Bank of America Forecasts Strong Price Appreciation for Alkermes (NASDAQ:ALKS) Stock

Alkermes (NASDAQ:ALKS) had its price objective upped by stock analysts at Bank of America from $34.00 to $36.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price points to a potential upside of 7.91% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Wall Street Zen lowered Alkermes from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings restated a “hold (c+)” rating on shares of Alkermes in a research note on Monday, December 29th. HC Wainwright restated a “neutral” rating and issued a $43.00 target price on shares of Alkermes in a research note on Thursday, February 26th. Truist Financial upgraded Alkermes to a “strong-buy” rating in a research report on Wednesday, March 25th. Finally, Piper Sandler lowered their price target on Alkermes from $45.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 24th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $44.07.

Alkermes Stock Performance

ALKS stock opened at $33.36 on Thursday. The business’s 50-day moving average is $31.44 and its two-hundred day moving average is $30.59. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 23.33 and a beta of 0.44. Alkermes has a fifty-two week low of $25.17 and a fifty-two week high of $36.48.

Alkermes (NASDAQ:ALKS) last issued its earnings results on Thursday, February 26th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.14). Alkermes had a net margin of 16.37% and a return on equity of 14.91%. The business had revenue of $384.55 million for the quarter, compared to the consensus estimate of $380.44 million. During the same period last year, the business posted $1.05 EPS. The firm’s revenue for the quarter was down 10.6% compared to the same quarter last year. Equities analysts predict that Alkermes will post 1.31 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $35.51, for a total value of $319,590.00. Following the transaction, the executive vice president directly owned 85,389 shares of the company’s stock, valued at approximately $3,032,163.39. This trade represents a 9.54% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $34.57, for a total value of $70,315.38. Following the completion of the transaction, the executive vice president directly owned 233,592 shares in the company, valued at $8,075,275.44. This trade represents a 0.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 159,468 shares of company stock worth $5,433,699 in the last quarter. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Alkermes

Hedge funds and other institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. grew its stake in shares of Alkermes by 20.2% during the third quarter. American Century Companies Inc. now owns 4,397,471 shares of the company’s stock valued at $131,924,000 after purchasing an additional 740,248 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Alkermes by 43.1% in the third quarter. Victory Capital Management Inc. now owns 344,202 shares of the company’s stock valued at $10,326,000 after acquiring an additional 103,749 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in Alkermes by 11.6% in the third quarter. Public Sector Pension Investment Board now owns 710,700 shares of the company’s stock valued at $21,321,000 after acquiring an additional 73,787 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Alkermes by 36.8% during the third quarter. Artisan Partners Limited Partnership now owns 2,109,772 shares of the company’s stock worth $63,293,000 after purchasing an additional 567,965 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its position in shares of Alkermes by 38.9% during the third quarter. New York State Common Retirement Fund now owns 195,999 shares of the company’s stock worth $5,880,000 after purchasing an additional 54,915 shares in the last quarter. 95.21% of the stock is currently owned by institutional investors and hedge funds.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.