Alkermes (NASDAQ:ALKS) Stock Price Down 6.2% After Analyst Downgrade

Alkermes plc (NASDAQ:ALKS) shares traded down 6.2% during trading on Friday after Wells Fargo & Company lowered their price target on the stock from $42.00 to $37.00. Wells Fargo & Company currently has an overweight rating on the stock. Alkermes traded as low as $28.67 and last traded at $29.0780. 2,270,621 shares traded hands during trading, an increase of 18% from the average session volume of 1,925,173 shares. The stock had previously closed at $31.01.

ALKS has been the topic of a number of other research reports. Mizuho upped their price objective on Alkermes from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Royal Bank Of Canada increased their price target on shares of Alkermes from $45.00 to $47.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Zacks Research upgraded Alkermes from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 22nd. Needham & Company LLC raised their target price on Alkermes from $43.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Alkermes from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.31.

Insider Activity at Alkermes

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $30.38, for a total value of $273,420.00. Following the completion of the sale, the executive vice president owned 69,740 shares in the company, valued at approximately $2,118,701.20. This trade represents a 11.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Alkermes

Several hedge funds have recently made changes to their positions in ALKS. Cerity Partners LLC boosted its holdings in shares of Alkermes by 46.3% during the 1st quarter. Cerity Partners LLC now owns 26,240 shares of the company’s stock valued at $866,000 after acquiring an additional 8,310 shares during the last quarter. Edgestream Partners L.P. grew its stake in shares of Alkermes by 103.8% in the 1st quarter. Edgestream Partners L.P. now owns 110,244 shares of the company’s stock worth $3,640,000 after buying an additional 56,138 shares in the last quarter. Victory Capital Management Inc. increased its stake in Alkermes by 30.9% during the first quarter. Victory Capital Management Inc. now owns 120,997 shares of the company’s stock worth $3,995,000 after acquiring an additional 28,596 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its position in Alkermes by 76.3% in the first quarter. Y Intercept Hong Kong Ltd now owns 25,339 shares of the company’s stock worth $837,000 after buying an additional 10,966 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its position in shares of Alkermes by 22.4% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 139,311 shares of the company’s stock valued at $4,600,000 after buying an additional 25,493 shares during the period. 95.21% of the stock is currently owned by institutional investors.

Alkermes Stock Down 6.4%

The stock has a market cap of $4.79 billion, a PE ratio of 14.37, a price-to-earnings-growth ratio of 1.70 and a beta of 0.53. The firm has a 50 day moving average price of $30.04 and a 200 day moving average price of $29.52.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings data on Tuesday, October 28th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.08. The firm had revenue of $394.19 million during the quarter, compared to analysts’ expectations of $355.23 million. Alkermes had a return on equity of 21.81% and a net margin of 22.27%.The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.73 EPS. Alkermes has set its FY 2025 guidance at 1.360-1.470 EPS. Equities analysts forecast that Alkermes plc will post 1.31 earnings per share for the current year.

Alkermes Company Profile

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.