Alkermes (NASDAQ:ALKS) Price Target Raised to $42.00

Alkermes (NASDAQ:ALKS) had its target price lifted by Royal Bank Of Canada from $40.00 to $42.00 in a research note published on Wednesday morning,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the stock.

ALKS has been the topic of several other reports. The Goldman Sachs Group initiated coverage on Alkermes in a research report on Tuesday, July 15th. They issued a “buy” rating and a $43.00 price target on the stock. Robert W. Baird upped their price target on Alkermes from $38.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, May 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 target price on shares of Alkermes in a research note on Tuesday. UBS Group raised shares of Alkermes from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $33.00 to $42.00 in a research report on Tuesday, June 17th. Finally, Wall Street Zen cut shares of Alkermes from a “strong-buy” rating to a “buy” rating in a research report on Monday, May 5th. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Alkermes presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.08.

Alkermes Stock Up 0.2%

Shares of ALKS opened at $26.55 on Wednesday. The stock’s fifty day simple moving average is $29.21 and its 200-day simple moving average is $30.77. The firm has a market capitalization of $4.38 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 1.62 and a beta of 0.44. Alkermes has a 12-month low of $25.56 and a 12-month high of $36.45.

Alkermes (NASDAQ:ALKS) last issued its earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.10. The company had revenue of $390.66 million for the quarter, compared to analyst estimates of $343.20 million. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The company’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. Analysts anticipate that Alkermes will post 1.31 EPS for the current year.

Insider Transactions at Alkermes

In related news, SVP Christian Todd Nichols sold 3,334 shares of the company’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $31.09, for a total transaction of $103,654.06. Following the sale, the senior vice president owned 86,208 shares in the company, valued at approximately $2,680,206.72. This represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.40% of the company’s stock.

Institutional Trading of Alkermes

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALKS. Twin Tree Management LP bought a new position in Alkermes during the first quarter worth about $29,000. Armstrong Advisory Group Inc. acquired a new stake in shares of Alkermes in the second quarter valued at approximately $29,000. Brooklyn Investment Group boosted its stake in shares of Alkermes by 1,071.1% during the 1st quarter. Brooklyn Investment Group now owns 1,054 shares of the company’s stock worth $35,000 after acquiring an additional 964 shares during the period. Quantbot Technologies LP boosted its stake in shares of Alkermes by 54.5% during the 1st quarter. Quantbot Technologies LP now owns 1,091 shares of the company’s stock worth $36,000 after acquiring an additional 385 shares during the period. Finally, USA Financial Formulas acquired a new position in shares of Alkermes during the 1st quarter worth approximately $49,000. 95.21% of the stock is owned by institutional investors.

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.