Alkermes (NASDAQ:ALKS) Announces Earnings Results

Alkermes (NASDAQ:ALKS) released its quarterly earnings data on Wednesday. The company reported $0.70 EPS for the quarter, meeting analysts’ consensus estimates of $0.70, RTT News reports. The company had revenue of $399.13 million during the quarter, compared to the consensus estimate of $393.30 million. Alkermes had a net margin of 19.15% and a return on equity of 23.20%. Alkermes’s quarterly revenue was down 35.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.38 EPS. Alkermes updated its FY 2024 guidance to 2.800-2.800 EPS.

Alkermes Stock Performance

NASDAQ:ALKS opened at $27.88 on Friday. The company has a fifty day simple moving average of $24.43 and a two-hundred day simple moving average of $26.14. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 0.62 and a beta of 0.47. The company has a quick ratio of 2.77, a current ratio of 2.99 and a debt-to-equity ratio of 0.22. Alkermes has a 52 week low of $22.01 and a 52 week high of $32.88.

Hedge Funds Weigh In On Alkermes

Several institutional investors have recently modified their holdings of ALKS. Price T Rowe Associates Inc. MD grew its stake in shares of Alkermes by 421.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,326,256 shares of the company’s stock worth $225,393,000 after acquiring an additional 6,730,671 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Alkermes by 29.8% during the fourth quarter. Wellington Management Group LLP now owns 15,241,470 shares of the company’s stock worth $422,798,000 after purchasing an additional 3,494,678 shares in the last quarter. RTW Investments LP grew its stake in shares of Alkermes by 338.8% during the fourth quarter. RTW Investments LP now owns 3,901,523 shares of the company’s stock worth $108,228,000 after purchasing an additional 3,012,450 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Alkermes by 12.3% during the fourth quarter. Vanguard Group Inc. now owns 20,955,454 shares of the company’s stock worth $581,304,000 after purchasing an additional 2,288,185 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Alkermes during the fourth quarter worth $55,548,000. Institutional investors and hedge funds own 95.21% of the company’s stock.

Analyst Ratings Changes

ALKS has been the subject of a number of recent analyst reports. Piper Sandler restated an “overweight” rating and set a $39.00 price target on shares of Alkermes in a report on Monday, April 1st. JPMorgan Chase & Co. raised their price target on shares of Alkermes from $31.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday. Cantor Fitzgerald restated an “overweight” rating and set a $48.00 price target on shares of Alkermes in a report on Thursday. StockNews.com downgraded shares of Alkermes from a “buy” rating to a “hold” rating in a report on Saturday, July 20th. Finally, Jefferies Financial Group raised their price target on shares of Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Alkermes currently has an average rating of “Moderate Buy” and an average price target of $36.70.

Alkermes Company Profile

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.