Alkermes (NASDAQ:ALKS) Price Target Cut to $31.00

Alkermes (NASDAQ:ALKS) had its price objective reduced by equities researchers at JPMorgan Chase & Co. from $32.00 to $31.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 26.02% from the company’s previous close.

ALKS has been the subject of a number of other reports. Robert W. Baird initiated coverage on Alkermes in a research report on Tuesday, March 19th. They set an “outperform” rating and a $37.00 target price for the company. Cantor Fitzgerald boosted their target price on shares of Alkermes from $43.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $39.00 price target on shares of Alkermes in a report on Monday, April 1st. HC Wainwright reiterated a “neutral” rating and issued a $35.00 price target on shares of Alkermes in a research report on Tuesday, June 4th. Finally, Jefferies Financial Group upped their price objective on Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Alkermes currently has a consensus rating of “Moderate Buy” and an average price target of $36.30.

Alkermes Price Performance

Shares of Alkermes stock opened at $24.60 on Monday. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of 9.72, a PEG ratio of 0.48 and a beta of 0.47. The company has a quick ratio of 2.77, a current ratio of 3.20 and a debt-to-equity ratio of 0.23. The stock’s 50-day simple moving average is $24.19 and its 200-day simple moving average is $26.26. Alkermes has a 52 week low of $22.01 and a 52 week high of $32.88.

Alkermes (NASDAQ:ALKS) last released its earnings results on Wednesday, May 1st. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.15). The company had revenue of $350.37 million during the quarter, compared to analysts’ expectations of $360.26 million. Alkermes had a return on equity of 20.31% and a net margin of 25.17%. Alkermes’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.10) EPS. As a group, analysts expect that Alkermes will post 2.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alkermes

A number of large investors have recently bought and sold shares of the business. McGlone Suttner Wealth Management Inc. purchased a new position in shares of Alkermes in the 4th quarter worth approximately $30,000. GAMMA Investing LLC purchased a new position in Alkermes in the fourth quarter worth $35,000. Hexagon Capital Partners LLC increased its position in shares of Alkermes by 3,841.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,537 shares of the company’s stock worth $37,000 after purchasing an additional 1,498 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Alkermes by 166.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,761 shares of the company’s stock valued at $49,000 after purchasing an additional 1,100 shares during the last quarter. Finally, CWM LLC boosted its position in shares of Alkermes by 92.8% in the 4th quarter. CWM LLC now owns 1,999 shares of the company’s stock worth $55,000 after purchasing an additional 962 shares in the last quarter. Institutional investors own 95.21% of the company’s stock.

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.