Needham & Company LLC Forecasts Strong Price Appreciation for Alkermes (NASDAQ:ALKS) Stock

Alkermes (NASDAQ:ALKS) had its target price hoisted by Needham & Company LLC from $43.00 to $44.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 42.76% from the stock’s current price.

Several other analysts have also recently issued reports on the stock. Piper Sandler restated an “overweight” rating and set a $45.00 target price (up from $38.00) on shares of Alkermes in a research report on Thursday, October 23rd. Royal Bank Of Canada increased their price objective on shares of Alkermes from $45.00 to $47.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Zacks Research raised shares of Alkermes from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 22nd. Jefferies Financial Group set a $56.00 price objective on shares of Alkermes and gave the stock a “buy” rating in a research report on Tuesday. Finally, Wells Fargo & Company upgraded shares of Alkermes to a “strong-buy” rating in a research note on Wednesday, September 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Alkermes presently has a consensus rating of “Moderate Buy” and an average price target of $44.15.

Alkermes Price Performance

Shares of ALKS stock opened at $30.82 on Wednesday. Alkermes has a 1 year low of $25.17 and a 1 year high of $36.45. The firm has a fifty day moving average price of $29.56 and a 200-day moving average price of $29.23. The company has a market cap of $5.09 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 1.70 and a beta of 0.54.

Alkermes (NASDAQ:ALKS) last released its earnings results on Tuesday, October 28th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.08. Alkermes had a net margin of 22.27% and a return on equity of 21.81%. The company had revenue of $394.19 million for the quarter, compared to analysts’ expectations of $355.23 million. During the same quarter in the previous year, the company earned $0.73 EPS. Alkermes’s revenue for the quarter was up 4.3% on a year-over-year basis. Alkermes has set its FY 2025 guidance at 1.360-1.470 EPS. Equities research analysts expect that Alkermes will post 1.31 EPS for the current year.

Insiders Place Their Bets

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $31.53, for a total value of $283,770.00. Following the completion of the transaction, the executive vice president owned 73,740 shares of the company’s stock, valued at approximately $2,325,022.20. This trade represents a 10.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Covestor Ltd raised its holdings in shares of Alkermes by 19.7% during the third quarter. Covestor Ltd now owns 7,915 shares of the company’s stock worth $237,000 after purchasing an additional 1,304 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its position in Alkermes by 12.5% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 139,166 shares of the company’s stock valued at $4,175,000 after buying an additional 15,501 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in Alkermes during the third quarter valued at $234,000. Oliver Luxxe Assets LLC grew its position in Alkermes by 3.0% during the third quarter. Oliver Luxxe Assets LLC now owns 45,884 shares of the company’s stock valued at $1,377,000 after buying an additional 1,333 shares during the period. Finally, Moran Wealth Management LLC grew its position in Alkermes by 12.7% during the third quarter. Moran Wealth Management LLC now owns 17,850 shares of the company’s stock valued at $536,000 after buying an additional 2,017 shares during the period. Hedge funds and other institutional investors own 95.21% of the company’s stock.

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.