JPMorgan Chase & Co. Boosts Alkermes (NASDAQ:ALKS) Price Target to $35.00

Alkermes (NASDAQ:ALKS) had its target price boosted by JPMorgan Chase & Co. from $34.00 to $35.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities analysts have also recently commented on ALKS. Cantor Fitzgerald upgraded shares of Alkermes to a “strong-buy” rating in a report on Tuesday, May 13th. Royal Bank Of Canada boosted their price target on shares of Alkermes from $40.00 to $42.00 and gave the company a “sector perform” rating in a report on Wednesday, July 30th. The Goldman Sachs Group assumed coverage on shares of Alkermes in a report on Tuesday, July 15th. They set a “buy” rating and a $43.00 price target on the stock. UBS Group upgraded shares of Alkermes from a “neutral” rating to a “buy” rating and boosted their price target for the company from $33.00 to $42.00 in a report on Tuesday, June 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $45.00 price target on shares of Alkermes in a report on Tuesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $41.85.

Alkermes Stock Performance

NASDAQ ALKS opened at $27.71 on Tuesday. Alkermes has a twelve month low of $25.17 and a twelve month high of $36.45. The stock has a market cap of $4.57 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 1.55 and a beta of 0.53. The firm’s 50 day moving average price is $28.26 and its two-hundred day moving average price is $29.96.

Alkermes (NASDAQ:ALKS) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.42 by $0.10. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The business had revenue of $390.66 million for the quarter, compared to analysts’ expectations of $343.20 million. During the same period in the previous year, the company posted $1.16 EPS. Alkermes’s revenue was down 2.1% on a year-over-year basis. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. On average, research analysts forecast that Alkermes will post 1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Alkermes

Several institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp lifted its stake in shares of Alkermes by 2.3% in the 2nd quarter. State Street Corp now owns 8,208,256 shares of the company’s stock valued at $234,838,000 after purchasing an additional 185,586 shares during the last quarter. RTW Investments LP lifted its stake in shares of Alkermes by 13.6% in the 4th quarter. RTW Investments LP now owns 7,557,835 shares of the company’s stock valued at $217,363,000 after purchasing an additional 903,802 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Alkermes by 488.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,234,995 shares of the company’s stock valued at $172,860,000 after purchasing an additional 4,345,523 shares during the last quarter. Baker BROS. Advisors LP lifted its stake in shares of Alkermes by 7.2% in the 1st quarter. Baker BROS. Advisors LP now owns 4,483,285 shares of the company’s stock valued at $148,038,000 after purchasing an additional 301,534 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Alkermes by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 4,023,552 shares of the company’s stock worth $115,128,000 after acquiring an additional 83,858 shares during 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.