Alkermes (NASDAQ:ALKS) Given New $54.00 Price Target at Needham & Company LLC

Alkermes (NASDAQ:ALKS) had its target price increased by analysts at Needham & Company LLC from $50.00 to $54.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 21.32% from the stock’s current price.

Several other research firms also recently commented on ALKS. UBS Group lifted their target price on shares of Alkermes from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Truist Financial upgraded shares of Alkermes to a “strong-buy” rating in a research report on Wednesday, March 25th. Weiss Ratings downgraded shares of Alkermes from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. HC Wainwright reiterated a “neutral” rating on shares of Alkermes in a research report on Thursday. 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, eleven have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.40.

Alkermes Trading Up 1.0%

ALKS opened at $44.51 on Thursday. The company’s 50 day moving average is $37.68 and its 200-day moving average is $33.06. The company has a market cap of $7.42 billion, a P/E ratio of 49.46 and a beta of 0.38. Alkermes has a 1-year low of $25.17 and a 1-year high of $45.76. The company has a current ratio of 2.27, a quick ratio of 1.70 and a debt-to-equity ratio of 0.85.

Alkermes (NASDAQ:ALKS) last posted its earnings results on Saturday, February 14th. The company reported $0.29 EPS for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. The business had revenue of $384.55 million for the quarter. Equities research analysts predict that Alkermes will post -0.43 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP David Joseph Gaffin sold 2,034 shares of Alkermes 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 completion of the sale, the executive vice president owned 229,524 shares in the company, valued at $9,881,008.20. The trade was a 0.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 Monday, June 1st. The shares were 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 owned 77,389 shares of the company’s stock, valued at $3,224,799.63. This represents a 10.42% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,102 shares of company stock worth $1,310,828 in the last quarter. 4.59% of the stock is owned by corporate insiders.

Institutional Trading of Alkermes

Several hedge funds have recently modified their holdings of ALKS. Assetmark Inc. increased its stake in shares of Alkermes by 933.8% in the 3rd quarter. Assetmark Inc. now owns 827 shares of the company’s stock valued at $25,000 after acquiring an additional 747 shares in the last quarter. Cullen Frost Bankers Inc. bought a new stake in shares of Alkermes in the 4th quarter valued at $28,000. Johnson Financial Group Inc. bought a new stake in shares of Alkermes in the 3rd quarter valued at $31,000. UMB Bank n.a. increased its stake in shares of Alkermes by 57.6% in the 4th 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 in the last quarter. Finally, Salomon & Ludwin LLC increased its stake in shares of Alkermes by 115.6% in the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock valued at $35,000 after acquiring an additional 667 shares in the last quarter. Institutional investors own 95.21% of the company’s stock.

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.