Alkermes (NASDAQ:ALKS) Upgraded to Strong-Buy at Truist Financial

Truist Financial upgraded shares of Alkermes (NASDAQ:ALKS) to a strong-buy rating in a research report sent to investors on Wednesday,Zacks.com reports.

ALKS has been the topic of several other reports. Zacks Research lowered Alkermes from a “hold” rating to a “strong sell” rating in a report on Friday, March 20th. Piper Sandler decreased their price target on Alkermes from $45.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday. Royal Bank Of Canada lowered their price objective on Alkermes from $47.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, February 26th. Wells Fargo & Company raised their price objective on shares of Alkermes from $37.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, February 26th. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $43.00 target price on shares of Alkermes in a report on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.93.

Alkermes Stock Performance

NASDAQ:ALKS opened at $29.37 on Wednesday. Alkermes has a one year low of $25.17 and a one year high of $36.32. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 7.08 and a beta of 0.53. The firm’s fifty day moving average is $31.39 and its two-hundred day moving average is $30.13.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.14). The company had revenue of $384.55 million for the quarter, compared to analyst estimates of $380.44 million. Alkermes had a return on equity of 14.91% and a net margin of 16.37%.Alkermes’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 earnings per share. Alkermes has set its FY 2026 guidance at -0.798–0.680 EPS. As a group, equities research analysts predict that Alkermes will post 1.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $33.93, for a total value of $305,370.00. Following the completion of the transaction, the executive vice president owned 57,740 shares of the company’s stock, valued at approximately $1,959,118.20. This represents a 13.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $29.29, for a total value of $59,575.86. Following the transaction, the executive vice president owned 237,660 shares in the company, valued at $6,961,061.40. This represents a 0.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 157,434 shares of company stock worth $5,305,794 in the last 90 days. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ALKS. Norges Bank acquired a new stake in Alkermes in the 4th quarter valued at $54,442,000. Baker BROS. Advisors LP increased its holdings in Alkermes by 23.7% in the 4th quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock worth $280,143,000 after acquiring an additional 1,920,916 shares in the last quarter. UBS Group AG raised its position in Alkermes by 237.4% during the fourth quarter. UBS Group AG now owns 2,544,895 shares of the company’s stock worth $71,206,000 after acquiring an additional 1,790,729 shares during the period. JPMorgan Chase & Co. lifted its holdings in Alkermes by 32.0% during the fourth quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock valued at $145,064,000 after purchasing an additional 1,256,377 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Alkermes by 1,070.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,208,944 shares of the company’s stock valued at $36,268,000 after purchasing an additional 1,105,666 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.