Leerink Swann Initiates Coverage on Alkermes PLC (ALKS)
Research analysts at Leerink Swann initiated coverage on shares of Alkermes PLC (NASDAQ:ALKS) in a research note issued on Tuesday. The firm set an “outperform” rating and a $57.00 price target on the stock. Leerink Swann’s price target points to a potential upside of 22.77% from the stock’s previous close.
A number of other brokerages have also issued reports on ALKS. Barclays PLC increased their price target on Alkermes PLC from $65.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, July 29th. Citigroup Inc. increased their price target on Alkermes PLC from $44.00 to $53.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 27th. Jefferies Group increased their price target on Alkermes PLC from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Zacks Investment Research upgraded Alkermes PLC from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Friday, August 5th. Finally, Morgan Stanley reiterated a “sell” rating and issued a $41.00 price target on shares of Alkermes PLC in a research note on Friday, September 2nd. 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 has a consensus rating of “Hold” and a consensus price target of $55.90.
Alkermes PLC (NASDAQ:ALKS) opened at 46.43 on Tuesday. The stock’s market cap is $7.04 billion. The stock has a 50 day moving average price of $46.87 and a 200 day moving average price of $43.73. Alkermes PLC has a 12-month low of $27.14 and a 12-month high of $80.71.
Alkermes PLC (NASDAQ:ALKS) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.09. Alkermes PLC had a negative return on equity of 14.18% and a negative net margin of 41.19%. The business earned $195.20 million during the quarter, compared to analyst estimates of $174.15 million. During the same quarter in the prior year, the business posted ($0.09) EPS. Alkermes PLC’s revenue for the quarter was up 28.9% compared to the same quarter last year. On average, analysts forecast that Alkermes PLC will post ($0.12) earnings per share for the current fiscal year.
In related news, CMO Elliot Ehrich sold 35,199 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $2,395,466.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul J. Mitchell sold 2,000 shares of the stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $47.42, for a total transaction of $94,840.00. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at $474,200. The disclosure for this sale can be found here. 4.75% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. LS Investment Advisors LLC raised its stake in Alkermes PLC by 23.6% in the second quarter. LS Investment Advisors LLC now owns 2,846 shares of the company’s stock worth $123,000 after buying an additional 544 shares during the period. Glenmede Trust Co. NA raised its stake in Alkermes PLC by 2,458.1% in the second quarter. Glenmede Trust Co. NA now owns 3,300 shares of the company’s stock worth $142,000 after buying an additional 3,171 shares during the period. Mn Services Vermogensbeheer B.V. raised its stake in Alkermes PLC by 3.4% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 3,829 shares of the company’s stock worth $149,000 after buying an additional 127 shares during the period. Strs Ohio raised its stake in Alkermes PLC by 29.6% in the second quarter. Strs Ohio now owns 4,050 shares of the company’s stock worth $175,000 after buying an additional 925 shares during the period. Finally, Independent Portfolio Consultants Inc. purchased a new stake in Alkermes PLC during the second quarter worth $179,000. 95.13% of the stock is currently owned by institutional investors.
About Alkermes PLC
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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