Alkermes (NASDAQ:ALKS) Reaches New 12-Month High – Time to Buy?

Alkermes plc (NASDAQ:ALKS)’s share price reached a new 52-week high on Tuesday . The company traded as high as $44.76 and last traded at $44.8170, with a volume of 1570521 shares trading hands. The stock had previously closed at $42.45.

Analysts Set New Price Targets

A number of research firms recently weighed in on ALKS. HC Wainwright restated a “neutral” rating and issued a $43.00 price target on shares of Alkermes in a research note on Thursday, February 26th. Wolfe Research began coverage on Alkermes in a research note on Monday, February 23rd. They issued an “outperform” rating and a $45.00 price target on the stock. Wall Street Zen downgraded Alkermes from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Piper Sandler decreased their price target on Alkermes from $45.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 24th. Finally, Truist Financial upgraded Alkermes to a “strong-buy” rating in a research note on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.13.

Alkermes Stock Performance

The firm has a fifty day moving average of $36.15 and a 200-day moving average of $32.30. The stock has a market capitalization of $7.39 billion, a price-to-earnings ratio of 49.28 and a beta of 0.38. The company has a quick ratio of 1.70, a current ratio of 2.27 and a debt-to-equity ratio of 0.85.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings data on Saturday, February 14th. The company reported $0.29 earnings per share (EPS) for the quarter. The firm had revenue of $384.55 million during the quarter. Alkermes had a return on equity of 9.26% and a net margin of 9.78%. As a group, sell-side analysts anticipate that Alkermes plc will post -0.43 EPS for the current year.

Insider Buying and Selling at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction on Friday, May 1st. The stock was sold at an average price of $33.40, for a total transaction of $300,600.00. Following the completion of the transaction, the executive vice president directly owned 81,389 shares of the company’s stock, valued at approximately $2,718,392.60. The trade was a 9.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of Alkermes stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $43.05, for a total value of $87,563.70. Following the transaction, the executive vice president directly owned 229,524 shares of the company’s stock, valued at approximately $9,881,008.20. This represents a 0.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 33,102 shares of company stock valued at $1,220,628. 4.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alkermes

Institutional investors have recently made changes to their positions in the stock. Assetmark Inc. raised its holdings in shares of Alkermes by 933.8% in the third quarter. Assetmark Inc. now owns 827 shares of the company’s stock worth $25,000 after acquiring an additional 747 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in shares of Alkermes in the fourth quarter worth $28,000. Johnson Financial Group Inc. acquired a new position in shares of Alkermes in the third quarter worth $31,000. UMB Bank n.a. raised its holdings in shares of Alkermes by 57.6% in the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock worth $34,000 after acquiring an additional 446 shares during the last quarter. Finally, Salomon & Ludwin LLC raised its holdings in shares of Alkermes by 115.6% in the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock worth $35,000 after acquiring an additional 667 shares during the last quarter. 95.21% of the stock is owned by institutional investors and hedge funds.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.