Alkermes (NASDAQ:ALKS) Stock Price Expected to Rise, Bank of America Analyst Says

Alkermes (NASDAQ:ALKS) had its price objective upped by stock analysts at Bank of America from $33.00 to $34.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 6.55% from the company’s previous close.

A number of other equities research analysts have also weighed in on the company. Mizuho boosted their price objective on Alkermes from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Piper Sandler reissued an “overweight” rating and set a $45.00 price target (up from $38.00) on shares of Alkermes in a research note on Thursday, October 23rd. Wall Street Zen downgraded Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Alkermes from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Alkermes in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.93.

Alkermes Price Performance

Shares of Alkermes stock opened at $31.91 on Friday. Alkermes has a fifty-two week low of $25.17 and a fifty-two week high of $36.32. The firm has a market capitalization of $5.27 billion, a P/E ratio of 15.80 and a beta of 0.49. The company’s 50 day moving average price is $31.20 and its two-hundred day moving average price is $30.05.

Insider Buying and Selling

In other news, Director Shane Cooke sold 61,200 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $34.57, for a total value of $2,115,684.00. Following the sale, the director directly owned 103,744 shares of the company’s stock, valued at approximately $3,586,430.08. This represents a 37.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $33.93, for a total transaction of $305,370.00. Following the sale, the executive vice president owned 57,740 shares of the company’s stock, valued at approximately $1,959,118.20. This trade represents a 13.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 148,148 shares of company stock worth $5,028,378 in the last 90 days. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP increased its stake in Alkermes by 23.7% during the 4th quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock valued at $280,143,000 after purchasing an additional 1,920,916 shares in the last quarter. State Street Corp increased its position in shares of Alkermes by 10.9% during the fourth quarter. State Street Corp now owns 9,472,858 shares of the company’s stock worth $265,051,000 after acquiring an additional 932,507 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Alkermes by 6.0% during the fourth quarter. Renaissance Technologies LLC now owns 6,668,028 shares of the company’s stock worth $186,571,000 after acquiring an additional 375,500 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Alkermes by 32.0% in the 4th quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock worth $145,064,000 after acquiring an additional 1,256,377 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Alkermes by 19.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,412,783 shares of the company’s stock valued at $123,467,000 after acquiring an additional 714,787 shares in the last quarter. 95.21% of the stock is owned by institutional investors and hedge funds.

Alkermes Company Profile

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.