Alkermes (NASDAQ:ALKS) Price Target Raised to $34.00

Alkermes (NASDAQ:ALKS) had its price objective boosted by equities research analysts at Bank of America from $33.00 to $34.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s target price would indicate a potential upside of 6.25% from the stock’s current price.

A number of other analysts have also issued reports on ALKS. Weiss Ratings reiterated a “hold (c+)” rating on shares of Alkermes in a research note on Monday, December 29th. Mizuho raised their price target on shares of Alkermes from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Jefferies Financial Group set a $56.00 price target on shares of Alkermes and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Truist Financial upped their price objective on shares of Alkermes from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Finally, Needham & Company LLC raised their target price on Alkermes from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.93.

Alkermes Stock Performance

ALKS stock opened at $32.00 on Friday. The firm has a market cap of $5.28 billion, a P/E ratio of 15.84 and a beta of 0.49. Alkermes has a 1 year low of $25.17 and a 1 year high of $36.32. The stock has a 50-day simple moving average of $31.13 and a 200-day simple moving average of $29.99.

Insider Activity

In other news, Director Shane Cooke sold 61,200 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $34.57, for a total transaction of $2,115,684.00. Following the transaction, the director owned 103,744 shares of the company’s stock, valued at approximately $3,586,430.08. This trade represents a 37.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Craig C. Hopkinson sold 9,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $33.93, for a total value of $305,370.00. Following the completion of the sale, the executive vice president directly owned 57,740 shares of the company’s stock, valued at approximately $1,959,118.20. This represents a 13.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 148,148 shares of company stock valued at $5,028,378 in the last three months. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Alkermes

A number of hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC raised its holdings in shares of Alkermes by 2.7% during the fourth quarter. Sanctuary Advisors LLC now owns 12,141 shares of the company’s stock worth $340,000 after purchasing an additional 315 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Alkermes by 3.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 10,326 shares of the company’s stock valued at $289,000 after buying an additional 351 shares during the last quarter. Orion Porfolio Solutions LLC raised its stake in Alkermes by 4.5% during the third quarter. Orion Porfolio Solutions LLC now owns 8,762 shares of the company’s stock worth $263,000 after acquiring an additional 376 shares during the period. Horizon Investments LLC lifted its holdings in Alkermes by 0.9% in the third quarter. Horizon Investments LLC now owns 43,002 shares of the company’s stock worth $1,290,000 after acquiring an additional 387 shares during the last quarter. Finally, AMG National Trust Bank boosted its stake in Alkermes by 0.6% in the third quarter. AMG National Trust Bank now owns 60,175 shares of the company’s stock valued at $1,805,000 after acquiring an additional 388 shares during the period. Institutional investors and hedge funds own 95.21% of the company’s stock.

Alkermes Company Profile

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.