Alkermes (NASDAQ:ALKS) Reaches New 1-Year High – Here’s Why

Shares of Alkermes plc (NASDAQ:ALKS) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $55.37 and last traded at $55.14, with a volume of 1743604 shares. The stock had previously closed at $54.58.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ALKS. Wells Fargo & Company lifted their price target on Alkermes from $44.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Royal Bank Of Canada upped their price target on shares of Alkermes from $45.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, June 9th. Piper Sandler lowered their price target on shares of Alkermes from $45.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 24th. Robert W. Baird lifted their price objective on Alkermes from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Finally, Zacks Research raised Alkermes from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Alkermes currently has an average rating of “Moderate Buy” and an average price target of $49.62.

Alkermes Trading Down 1.7%

The company has a debt-to-equity ratio of 0.85, a current ratio of 2.27 and a quick ratio of 1.70. The firm has a market cap of $9.05 billion, a price-to-earnings ratio of 60.32 and a beta of 0.34. The business’s 50-day moving average price is $42.58 and its two-hundred day moving average price is $35.28.

Alkermes (NASDAQ:ALKS) last released its earnings results on Saturday, February 14th. The company reported $0.29 EPS 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%. Equities analysts expect that Alkermes plc will post -0.43 earnings per share for the current year.

Insider Buying and Selling

In other Alkermes news, Director Christopher I. Wright sold 2,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $45.10, for a total value of $90,200.00. Following the sale, the director directly owned 25,680 shares of the company’s stock, valued at approximately $1,158,168. This trade represents a 7.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $51.51, for a total transaction of $463,590.00. Following the transaction, the executive vice president directly owned 73,389 shares of the company’s stock, valued at approximately $3,780,267.39. This represents a 10.92% 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. Over the last ninety days, insiders have sold 35,102 shares of company stock worth $1,494,410. 4.59% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alkermes

A number of hedge funds have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. acquired a new stake in shares of Alkermes during the 4th quarter worth $28,000. Johnson Financial Group Inc. acquired a new position in Alkermes in the third quarter valued at $31,000. UMB Bank n.a. grew its position in 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. Salomon & Ludwin LLC increased its stake in Alkermes by 115.6% during the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock worth $35,000 after acquiring an additional 667 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Alkermes by 1,041.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company’s stock worth $37,000 after acquiring an additional 1,208 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.