Alkermes (NASDAQ:ALKS) Updates FY 2024 Earnings Guidance

Alkermes (NASDAQ:ALKS) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.800-2.800 for the period, compared to the consensus earnings per share estimate of 2.670. The company issued revenue guidance of $1.5 billion-$1.6 billion, compared to the consensus revenue estimate of $1.5 billion.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. upped their target price on Alkermes from $31.00 to $32.00 and gave the stock a neutral rating in a research note on Thursday. HC Wainwright increased their price objective on Alkermes from $35.00 to $37.00 and gave the company a neutral rating in a research note on Thursday. Robert W. Baird increased their price objective on Alkermes from $37.00 to $38.00 and gave the company an outperform rating in a research note on Thursday. TD Cowen initiated coverage on Alkermes in a research note on Monday, June 17th. They set a buy rating and a $34.00 price objective for the company. Finally, Piper Sandler reissued an overweight rating and set a $39.00 price objective on shares of Alkermes in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Alkermes currently has an average rating of Moderate Buy and a consensus price target of $36.70.

Alkermes Trading Down 0.9 %

Shares of Alkermes stock traded down $0.24 during midday trading on Friday, reaching $27.80. 932,072 shares of the company’s stock traded hands, compared to its average volume of 1,896,993. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.77 and a current ratio of 3.16. The company has a market cap of $4.70 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 0.54 and a beta of 0.47. The stock has a 50 day moving average of $24.35 and a 200-day moving average of $26.15. Alkermes has a 12 month low of $22.01 and a 12 month high of $32.88.

Alkermes (NASDAQ:ALKS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.70 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.70. The business had revenue of $399.13 million during the quarter, compared to the consensus estimate of $393.30 million. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. The firm’s quarterly revenue was down 35.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.38 earnings per share. As a group, equities analysts expect that Alkermes will post 2.25 EPS for the current fiscal 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.