Alkermes (NASDAQ:ALKS) Reaches New 1-Year High – What’s Next?

Alkermes plc (NASDAQ:ALKS)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $48.32 and last traded at $48.11, with a volume of 2451741 shares traded. The stock had previously closed at $46.02.

Wall Street Analysts Forecast Growth

ALKS has been the subject of several research analyst reports. Bank of America upped their price objective on shares of Alkermes from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Wells Fargo & Company raised their target price on shares of Alkermes from $43.00 to $44.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. TD Cowen upped their price target on shares of Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday. Needham & Company LLC increased their price objective on shares of Alkermes from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Finally, Truist Financial upgraded shares of Alkermes to a “strong-buy” rating in a research note on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.62.

Alkermes Price Performance

The company has a current ratio of 2.27, a quick ratio of 1.70 and a debt-to-equity ratio of 0.85. The business’s fifty day moving average is $38.64 and its 200 day moving average is $33.54. The firm has a market capitalization of $8.02 billion, a P/E ratio of 53.46 and a beta of 0.38.

Alkermes (NASDAQ:ALKS) last issued its earnings results on Saturday, February 14th. The company reported $0.29 earnings per share for the quarter. The firm had revenue of $384.55 million during the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. As a group, analysts forecast that Alkermes plc will post -0.43 EPS for the current year.

Insider Transactions at Alkermes

In other news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $41.67, for a total transaction of $375,030.00. Following the completion of the sale, the executive vice president directly owned 77,389 shares of the company’s stock, valued at $3,224,799.63. This represents a 10.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $43.05, for a total value of $87,563.70. Following the sale, the executive vice president directly owned 229,524 shares of the company’s stock, valued at approximately $9,881,008.20. This represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,102 shares of company stock valued at $1,310,828 in the last three months. 4.59% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alkermes

A number of institutional investors have recently bought and sold shares of the stock. Assetmark Inc. lifted its stake in Alkermes by 933.8% during the third quarter. Assetmark Inc. now owns 827 shares of the company’s stock valued at $25,000 after buying an additional 747 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of Alkermes in the fourth quarter worth approximately $28,000. Johnson Financial Group Inc. acquired a new stake in shares of Alkermes during the third quarter valued at approximately $31,000. UMB Bank n.a. raised its holdings in shares of Alkermes by 57.6% during the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock valued at $34,000 after acquiring an additional 446 shares during the period. Finally, Salomon & Ludwin LLC raised its holdings in shares of Alkermes by 115.6% during the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock valued at $35,000 after acquiring an additional 667 shares during the period. Hedge funds and other institutional investors 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.