Alkermes (NASDAQ:ALKS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday, January 8th. The brokerage currently has a $61.00 price objective on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 3.90% from the company’s previous close.
According to Zacks, “Alkermes' Vivitrol and Aristada are primary growth drivers. 2018 is expected to be a transformative year for Alkermes’ development pipeline, with key events being- FDA review of the ALKS 5461 new drug application (NDA) for treatment of major depressive disorder, the phase III data readout for ALKS 3831 in schizophrenia, submission of the ALKS 8700 NDA and phase I data read-out for ALKS 4230. However, Alkermes is highly dependent on manufacturing and/or royalty revenues on sales of products that are commercialized by the company’s partners. Given its history of pipeline setbacks, any obstacle in the process of development of the candidates could weigh heavily on the stock. Moreover, Alkermes’ shares have underperformed the industry year to date. Estimates have remained stable ahead of the Q4 earnings results.”
A number of other brokerages also recently commented on ALKS. Credit Suisse Group decreased their price objective on shares of Alkermes from $70.00 to $66.00 and set an “outperform” rating for the company in a research report on Friday, October 27th. Barclays set a $50.00 price objective on shares of Alkermes and gave the company a “hold” rating in a research report on Thursday, October 26th. Citigroup set a $62.00 target price on shares of Alkermes and gave the stock a “hold” rating in a report on Thursday, October 26th. BidaskClub raised shares of Alkermes from a “sell” rating to a “hold” rating in a report on Wednesday, December 27th. Finally, ValuEngine raised shares of Alkermes from a “sell” rating to a “hold” rating in a report on Friday, December 1st. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Alkermes has an average rating of “Hold” and a consensus target price of $63.33.
Alkermes (NASDAQ:ALKS) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.04. Alkermes had a negative net margin of 20.12% and a negative return on equity of 7.27%. The firm had revenue of $217.40 million for the quarter, compared to analyst estimates of $231.29 million. During the same period in the previous year, the business earned ($0.09) EPS. The company’s revenue was up 20.6% compared to the same quarter last year. equities analysts expect that Alkermes will post -0.59 earnings per share for the current fiscal year.
In other news, CAO Iain Michael Brown sold 10,652 shares of the business’s stock in a transaction that occurred on Saturday, December 29th. The shares were sold at an average price of $54.81, for a total value of $583,836.12. Following the completion of the transaction, the chief accounting officer now directly owns 16,943 shares in the company, valued at approximately $928,645.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard F. Pops sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $48.87, for a total transaction of $2,443,500.00. The disclosure for this sale can be found here. Insiders sold a total of 136,417 shares of company stock valued at $7,259,391 in the last three months. Insiders own 5.34% of the company’s stock.
Large investors have recently modified their holdings of the company. Tredje AP fonden raised its position in shares of Alkermes by 85.5% in the 2nd quarter. Tredje AP fonden now owns 30,510 shares of the company’s stock valued at $1,769,000 after buying an additional 14,060 shares in the last quarter. Janus Henderson Group PLC increased its position in Alkermes by 13.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,650,006 shares of the company’s stock worth $134,726,000 after purchasing an additional 319,014 shares in the last quarter. Northern Trust Corp increased its position in Alkermes by 0.9% during the 2nd quarter. Northern Trust Corp now owns 854,816 shares of the company’s stock worth $49,554,000 after purchasing an additional 7,845 shares in the last quarter. AMP Capital Investors Ltd increased its position in Alkermes by 11.0% during the 3rd quarter. AMP Capital Investors Ltd now owns 53,745 shares of the company’s stock worth $2,732,000 after purchasing an additional 5,306 shares in the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in Alkermes during the 3rd quarter worth approximately $284,000. Institutional investors own 99.66% of the company’s stock.
Alkermes Company Profile
Alkermes plc is a biopharmaceutical company. The Company is engaged in the researching, developing and commercializing pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. The Company has a portfolio of marketed drug products and a clinical pipeline of products that address central nervous system (CNS) disorders, such as schizophrenia, depression, addiction and multiple sclerosis (MS).
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