Alkermes (NASDAQ:ALKS) Price Target Raised to $38.00

Alkermes (NASDAQ:ALKS) had its price objective lifted by Robert W. Baird from $37.00 to $38.00 in a research report sent to investors on Thursday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other equities analysts also recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Alkermes from $32.00 to $31.00 and set a neutral rating on the stock in a research note on Monday, July 15th. Piper Sandler restated an overweight rating and issued a $39.00 target price on shares of Alkermes in a research note on Monday, April 1st. Jefferies Financial Group raised their target price on shares of Alkermes from $42.00 to $50.00 and gave the company a buy rating in a research note on Tuesday, April 9th. Cantor Fitzgerald raised their target price on shares of Alkermes from $43.00 to $48.00 and gave the company an overweight rating in a research note on Thursday, May 23rd. Finally, StockNews.com downgraded shares of Alkermes from a buy rating to a hold rating in a research note on Saturday, July 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $36.70.

Alkermes Stock Performance

Shares of NASDAQ:ALKS opened at $27.88 on Thursday. The firm has a market cap of $4.59 billion, a PE ratio of 11.02, a price-to-earnings-growth ratio of 0.62 and a beta of 0.47. The firm’s 50 day simple moving average is $24.43 and its 200-day simple moving average is $26.12. Alkermes has a one year low of $22.01 and a one year high of $32.88. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.77 and a current ratio of 2.99.

Alkermes (NASDAQ:ALKS) last issued its earnings results on Wednesday, July 24th. The company reported $0.70 EPS for the quarter, hitting analysts’ consensus estimates of $0.70. Alkermes had a net margin of 19.15% and a return on equity of 23.20%. The business had revenue of $399.13 million for the quarter, compared to analyst estimates of $393.30 million. During the same period last year, the company posted $0.38 earnings per share. The company’s quarterly revenue was down 35.4% compared to the same quarter last year. As a group, equities analysts predict that Alkermes will post 2.25 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its holdings in shares of Alkermes by 73.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 209,535 shares of the company’s stock worth $5,050,000 after purchasing an additional 88,834 shares during the last quarter. EFG Asset Management North America Corp. raised its holdings in shares of Alkermes by 0.5% during the second quarter. EFG Asset Management North America Corp. now owns 75,864 shares of the company’s stock worth $1,828,000 after purchasing an additional 359 shares during the last quarter. AMG National Trust Bank purchased a new position in Alkermes in the second quarter valued at $854,000. Louisiana State Employees Retirement System increased its holdings in Alkermes by 3.0% in the second quarter. Louisiana State Employees Retirement System now owns 85,100 shares of the company’s stock valued at $2,051,000 after buying an additional 2,500 shares in the last quarter. Finally, Summit Global Investments increased its holdings in Alkermes by 17.3% in the second quarter. Summit Global Investments now owns 46,808 shares of the company’s stock valued at $1,128,000 after buying an additional 6,913 shares in the last quarter. 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.