Alkermes (NASDAQ:ALKS) Coverage Initiated by Analysts at Truist Financial

Equities research analysts at Truist Financial initiated coverage on shares of Alkermes (NASDAQ:ALKS) in a report released on Tuesday, MarketBeat.com reports. The firm set a “buy” rating and a $50.00 price target on the stock. Truist Financial’s target price would indicate a potential upside of 53.14% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Alkermes in a report on Tuesday, October 14th. HC Wainwright reissued a “neutral” rating on shares of Alkermes in a research report on Wednesday, October 22nd. Royal Bank Of Canada raised their target price on shares of Alkermes from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Mizuho upped their price target on Alkermes from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Finally, Piper Sandler reiterated an “overweight” rating and set a $45.00 price objective (up previously from $38.00) on shares of Alkermes in a report on Thursday, October 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Alkermes presently has an average rating of “Moderate Buy” and an average price target of $45.23.

Alkermes Price Performance

Shares of ALKS stock opened at $32.65 on Tuesday. The company has a market capitalization of $5.39 billion, a P/E ratio of 16.16, a P/E/G ratio of 1.70 and a beta of 0.53. The company’s 50-day simple moving average is $29.88 and its two-hundred day simple moving average is $29.46. Alkermes has a one year low of $25.17 and a one year high of $36.45.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings results on Tuesday, October 28th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.41 by $0.08. Alkermes had a return on equity of 21.81% and a net margin of 22.27%.The firm had revenue of $394.19 million for the quarter, compared to analyst estimates of $355.23 million. During the same quarter last year, the firm posted $0.73 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. Alkermes has set its FY 2025 guidance at 1.360-1.470 EPS. On average, research analysts expect that Alkermes will post 1.31 EPS for the current fiscal year.

Insider Transactions at Alkermes

In other news, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $30.38, for a total transaction of $273,420.00. Following the sale, the executive vice president directly owned 69,740 shares of the company’s stock, valued at $2,118,701.20. This represents a 11.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Dana Investment Advisors Inc. raised its position in shares of Alkermes by 19.0% in the third quarter. Dana Investment Advisors Inc. now owns 27,334 shares of the company’s stock valued at $820,000 after buying an additional 4,365 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Alkermes during the third quarter worth about $632,000. AMG National Trust Bank grew its stake in Alkermes by 0.6% during the 3rd quarter. AMG National Trust Bank now owns 60,175 shares of the company’s stock valued at $1,805,000 after acquiring an additional 388 shares in the last quarter. Persistent Asset Partners Ltd acquired a new stake in Alkermes in the 3rd quarter valued at about $496,000. Finally, CenterBook Partners LP lifted its stake in Alkermes by 30.8% in the 3rd quarter. CenterBook Partners LP now owns 27,928 shares of the company’s stock worth $838,000 after purchasing an additional 6,579 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

About Alkermes

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.