Alkermes (NASDAQ:ALKS) Sets New 52-Week High – Still a Buy?

Alkermes plc (NASDAQ:ALKS) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $39.66 and last traded at $39.7470, with a volume of 571807 shares. The stock had previously closed at $38.09.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Robert W. Baird lifted their target price on Alkermes from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Needham & Company LLC increased their price target on shares of Alkermes from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Truist Financial upgraded shares of Alkermes to a “strong-buy” rating in a research report on Wednesday, March 25th. UBS Group boosted their price objective on shares of Alkermes from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen lowered shares of Alkermes from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.40.

Alkermes Stock Performance

The firm has a market capitalization of $7.03 billion, a PE ratio of 46.88 and a beta of 0.31. 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 of $34.49 and a 200 day moving average of $31.80.

Alkermes (NASDAQ:ALKS) last released its quarterly 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 for the quarter. Alkermes had a return on equity of 9.26% and a net margin of 9.78%. Equities research analysts predict that Alkermes plc will post -0.43 EPS for the current year.

Insider Activity at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 6,000 shares of Alkermes stock in a transaction that occurred on 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 sale, the senior vice president directly owned 109,769 shares in the company, valued at $3,293,070. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Craig C. Hopkinson sold 9,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $33.40, for a total transaction of $300,600.00. Following the completion of the transaction, the executive vice president directly owned 81,389 shares of the company’s stock, valued at approximately $2,718,392.60. This represents a 9.96% decrease in their position. 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 39,102 shares of company stock valued at $1,265,090 over the last three months. 4.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALKS. Stempoint Capital LP bought a new position in Alkermes in the first quarter valued at $2,846,000. Janus Henderson Group PLC lifted its stake in Alkermes by 5.6% during the first quarter. Janus Henderson Group PLC now owns 154,016 shares of the company’s stock worth $5,447,000 after purchasing an additional 8,212 shares during the last quarter. Amundi boosted its holdings in shares of Alkermes by 99.8% in the 1st quarter. Amundi now owns 64,710 shares of the company’s stock worth $2,288,000 after purchasing an additional 32,327 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Alkermes by 33.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,278 shares of the company’s stock worth $116,000 after purchasing an additional 823 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in shares of Alkermes by 23.5% during the 1st quarter. California State Teachers Retirement System now owns 183,795 shares of the company’s stock valued at $6,499,000 after purchasing an additional 35,002 shares during the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

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.