Cantor Fitzgerald Lowers Alkermes (NASDAQ:ALKS) Price Target to $43.00

Alkermes (NASDAQ:ALKS) had its price objective lowered by equities researchers at Cantor Fitzgerald from $48.00 to $43.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 63.00% from the stock’s previous close.

ALKS has been the topic of several other reports. Piper Sandler reiterated an “overweight” rating and set a $37.00 price objective (down from $38.00) on shares of Alkermes in a research report on Friday. JPMorgan Chase & Co. raised their price target on Alkermes from $31.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. StockNews.com upgraded Alkermes from a “hold” rating to a “buy” rating in a research report on Sunday, July 28th. Robert W. Baird raised their price target on Alkermes from $37.00 to $38.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, HC Wainwright restated a “neutral” rating and set a $37.00 price target on shares of Alkermes in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.40.

Alkermes Price Performance

Shares of Alkermes stock traded down $0.47 during trading on Friday, hitting $26.38. 1,473,295 shares of the stock traded hands, compared to its average volume of 1,837,822. The company has a quick ratio of 2.61, a current ratio of 2.99 and a debt-to-equity ratio of 0.22. The stock has a market cap of $4.46 billion, a price-to-earnings ratio of 10.43, a PEG ratio of 0.56 and a beta of 0.46. The firm’s fifty day moving average is $27.85 and its 200-day moving average is $25.87. Alkermes has a 52 week low of $22.06 and a 52 week high of $32.88.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.70 EPS for the quarter, meeting the consensus estimate of $0.70. The firm had revenue of $399.13 million for the quarter, compared to analyst estimates of $393.30 million. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. The company’s revenue was down 35.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.38 EPS. Research analysts expect that Alkermes will post 2.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in shares of Alkermes in the 3rd quarter valued at approximately $29,000. Signaturefd LLC lifted its stake in shares of Alkermes by 51.2% in the 2nd quarter. Signaturefd LLC now owns 1,417 shares of the company’s stock valued at $34,000 after purchasing an additional 480 shares during the period. Hexagon Capital Partners LLC lifted its stake in shares of Alkermes by 3,841.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,537 shares of the company’s stock valued at $37,000 after purchasing an additional 1,498 shares during the period. GAMMA Investing LLC lifted its stake in shares of Alkermes by 44.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,287 shares of the company’s stock valued at $55,000 after purchasing an additional 703 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Alkermes in the 2nd quarter valued at approximately $116,000. 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.