Alkermes’ (ALKS) “Neutral” Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their neutral rating on shares of Alkermes (NASDAQ:ALKS) in a research note released on Friday morning, Benzinga reports. The firm currently has a $35.00 price objective on the stock.

A number of other research firms have also weighed in on ALKS. Piper Sandler reiterated an overweight rating and set a $39.00 target price on shares of Alkermes in a report on Monday, April 1st. Robert W. Baird started coverage on shares of Alkermes in a report on Tuesday, March 19th. They issued an outperform rating and a $37.00 price objective for the company. UBS Group cut Alkermes from a neutral rating to a sell rating and set a $25.00 price objective on the stock. in a research report on Tuesday, February 20th. StockNews.com cut Alkermes from a strong-buy rating to a buy rating in a research report on Friday, February 23rd. Finally, Bank of America lifted their price objective on Alkermes from $27.00 to $29.00 and gave the company a neutral rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Alkermes presently has a consensus rating of Moderate Buy and a consensus price target of $35.38.

Alkermes Stock Performance

NASDAQ ALKS opened at $23.85 on Friday. The company has a 50-day simple moving average of $27.83 and a two-hundred day simple moving average of $27.00. The company has a quick ratio of 2.50, a current ratio of 2.86 and a debt-to-equity ratio of 0.24. Alkermes has a 12-month low of $22.01 and a 12-month high of $33.71. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of 11.52, a PEG ratio of 0.66 and a beta of 0.55.

Alkermes (NASDAQ:ALKS) last posted its earnings results on Thursday, February 15th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.29). The firm had revenue of $377.50 million for the quarter, compared to analysts’ expectations of $362.78 million. Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The business’s revenue for the quarter was up 23.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.02) earnings per share. On average, equities analysts forecast that Alkermes will post 2.23 EPS for the current year.

Alkermes declared that its board has initiated a stock buyback plan on Thursday, February 15th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the company to purchase up to 8.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, SVP Christian Todd Nichols sold 10,417 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $28.10, for a total value of $292,717.70. Following the completion of the transaction, the senior vice president now directly owns 65,911 shares in the company, valued at approximately $1,852,099.10. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.76% of the company’s stock.

Hedge Funds Weigh In On Alkermes

A number of hedge funds have recently added to or reduced their stakes in the company. Neo Ivy Capital Management purchased a new stake in Alkermes during the 2nd quarter valued at $27,000. Emerald Advisers LLC purchased a new stake in Alkermes during the 3rd quarter valued at $27,000. CWM LLC raised its stake in Alkermes by 147.5% during the 3rd quarter. CWM LLC now owns 1,037 shares of the company’s stock valued at $29,000 after buying an additional 618 shares during the last quarter. McGlone Suttner Wealth Management Inc. purchased a new stake in Alkermes during the 4th quarter valued at $30,000. Finally, GAMMA Investing LLC purchased a new stake in Alkermes during the 4th quarter valued at $35,000. 95.21% of the stock is currently 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 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.