during the period. Baker BROS. Advisors LP increased its holdings in Alkermes by 7.2% in the 1st quarter. Baker BROS. Advisors LP now owns 4,483,285 shares of the company’s stock worth $148,038,000 after buying an additional 301,534 shares during the period. Finally, American Century Companies Inc. increased its holdings in Alkermes by 0.4% in the 1st quarter. American Century Companies Inc. now owns 3,465,674 shares of the company’s stock worth $114,437,000 after buying an additional 14,967 shares during the period. 95.21% of the stock is owned by hedge funds and other 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.