Alkermes (NASDAQ:ALKS) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Alkermes (NASDAQ:ALKS) had its target price raised by equities researchers at Robert W. Baird from $48.00 to $58.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective indicates a potential upside of 14.85% from the company’s previous close.

Several other brokerages have also recently weighed in on ALKS. Wells Fargo & Company lifted their price target on Alkermes from $44.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. started coverage on Alkermes in a research note on Monday, July 13th. They issued a “neutral” rating and a $60.00 target price for the company. TD Cowen lifted their target price on Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Mizuho increased their price target on shares of Alkermes from $53.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, July 2nd. Finally, Zacks Research upgraded shares of Alkermes from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.50.

Alkermes Price Performance

Shares of NASDAQ:ALKS opened at $50.50 on Wednesday. The firm has a market capitalization of $8.42 billion, a PE ratio of 56.11 and a beta of 0.34. The company has a quick ratio of 1.70, a current ratio of 2.27 and a debt-to-equity ratio of 0.85. The company has a 50-day moving average price of $47.51 and a two-hundred day moving average price of $37.82. Alkermes has a twelve month low of $25.17 and a twelve month high of $55.67.

Insider Transactions at Alkermes

In other news, Director Christopher I. Wright sold 2,000 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $45.10, for a total transaction of $90,200.00. Following the sale, the director owned 25,680 shares in the company, valued at approximately $1,158,168. This trade represents a 7.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $51.51, for a total transaction of $463,590.00. Following the sale, the executive vice president directly owned 73,389 shares of the company’s stock, valued at $3,780,267.39. This represents a 10.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,102 shares of company stock valued at $1,494,410 in the last quarter. Insiders own 4.59% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cullen Frost Bankers Inc. bought a new stake in shares of Alkermes in the 4th quarter worth approximately $28,000. Johnson Financial Group Inc. bought a new position in shares of Alkermes during the third quarter valued at about $31,000. UMB Bank n.a. increased its stake in Alkermes by 57.6% in 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. Salomon & Ludwin LLC grew its holdings in shares of Alkermes by 115.6% in the fourth 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 last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Alkermes by 1,041.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company’s stock worth $37,000 after buying an additional 1,208 shares during the period. 95.21% of the stock is currently owned by institutional investors.

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.