Alkermes (NASDAQ:ALKS) Releases Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Alkermes (NASDAQ:ALKS) issued its quarterly earnings results on Wednesday. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.15), Briefing.com reports. Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The business had revenue of $350.37 million for the quarter, compared to analyst estimates of $360.26 million. During the same quarter in the prior year, the firm earned ($0.10) EPS. The firm’s quarterly revenue was up 21.8% compared to the same quarter last year. Alkermes updated its FY 2024 guidance to 2.800-2.800 EPS.

Alkermes Stock Down 1.8 %

Shares of Alkermes stock traded down $0.44 on Thursday, hitting $23.57. The company had a trading volume of 107,666 shares, compared to its average volume of 1,878,079. The firm has a market capitalization of $3.99 billion, a P/E ratio of 11.60, a P/E/G ratio of 0.68 and a beta of 0.61. Alkermes has a twelve month low of $22.01 and a twelve month high of $33.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.86 and a quick ratio of 2.50. The stock has a 50-day moving average of $26.94 and a 200-day moving average of $26.79.

Insider Transactions at Alkermes

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ALKS. Robert W. Baird began coverage on shares of Alkermes in a report on Tuesday, March 19th. They set an “outperform” rating and a $37.00 price objective for the company. Piper Sandler restated an “overweight” rating and set a $39.00 price objective on shares of Alkermes in a report on Monday, April 1st. StockNews.com cut shares of Alkermes from a “strong-buy” rating to a “buy” rating in a report on Friday, February 23rd. UBS Group cut shares of Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 price objective for the company. in a report on Tuesday, February 20th. Finally, HC Wainwright restated a “neutral” rating and set a $35.00 price objective on shares of Alkermes in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Alkermes has a consensus rating of “Moderate Buy” and a consensus target price of $35.38.

Alkermes declared that its board has authorized a stock buyback plan on Thursday, February 15th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

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.