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

Cantor Fitzgerald reaffirmed their overweight rating on shares of Alkermes (NASDAQ:ALKS) in a research note released on Thursday, Benzinga reports. Cantor Fitzgerald currently has a $48.00 price objective on the stock.

A number of other analysts also recently issued reports on the company. HC Wainwright raised their target price on Alkermes from $35.00 to $37.00 and gave the stock a neutral rating in a research report on Thursday, July 25th. TD Cowen began coverage on Alkermes in a research report on Monday, June 17th. They issued a buy rating and a $34.00 target price for the company. JPMorgan Chase & Co. raised their target price on Alkermes from $31.00 to $32.00 and gave the stock a neutral rating in a research report on Thursday, July 25th. StockNews.com raised Alkermes from a hold rating to a buy rating in a research report on Sunday, July 28th. Finally, Robert W. Baird raised their target price on Alkermes from $37.00 to $38.00 and gave the stock an outperform rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Alkermes currently has an average rating of Moderate Buy and a consensus price target of $36.70.

Alkermes Stock Performance

Shares of Alkermes stock opened at $28.91 on Thursday. The business’s fifty day simple moving average is $27.61 and its 200 day simple moving average is $25.77. The firm has a market capitalization of $4.89 billion, a P/E ratio of 11.43, a price-to-earnings-growth ratio of 0.56 and a beta of 0.46. Alkermes has a 12 month low of $22.01 and a 12 month high of $32.88. The company has a current ratio of 2.99, a quick ratio of 2.61 and a debt-to-equity ratio of 0.22.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.70 EPS for the quarter, hitting analysts’ consensus estimates of $0.70. The business had revenue of $399.13 million for the quarter, compared to analyst estimates of $393.30 million. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. Alkermes’s quarterly revenue was down 35.4% compared to the same quarter last year. During the same period last year, the company posted $0.38 earnings per share. As a group, analysts anticipate that Alkermes will post 2.36 EPS for the current year.

Hedge Funds Weigh In On Alkermes

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALKS. Price T Rowe Associates Inc. MD grew its position in Alkermes by 421.8% during 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 buying an additional 6,730,671 shares in the last quarter. Wellington Management Group LLP grew its position in 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 buying an additional 3,494,678 shares in the last quarter. Vanguard Group Inc. grew its position in 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 buying an additional 2,288,185 shares in the last quarter. Armistice Capital LLC grew its position in Alkermes by 301.5% during the second quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock worth $65,050,000 after buying an additional 2,026,961 shares in the last quarter. Finally, Pacer Advisors Inc. grew its position in Alkermes by 31.8% during the second quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock worth $135,939,000 after buying an additional 1,362,079 shares in the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

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.