Alkermes (NASDAQ:ALKS) was upgraded by analysts at Morgan Stanley from an “underweight” rating to an “equal” rating in a research report issued to clients and investors on Thursday, September 5th, Marketbeat Ratings reports. The firm currently has a $20.00 target price on the stock, down from their prior target price of $30.00. Morgan Stanley’s price target suggests a potential downside of 10.27% from the company’s previous close.
Other research analysts have also recently issued research reports about the company. TheStreet cut Alkermes from a “c-” rating to a “d” rating in a research note on Friday, May 17th. BidaskClub cut Alkermes from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Goldman Sachs Group upgraded Alkermes from a “sell” rating to a “neutral” rating and set a $27.00 price target for the company in a research note on Monday, July 15th. Citigroup set a $25.00 price target on Alkermes and gave the stock a “hold” rating in a research note on Friday, July 26th. Finally, Zacks Investment Research cut Alkermes from a “buy” rating to a “hold” rating and set a $26.00 price target for the company. in a research note on Friday, July 19th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. Alkermes presently has a consensus rating of “Hold” and a consensus target price of $28.45.
ALKS traded down $0.33 on Thursday, hitting $22.29. 2,813 shares of the company were exchanged, compared to its average volume of 865,683. The firm has a fifty day simple moving average of $21.32 and a two-hundred day simple moving average of $26.54. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.69 and a current ratio of 2.98. Alkermes has a 12 month low of $19.36 and a 12 month high of $45.16. The stock has a market capitalization of $3.55 billion, a PE ratio of -316.57 and a beta of 1.82.
Alkermes (NASDAQ:ALKS) last posted its quarterly earnings results on Thursday, July 25th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.20. Alkermes had a negative return on equity of 4.13% and a negative net margin of 17.10%. The business had revenue of $279.90 million for the quarter, compared to analyst estimates of $251.40 million. During the same period last year, the company earned $0.29 EPS. Alkermes’s revenue for the quarter was down 8.1% compared to the same quarter last year. On average, equities analysts expect that Alkermes will post -0.39 earnings per share for the current year.
In other news, CEO Richard F. Pops sold 100,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $20.18, for a total value of $2,018,000.00. Following the completion of the transaction, the chief executive officer now owns 816,433 shares of the company’s stock, valued at $16,475,617.94. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.71% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Alkermes by 3.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 20,275,957 shares of the company’s stock worth $457,020,000 after buying an additional 697,027 shares in the last quarter. Vanguard Group Inc. raised its position in Alkermes by 1.7% during the second quarter. Vanguard Group Inc. now owns 14,588,574 shares of the company’s stock valued at $328,828,000 after purchasing an additional 239,819 shares during the period. BlackRock Inc. raised its position in Alkermes by 10.4% during the second quarter. BlackRock Inc. now owns 11,137,923 shares of the company’s stock valued at $251,050,000 after purchasing an additional 1,052,841 shares during the period. Renaissance Technologies LLC raised its position in Alkermes by 139.7% during the second quarter. Renaissance Technologies LLC now owns 3,950,586 shares of the company’s stock valued at $89,046,000 after purchasing an additional 2,302,600 shares during the period. Finally, First Trust Advisors LP raised its position in Alkermes by 29.1% during the first quarter. First Trust Advisors LP now owns 2,906,860 shares of the company’s stock valued at $106,071,000 after purchasing an additional 655,873 shares during the period. 95.92% of the stock is owned by hedge funds and other institutional investors.
Alkermes Company Profile
Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in various therapeutic areas in the United States, Ireland, and internationally. The company's marketed products include ARISTADA (aripiprazole lauroxil), an extended-release intramuscular injectable suspension for the treatment of schizophrenia; VIVITROL (naltrexone for extended-release injectable suspension) for the treatment of alcohol and opioid dependence; RISPERDAL CONSTA for the treatment of schizophrenia and bipolar I disorder; INVEGA SUSTENNA for the treatment of schizophrenia and schizoaffective disorder; XEPLION, INVEGA TRINZA, and TREVICTA for treating schizophrenia; and AMPYRA (dalfampridine)/FAMPYRA (fampridine) to enhance walking in adults with multiple sclerosis (MS) who have walking disability.
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