Alkermes (NASDAQ:ALKS) Announces Earnings Results, Meets Estimates

Alkermes (NASDAQ:ALKS) posted its quarterly earnings data on Wednesday. The company reported $0.70 EPS for the quarter, hitting the consensus estimate of $0.70, RTT News reports. The company had revenue of $399.13 million during the quarter, compared to analyst estimates of $393.30 million. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. Alkermes’s quarterly revenue was down 35.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.38 EPS. Alkermes updated its FY 2024 guidance to 2.800-2.800 EPS.

Alkermes Stock Down 0.6 %

Alkermes stock traded down $0.16 during mid-day trading on Friday, reaching $27.88. 490,879 shares of the company’s stock were exchanged, compared to its average volume of 1,894,595. The company has a quick ratio of 2.77, a current ratio of 3.16 and a debt-to-equity ratio of 0.22. Alkermes has a twelve month low of $22.01 and a twelve month high of $32.88. The company has a market cap of $4.72 billion, a P/E ratio of 11.08, a P/E/G ratio of 0.54 and a beta of 0.47. The company has a fifty day moving average of $24.35 and a 200-day moving average of $26.15.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. TD Cowen initiated coverage on Alkermes in a research note on Monday, June 17th. They issued a “buy” rating and a $34.00 price objective for the company. Piper Sandler reissued an “overweight” rating and issued a $39.00 price target on shares of Alkermes in a research note on Monday, April 1st. StockNews.com cut shares of Alkermes from a “buy” rating to a “hold” rating in a research note on Saturday, July 20th. Jefferies Financial Group increased their price objective on shares of Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. boosted their target price on Alkermes from $31.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Alkermes has an average rating of “Moderate Buy” and an average price target of $36.70.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. McGlone Suttner Wealth Management Inc. purchased a new position in shares of Alkermes in the 4th quarter valued at about $30,000. GAMMA Investing LLC acquired a new position in Alkermes during the 4th quarter worth approximately $35,000. Hexagon Capital Partners LLC increased its position in shares of Alkermes by 3,841.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,537 shares of the company’s stock valued at $37,000 after purchasing an additional 1,498 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Alkermes by 166.4% in 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 raised its holdings in shares of Alkermes by 92.8% in the 4th quarter. CWM LLC now owns 1,999 shares of the company’s stock valued at $55,000 after purchasing an additional 962 shares in the last quarter. 95.21% of the stock is currently owned by hedge funds and other 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.