Alkermes (NASDAQ:ALKS) Price Target Raised to $58.00

Alkermes (NASDAQ:ALKS) had its price target raised by Robert W. Baird from $48.00 to $58.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company upped their price objective on shares of Alkermes from $44.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Stifel Nicolaus reissued a “buy” rating and set a $63.00 target price (up from $45.00) on shares of Alkermes in a research note on Monday, July 20th. Needham & Company LLC boosted their price target on shares of Alkermes from $61.00 to $62.00 and gave the company a “buy” rating in a report on Monday, July 13th. Bank of America reaffirmed an “underperform” rating on shares of Alkermes in a research note on Monday, June 29th. Finally, Zacks Research upgraded Alkermes from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.56.

Alkermes Price Performance

NASDAQ ALKS opened at $48.99 on Wednesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.30 and a quick ratio of 1.70. The firm has a market capitalization of $8.22 billion, a price-to-earnings ratio of 128.92 and a beta of 0.34. The company has a 50 day simple moving average of $48.24 and a 200-day simple moving average of $38.17. Alkermes has a 52-week low of $25.17 and a 52-week high of $55.67.

Insider Buying and Selling at Alkermes

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $51.51, for a total value of $463,590.00. Following the completion of the sale, the executive vice president directly owned 73,389 shares of the company’s stock, valued at $3,780,267.39. The trade was a 10.92% decrease in their ownership of the stock. 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, Director Christopher I. Wright sold 2,000 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $45.10, for a total transaction of $90,200.00. Following the transaction, the director owned 25,680 shares in the company, valued at approximately $1,158,168. This trade represents a 7.23% decrease in their position. 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 sold 26,102 shares of company stock worth $1,193,810 over the last ninety days. 4.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alkermes

A number of large investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Alkermes in the 4th quarter valued at approximately $54,442,000. Baker BROS. Advisors LP boosted its position in Alkermes by 23.7% during the fourth quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock worth $280,143,000 after purchasing an additional 1,920,916 shares during the period. UBS Group AG boosted its position in Alkermes by 237.4% during the fourth quarter. UBS Group AG now owns 2,544,895 shares of the company’s stock worth $71,206,000 after purchasing an additional 1,790,729 shares during the period. First Trust Advisors LP grew its holdings in Alkermes by 104.2% during the first quarter. First Trust Advisors LP now owns 2,968,785 shares of the company’s stock valued at $104,976,000 after purchasing an additional 1,514,783 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Alkermes by 32.0% during the fourth quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock valued at $145,064,000 after purchasing an additional 1,256,377 shares during the last quarter. 95.21% of the stock is currently owned by institutional investors.

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.