Cantor Fitzgerald Raises Alkermes (NASDAQ:ALKS) Price Target to $48.00

Alkermes (NASDAQ:ALKSFree Report) had its price target lifted by Cantor Fitzgerald from $43.00 to $48.00 in a research note released on Thursday, Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

A number of other equities research analysts also recently commented on 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 research report on Tuesday, April 9th. Piper Sandler reiterated an overweight rating and issued a $39.00 price target on shares of Alkermes in a research report on Monday, April 1st. HC Wainwright restated a neutral rating and set a $35.00 price objective on shares of Alkermes in a report on Thursday, May 2nd. TheStreet upgraded shares of Alkermes from a c+ rating to a b rating in a report on Thursday, February 15th. Finally, lowered shares of Alkermes from a buy rating to a hold rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $36.78.

Get Our Latest Analysis on Alkermes

Alkermes Trading Up 0.1 %

Shares of ALKS stock opened at $24.02 on Thursday. The stock has a 50-day simple moving average of $25.20 and a 200 day simple moving average of $26.65. The stock has a market capitalization of $4.06 billion, a P/E ratio of 9.49, a P/E/G ratio of 0.48 and a beta of 0.61. Alkermes has a fifty-two week low of $22.01 and a fifty-two week high of $33.71. The company has a quick ratio of 2.77, a current ratio of 3.20 and a debt-to-equity ratio of 0.23.

Alkermes (NASDAQ:ALKSGet Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $360.26 million. During the same quarter last year, the business posted ($0.10) EPS. The business’s revenue for the quarter was up 21.8% on a year-over-year basis. On average, sell-side analysts expect that Alkermes will post 2.27 earnings per share for the current fiscal year.

Alkermes announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 15th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the company to buy up to 8.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, SVP Christian Todd Nichols sold 10,417 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the completion of the sale, the senior vice president now directly owns 65,911 shares in the company, valued at $1,852,099.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 4.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alkermes

A number of hedge funds have recently added to or reduced their stakes in ALKS. Beck Bode LLC acquired a new stake in Alkermes in the first quarter valued at approximately $738,000. Tidal Investments LLC acquired a new stake in shares of Alkermes in the 1st quarter valued at $441,000. Bayesian Capital Management LP acquired a new stake in shares of Alkermes in the 1st quarter valued at $333,000. Price T Rowe Associates Inc. MD boosted its holdings in Alkermes by 421.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,326,256 shares of the company’s stock worth $225,393,000 after purchasing an additional 6,730,671 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in Alkermes by 655.0% during the first quarter. Lazard Asset Management LLC now owns 77,102 shares of the company’s stock worth $2,087,000 after buying an additional 66,890 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Alkermes Company Profile

(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.

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