Alkermes (NASDAQ:ALKS) Shares Gap Up – Time to Buy?

Alkermes plc (NASDAQ:ALKS)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $26.59, but opened at $27.87. Alkermes shares last traded at $27.88, with a volume of 314,685 shares.

Analyst Ratings Changes

A number of brokerages have issued reports on ALKS. Cantor Fitzgerald cut their target price on Alkermes from $48.00 to $43.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. JPMorgan Chase & Co. dropped their target price on Alkermes from $32.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. StockNews.com raised shares of Alkermes from a “hold” rating to a “buy” rating in a research note on Sunday, July 28th. The Goldman Sachs Group cut their target price on shares of Alkermes from $32.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. Finally, HC Wainwright reissued a “neutral” rating and issued a $37.00 price target on shares of Alkermes in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Alkermes presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Alkermes Trading Up 5.3 %

The company has a market cap of $4.53 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 0.88 and a beta of 0.47. The company has a quick ratio of 3.03, a current ratio of 3.45 and a debt-to-equity ratio of 0.22. The business’s fifty day simple moving average is $27.61 and its two-hundred day simple moving average is $25.96.

Institutional Investors Weigh In On Alkermes

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALKS. Price T Rowe Associates Inc. MD raised its position in Alkermes by 421.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,326,256 shares of the company’s stock valued at $225,393,000 after purchasing an additional 6,730,671 shares during the last quarter. Armistice Capital LLC raised its holdings in shares of Alkermes by 301.5% in the second quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock valued at $65,050,000 after buying an additional 2,026,961 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Alkermes by 31.8% during the second quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock worth $135,939,000 after buying an additional 1,362,079 shares during the period. American Century Companies Inc. grew its holdings in shares of Alkermes by 87.1% during the second quarter. American Century Companies Inc. now owns 2,203,456 shares of the company’s stock worth $53,103,000 after buying an additional 1,025,905 shares during the last quarter. Finally, Affinity Asset Advisors LLC increased its position in Alkermes by 766.7% in the 2nd quarter. Affinity Asset Advisors LLC now owns 650,000 shares of the company’s stock valued at $15,665,000 after acquiring an additional 575,000 shares during the period. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Alkermes Company Profile

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.