Alkermes PLC (ALKS) Shares Up 3.1%
Shares of Alkermes PLC (NASDAQ:ALKS) shot up 3.1% during mid-day trading on Tuesday . The company traded as high as $46.88 and last traded at $46.76, with a volume of 608,266 shares traded. The stock had previously closed at $45.35.
A number of brokerages recently issued reports on ALKS. Jefferies Group restated a “buy” rating on shares of Alkermes PLC in a research report on Sunday, July 17th. Morgan Stanley restated a “sell” rating on shares of Alkermes PLC in a research report on Saturday, April 30th. Cowen and Company began coverage on shares of Alkermes PLC in a research report on Thursday, May 5th. They set a “market perform” rating on the stock. Barclays PLC raised their target price on shares of Alkermes PLC from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 13th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $51.00 price target on shares of Alkermes PLC in a research note on Friday, July 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $53.30.
The firm has a 50-day moving average price of $47.92 and a 200-day moving average price of $40.49. The company’s market cap is $7.05 billion.
Alkermes PLC (NASDAQ:ALKS) last released its earnings results on Thursday, July 28th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business earned $195.20 million during the quarter, compared to the consensus estimate of $174.15 million. The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. On average, analysts expect that Alkermes PLC will post ($0.21) EPS for the current year.
In related news, CMO Elliot Ehrich sold 35,199 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $51.95, for a total value of $1,828,588.05. Following the sale, the chief marketing officer now directly owns 46,111 shares in the company, valued at approximately $2,395,466.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul J. Mitchell sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $49.48, for a total transaction of $98,960.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at $494,800. The disclosure for this sale can be found here.
Other hedge funds have added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its stake in Alkermes PLC by 4.8% in the fourth quarter. Advisors Asset Management Inc. now owns 23,604 shares of the company’s stock worth $1,874,000 after buying an additional 1,084 shares during the last quarter. Utah Retirement Systems increased its stake in Alkermes PLC by 0.8% in the fourth quarter. Utah Retirement Systems now owns 26,700 shares of the company’s stock worth $2,119,000 after buying an additional 200 shares during the last quarter. Finally, Morgan Stanley increased its stake in Alkermes PLC by 90.0% in the fourth quarter. Morgan Stanley now owns 278,819 shares of the company’s stock worth $22,134,000 after buying an additional 132,076 shares during the last quarter.
Alkermes Public Limited Company is a biopharmaceutical company. The Company is engaged in researching, developing and commercializing, both with partners and on its own, pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. The Company has a portfolio of approximately 20 products and a clinical pipeline of product candidates that address central nervous system (CNS) disorders, such as schizophrenia, depression, addiction and multiple sclerosis.
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