Alkermes (NASDAQ:ALKS) Given “Neutral” Rating at HC Wainwright

HC Wainwright restated their neutral rating on shares of Alkermes (NASDAQ:ALKSFree Report) in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has a $35.00 price target on the stock.

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird began 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. Jefferies Financial Group increased their price objective on Alkermes from $42.00 to $50.00 and gave the company a buy rating in a report on Tuesday, April 9th. StockNews.com lowered Alkermes from a strong-buy rating to a buy rating in a report on Friday, February 23rd. TheStreet upgraded Alkermes from a c+ rating to a b rating in a report on Thursday, February 15th. Finally, Piper Sandler restated an overweight rating and issued a $39.00 price objective on shares of Alkermes in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Alkermes presently has an average rating of Hold and an average target price of $35.38.

View Our Latest Stock Analysis on ALKS

Alkermes Stock Up 0.8 %

Shares of Alkermes stock opened at $24.05 on Thursday. The stock has a 50-day simple moving average of $26.73 and a 200-day simple moving average of $26.73. Alkermes has a 52-week low of $22.01 and a 52-week high of $33.71. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 9.51, a P/E/G ratio of 0.68 and a beta of 0.61. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.20 and a quick ratio of 2.50.

Alkermes (NASDAQ:ALKSGet Free Report) last posted its earnings results on Wednesday, May 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.15). Alkermes had a net margin of 25.17% and a return on equity of 20.31%. The business had revenue of $350.37 million during the quarter, compared to analyst estimates of $360.26 million. During the same quarter last year, the firm earned ($0.10) earnings per share. Alkermes’s revenue was up 21.8% compared to the same quarter last year. On average, equities research analysts expect that Alkermes will post 2.22 earnings per share for the current fiscal year.

Alkermes declared that its Board of Directors has initiated a share buyback program on Thursday, February 15th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 8.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Alkermes news, SVP Christian Todd Nichols sold 10,417 shares of the stock in a transaction 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 sale, the senior vice president now directly owns 65,911 shares of the company’s stock, valued at approximately $1,852,099.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alkermes

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALKS. Nicollet Investment Management Inc. grew its holdings in shares of Alkermes by 60.5% during the 1st quarter. Nicollet Investment Management Inc. now owns 43,992 shares of the company’s stock worth $1,191,000 after purchasing an additional 16,583 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Alkermes by 24.9% in the first quarter. Jennison Associates LLC now owns 45,371 shares of the company’s stock valued at $1,228,000 after purchasing an additional 9,036 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in Alkermes by 380.5% in the first quarter. Daiwa Securities Group Inc. now owns 8,461 shares of the company’s stock worth $229,000 after purchasing an additional 6,700 shares during the period. Capstone Investment Advisors LLC acquired a new stake in Alkermes during the first quarter worth $883,000. Finally, Principal Financial Group Inc. increased its holdings in Alkermes by 4.2% in the 1st quarter. Principal Financial Group Inc. now owns 978,551 shares of the company’s stock valued at $26,489,000 after buying an additional 39,009 shares during the period. 95.21% of the stock is currently owned by institutional investors.

About Alkermes

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Alkermes (NASDAQ:ALKS)

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