Alkermes (NASDAQ:ALKS) Earns Overweight Rating from Cantor Fitzgerald

Alkermes (NASDAQ:ALKS)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $48.00 price target on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 71.49% from the stock’s previous close.

A number of other equities research analysts have also issued reports on ALKS. Piper Sandler reissued an “overweight” rating and issued a $39.00 target price on shares of Alkermes in a research report on Monday, April 1st. Jefferies Financial Group lifted their target price on Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Robert W. Baird lifted their target price on Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a research report on Thursday. HC Wainwright boosted their price target on Alkermes from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, StockNews.com lowered Alkermes from a “buy” rating to a “hold” rating in a research report on Saturday, July 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $36.70.

Alkermes Stock Up 5.6 %

Shares of NASDAQ:ALKS traded up $1.48 during trading on Thursday, hitting $27.99. 408,959 shares of the company’s stock traded hands, compared to its average volume of 1,886,653. Alkermes has a 52 week low of $22.01 and a 52 week high of $32.88. The company has a current ratio of 3.20, a quick ratio of 2.77 and a debt-to-equity ratio of 0.23. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 11.06, a price-to-earnings-growth ratio of 0.51 and a beta of 0.47. The company has a 50-day moving average price of $24.28 and a 200-day moving average price of $26.13.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.70 earnings per share for the quarter, meeting the consensus estimate of $0.70. Alkermes had a return on equity of 20.31% and a net margin of 25.17%. The business had revenue of $399.13 million for the quarter, compared to analysts’ expectations of $393.30 million. During the same quarter in the previous year, the business posted $0.38 EPS. Alkermes’s revenue for the quarter was down 35.4% on a year-over-year basis. As a group, research analysts forecast that Alkermes will post 2.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. bought a new stake in Alkermes in the 4th quarter valued at $2,030,000. McGlone Suttner Wealth Management Inc. bought a new stake in Alkermes in the 4th quarter valued at $30,000. State of Alaska Department of Revenue bought a new stake in Alkermes in the 4th quarter valued at $2,847,000. China Universal Asset Management Co. Ltd. boosted its stake in Alkermes by 352.0% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 19,306 shares of the company’s stock valued at $536,000 after purchasing an additional 15,035 shares during the period. Finally, Arizona State Retirement System lifted its position in shares of Alkermes by 3.9% during the 4th quarter. Arizona State Retirement System now owns 44,233 shares of the company’s stock valued at $1,227,000 after acquiring an additional 1,663 shares during the period. 95.21% of the stock is currently owned by institutional investors.

About Alkermes

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.