Alkermes (NASDAQ:ALKS) Reaches New 12-Month High – What’s Next?

Alkermes plc (NASDAQ:ALKS)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $36.60 and last traded at $36.4550, with a volume of 262321 shares traded. The stock had previously closed at $35.47.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALKS. Zacks Research raised Alkermes from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Royal Bank Of Canada cut their price objective on Alkermes from $47.00 to $45.00 and set an “outperform” rating on the stock in a research note on Thursday, February 26th. Truist Financial upgraded Alkermes to a “strong-buy” rating in a report on Wednesday, March 25th. Wolfe Research assumed coverage on Alkermes in a research report on Monday, February 23rd. They set an “outperform” rating and a $45.00 target price for the company. Finally, Wells Fargo & Company lifted their price target on shares of Alkermes from $43.00 to $44.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Alkermes currently has a consensus rating of “Moderate Buy” and an average target price of $45.21.

Alkermes Trading Up 5.4%

The company has a market capitalization of $6.23 billion, a P/E ratio of 41.73 and a beta of 0.31. The company has a 50-day simple moving average of $31.81 and a 200 day simple moving average of $31.10. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27.

Alkermes (NASDAQ:ALKS) last posted its quarterly earnings data on Saturday, February 14th. The company reported $0.29 earnings per share for the quarter. The company had revenue of $384.55 million during the quarter. Alkermes had a return on equity of 9.26% and a net margin of 9.78%. Sell-side analysts expect that Alkermes plc will post -0.62 earnings per share for the current year.

Insider Activity at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 6,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $30.00, for a total transaction of $180,000.00. Following the completion of the transaction, the senior vice president owned 109,769 shares in the company, valued at $3,293,070. This trade represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David Joseph Gaffin sold 2,034 shares of Alkermes stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $33.20, for a total value of $67,528.80. Following the sale, the executive vice president directly owned 231,558 shares in the company, valued at $7,687,725.60. The trade was a 0.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 39,102 shares of company stock valued at $1,265,090 over the last quarter. 4.59% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Royal Bank of Canada raised its holdings in Alkermes by 117.2% during the 1st quarter. Royal Bank of Canada now owns 275,526 shares of the company’s stock worth $9,098,000 after purchasing an additional 148,696 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Alkermes during the 1st quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Alkermes by 4.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 482,332 shares of the company’s stock worth $15,927,000 after buying an additional 20,091 shares during the last quarter. Cetera Investment Advisers lifted its holdings in Alkermes by 32.3% in the second quarter. Cetera Investment Advisers now owns 13,907 shares of the company’s stock valued at $398,000 after buying an additional 3,394 shares during the period. Finally, Quantbot Technologies LP boosted its stake in Alkermes by 539.4% in the second quarter. Quantbot Technologies LP now owns 6,976 shares of the company’s stock valued at $200,000 after acquiring an additional 5,885 shares during the last quarter. 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.