The Goldman Sachs Group Forecasts Strong Price Appreciation for Alkermes (NASDAQ:ALKS) Stock

Alkermes (NASDAQ:ALKS) had its price objective boosted by The Goldman Sachs Group from $30.00 to $32.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential downside of 11.11% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Mizuho boosted their price objective on shares of Alkermes from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Piper Sandler reiterated an “overweight” rating and issued a $37.00 price target (down from $38.00) on shares of Alkermes in a report on Friday, October 25th. JPMorgan Chase & Co. reduced their price target on Alkermes from $32.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Cantor Fitzgerald lowered their price objective on Alkermes from $48.00 to $43.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Stifel Nicolaus upgraded Alkermes from a “hold” rating to a “buy” rating and upped their target price for the company from $25.00 to $36.00 in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.25.

Alkermes Price Performance

Shares of NASDAQ:ALKS opened at $36.00 on Friday. Alkermes has a one year low of $22.90 and a one year high of $36.06. The stock has a market cap of $5.82 billion, a PE ratio of 18.46, a price-to-earnings-growth ratio of 1.83 and a beta of 0.49. The business’s fifty day moving average price is $30.21 and its two-hundred day moving average price is $28.68. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.03 and a current ratio of 3.45.

Alkermes (NASDAQ:ALKS) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.11. Alkermes had a return on equity of 24.92% and a net margin of 22.15%. On average, analysts forecast that Alkermes will post 2.23 EPS for the current fiscal year.

Insider Activity

In related news, Director Cato T. Laurencin sold 2,691 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.85, for a total transaction of $85,708.35. Following the completion of the sale, the director now directly owns 23,013 shares of the company’s stock, valued at approximately $732,964.05. This represents a 10.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Christian Todd Nichols sold 5,208 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $29.15, for a total value of $151,813.20. Following the completion of the transaction, the senior vice president now directly owns 60,703 shares in the company, valued at $1,769,492.45. This trade represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 179,189 shares of company stock valued at $5,723,518 in the last three months. Corporate insiders own 4.89% of the company’s stock.

Institutional Investors Weigh In On Alkermes

A number of large investors have recently modified their holdings of ALKS. CIBC Asset Management Inc boosted its holdings in Alkermes by 4.4% in the 4th quarter. CIBC Asset Management Inc now owns 9,155 shares of the company’s stock worth $263,000 after acquiring an additional 384 shares during the period. O Shaughnessy Asset Management LLC lifted its position in shares of Alkermes by 3.9% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 14,203 shares of the company’s stock worth $408,000 after purchasing an additional 532 shares in the last quarter. Nicollet Investment Management Inc. boosted its stake in shares of Alkermes by 1.7% in the third quarter. Nicollet Investment Management Inc. now owns 43,845 shares of the company’s stock valued at $1,227,000 after purchasing an additional 714 shares during the period. KBC Group NV boosted its stake in shares of Alkermes by 18.8% in the third quarter. KBC Group NV now owns 4,890 shares of the company’s stock valued at $137,000 after purchasing an additional 774 shares during the period. Finally, Sei Investments Co. grew its holdings in Alkermes by 1.1% during the 4th quarter. Sei Investments Co. now owns 75,394 shares of the company’s stock valued at $2,168,000 after purchasing an additional 828 shares in the last quarter. Institutional investors and hedge funds 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.