Bank of America Forecasts Strong Price Appreciation for Alkermes (NASDAQ:ALKS) Stock

Alkermes (NASDAQ:ALKS) had its price target increased by research analysts at Bank of America from $34.00 to $36.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target suggests a potential upside of 3.19% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Piper Sandler lowered their price target on shares of Alkermes from $45.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, March 24th. Wolfe Research began coverage on shares of Alkermes in a report on Monday, February 23rd. They issued an “outperform” rating and a $45.00 price target on the stock. HC Wainwright restated a “neutral” rating and issued a $43.00 price target on shares of Alkermes in a report on Thursday, February 26th. Wall Street Zen lowered shares of Alkermes from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Alkermes in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Alkermes has an average rating of “Moderate Buy” and an average target price of $44.07.

Alkermes Stock Performance

Alkermes stock traded up $0.12 during midday trading on Thursday, hitting $34.89. 593,646 shares of the company’s stock were exchanged, compared to its average volume of 2,353,034. Alkermes has a 12 month low of $25.17 and a 12 month high of $36.48. The firm has a 50-day moving average of $31.45 and a two-hundred day moving average of $30.52. The company has a market cap of $5.80 billion, a PE ratio of 24.38, a P/E/G ratio of 8.69 and a beta of 0.44.

Alkermes (NASDAQ:ALKS) last issued its earnings results on Thursday, February 26th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.14). Alkermes had a return on equity of 14.91% and a net margin of 16.37%.The business had revenue of $384.55 million for the quarter, compared to the consensus estimate of $380.44 million. During the same quarter in the previous year, the company earned $1.05 earnings per share. The firm’s revenue was down 10.6% on a year-over-year basis. As a group, equities analysts expect that Alkermes will post 1.31 earnings per share for the current year.

Insider Buying and Selling at Alkermes

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $35.51, for a total transaction of $319,590.00. Following the completion of the transaction, the executive vice president directly owned 85,389 shares of the company’s stock, valued at approximately $3,032,163.39. This trade represents a 9.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Shane Cooke sold 61,200 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $34.57, for a total transaction of $2,115,684.00. Following the transaction, the director directly owned 103,744 shares of the company’s stock, valued at $3,586,430.08. This represents a 37.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 159,468 shares of company stock valued at $5,433,699. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alkermes

Hedge funds and other institutional investors have recently made changes to their positions in the company. Assetmark Inc. grew its stake in shares of Alkermes by 933.8% during the 3rd quarter. Assetmark Inc. now owns 827 shares of the company’s stock worth $25,000 after purchasing an additional 747 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of Alkermes during the 4th quarter worth approximately $28,000. Johnson Financial Group Inc. acquired a new stake in shares of Alkermes during the 3rd quarter worth approximately $31,000. UMB Bank n.a. grew its stake in shares of Alkermes by 57.6% during the 4th quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock worth $34,000 after purchasing an additional 446 shares during the period. Finally, Salomon & Ludwin LLC grew its stake in shares of Alkermes by 115.6% during the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock worth $35,000 after purchasing an additional 667 shares during the period. Institutional investors and hedge funds own 95.21% of the company’s stock.

Alkermes Company Profile

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.