Alkermes (NASDAQ:ALKS) Receives Overweight Rating from Piper Sandler

Alkermes (NASDAQ:ALKS)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Piper Sandler in a research note issued to investors on Friday, Benzinga reports. They currently have a $37.00 price target on the stock, down from their prior price target of $38.00. Piper Sandler’s target price would suggest a potential upside of 42.20% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the company. HC Wainwright restated a “neutral” rating and issued a $37.00 price target on shares of Alkermes in a research report on Friday. JPMorgan Chase & Co. upped their target price on Alkermes from $31.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Robert W. Baird raised their price target on shares of Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Cantor Fitzgerald reissued an “overweight” rating and set a $48.00 price target on shares of Alkermes in a research report on Thursday, October 10th. Finally, StockNews.com upgraded Alkermes from a “hold” rating to a “buy” rating in a research note on Sunday, July 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Alkermes currently has an average rating of “Moderate Buy” and an average target price of $36.50.

Alkermes Stock Performance

NASDAQ:ALKS traded down $0.83 during mid-day trading on Friday, reaching $26.02. The stock had a trading volume of 896,718 shares, compared to its average volume of 1,835,264. Alkermes has a twelve month low of $22.06 and a twelve month high of $32.88. The business has a 50 day simple moving average of $27.85 and a 200 day simple moving average of $25.87. The firm has a market capitalization of $4.40 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 0.56 and a beta of 0.46. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.61 and a current ratio of 2.99.

Alkermes (NASDAQ:ALKS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.70 EPS for the quarter, meeting the consensus estimate of $0.70. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. The business had revenue of $399.13 million during the quarter, compared to analysts’ expectations of $393.30 million. During the same period last year, the firm earned $0.38 EPS. The company’s quarterly revenue was down 35.4% compared to the same quarter last year. On average, analysts expect that Alkermes will post 2.36 earnings per share for the current fiscal year.

Institutional Trading of Alkermes

Several large investors have recently made changes to their positions in ALKS. Price T Rowe Associates Inc. MD boosted its holdings in Alkermes by 421.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,326,256 shares of the company’s stock valued at $225,393,000 after purchasing an additional 6,730,671 shares during the period. Armistice Capital LLC boosted its position in Alkermes by 301.5% in the second quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock valued at $65,050,000 after buying an additional 2,026,961 shares in the last quarter. Pacer Advisors Inc. grew its position in Alkermes by 31.8% during the 2nd quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock worth $135,939,000 after acquiring an additional 1,362,079 shares during the last quarter. American Century Companies Inc. boosted its stake in Alkermes by 87.1% in the second quarter. American Century Companies Inc. now owns 2,203,456 shares of the company’s stock worth $53,103,000 after purchasing an additional 1,025,905 shares in the last quarter. Finally, Affinity Asset Advisors LLC grew its holdings in Alkermes by 766.7% during the 2nd quarter. Affinity Asset Advisors LLC now owns 650,000 shares of the company’s stock worth $15,665,000 after acquiring an additional 575,000 shares during the last quarter. Institutional investors 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.