Needham & Company LLC Issues Positive Forecast for Alkermes (NASDAQ:ALKS) Stock Price

Alkermes (NASDAQ:ALKS) had its price objective upped by investment analysts at Needham & Company LLC from $54.00 to $61.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 26.79% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. Wall Street Zen lowered shares of Alkermes from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. TD Cowen raised their price objective on shares of Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Monday. Truist Financial raised Alkermes to a “strong-buy” rating in a report on Wednesday, March 25th. Wells Fargo & Company boosted their target price on Alkermes from $43.00 to $44.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Robert W. Baird increased their target price on Alkermes from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.06.

Alkermes Trading Up 4.5%

Shares of ALKS stock opened at $48.11 on Wednesday. Alkermes has a twelve month low of $25.17 and a twelve month high of $48.32. The company has a current ratio of 2.27, a quick ratio of 1.70 and a debt-to-equity ratio of 0.85. The business’s 50 day moving average is $38.64 and its two-hundred day moving average is $33.54. The company has a market capitalization of $8.02 billion, a P/E ratio of 53.46 and a beta of 0.38.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings results on Saturday, February 14th. The company reported $0.29 earnings per share 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%. Equities analysts forecast that Alkermes will post -0.43 EPS for the current year.

Insider Transactions at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $41.67, for a total value of $375,030.00. Following the sale, the executive vice president owned 77,389 shares in the company, valued at $3,224,799.63. This represents a 10.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $43.05, for a total value of $87,563.70. Following the completion of the transaction, the executive vice president directly owned 229,524 shares of the company’s stock, valued at $9,881,008.20. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,102 shares of company stock valued at $1,310,828 in the last quarter. 4.59% of the stock is currently owned by corporate insiders.

Institutional Trading of Alkermes

Large investors have recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in Alkermes by 117.2% during the 1st quarter. Royal Bank of Canada now owns 275,526 shares of the company’s stock valued at $9,098,000 after acquiring an additional 148,696 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of Alkermes during the 1st quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Alkermes by 4.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 482,332 shares of the company’s stock worth $15,927,000 after purchasing an additional 20,091 shares during the last quarter. Cetera Investment Advisers lifted its stake in Alkermes by 32.3% in the 2nd quarter. Cetera Investment Advisers now owns 13,907 shares of the company’s stock valued at $398,000 after buying an additional 3,394 shares in the last quarter. Finally, Quantbot Technologies LP grew its holdings in Alkermes by 539.4% during the 2nd quarter. Quantbot Technologies LP now owns 6,976 shares of the company’s stock valued at $200,000 after buying an additional 5,885 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

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.