Alkermes (NASDAQ:ALKS) Updates FY 2024 Earnings Guidance

Alkermes (NASDAQ:ALKS) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 2.800-2.800 for the period, compared to the consensus estimate of 2.670. The company issued revenue guidance of $1.5 billion-$1.6 billion, compared to the consensus revenue estimate of $1.5 billion.

Wall Street Analysts Forecast Growth

Several research firms have commented on ALKS. Robert W. Baird upped their price objective on shares of Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. StockNews.com raised shares of Alkermes from a “hold” rating to a “buy” rating in a report on Sunday, July 28th. JPMorgan Chase & Co. cut their price target on Alkermes from $32.00 to $26.00 and set a “neutral” rating for the company in a report on Friday. Piper Sandler reiterated an “overweight” rating and issued a $37.00 price target (down from $38.00) on shares of Alkermes in a research report on Friday. Finally, HC Wainwright reissued a “neutral” rating and set a $37.00 price objective on shares of Alkermes in a report on Friday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.91.

Alkermes Trading Down 2.8 %

Alkermes stock traded down $0.76 during mid-day trading on Friday, hitting $26.09. The company’s stock had a trading volume of 3,134,755 shares, compared to its average volume of 1,846,714. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 10.44, a price-to-earnings-growth ratio of 0.56 and a beta of 0.46. The business has a 50 day moving average price of $27.85 and a 200-day moving average price of $25.87. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.99 and a quick ratio of 2.61. Alkermes has a 12 month low of $22.06 and a 12 month high of $32.88.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.70 earnings per share for the quarter, meeting the consensus estimate of $0.70. The business had revenue of $399.13 million during the quarter, compared to analysts’ expectations of $393.30 million. Alkermes had a net margin of 19.15% and a return on equity of 23.20%. The firm’s revenue for the quarter was down 35.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.38 EPS. As a group, analysts forecast that Alkermes will post 2.36 EPS for the current year.

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.