Alkermes (NASDAQ:ALKS) Sets New 1-Year High on Earnings Beat

Alkermes plc (NASDAQ:ALKS) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $33.00 and last traded at $32.83, with a volume of 680089 shares traded. The stock had previously closed at $31.96.

The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.11. Alkermes had a return on equity of 24.92% and a net margin of 22.15%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. HC Wainwright reaffirmed a “neutral” rating and issued a $37.00 price objective on shares of Alkermes in a research note on Friday, October 25th. Piper Sandler reissued an “overweight” rating and issued a $37.00 price target (down from $38.00) on shares of Alkermes in a research note on Friday, October 25th. JPMorgan Chase & Co. dropped their price target on Alkermes from $32.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft began coverage on Alkermes in a research note on Tuesday. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Stifel Nicolaus raised Alkermes from a “hold” rating to a “buy” rating and boosted their price target for the company from $25.00 to $36.00 in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.33.

Insider Buying and Selling

In related news, SVP Christian Todd Nichols sold 5,208 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $29.15, for a total transaction of $151,813.20. Following the sale, the senior vice president now owns 60,703 shares of the company’s stock, valued at approximately $1,769,492.45. This represents a 7.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Cato T. Laurencin sold 2,691 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.85, for a total value of $85,708.35. Following the sale, the director now directly owns 23,013 shares in the company, valued at $732,964.05. This trade represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 179,189 shares of company stock worth $5,723,518. 4.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alkermes

Several institutional investors have recently modified their holdings of the company. Venturi Wealth Management LLC bought a new position in Alkermes during the 4th quarter worth approximately $25,000. V Square Quantitative Management LLC purchased a new position in shares of Alkermes in the 3rd quarter valued at approximately $29,000. EverSource Wealth Advisors LLC lifted its stake in shares of Alkermes by 106.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,635 shares of the company’s stock valued at $47,000 after purchasing an additional 842 shares during the period. Blue Trust Inc. lifted its stake in shares of Alkermes by 2,231.5% in the 4th quarter. Blue Trust Inc. now owns 1,702 shares of the company’s stock valued at $49,000 after purchasing an additional 1,629 shares during the period. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Alkermes by 558.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,950 shares of the company’s stock valued at $85,000 after purchasing an additional 2,502 shares during the period. 95.21% of the stock is currently owned by institutional investors.

Alkermes Trading Up 2.1 %

The company has a market cap of $5.28 billion, a PE ratio of 16.73, a PEG ratio of 1.83 and a beta of 0.49. The company has a current ratio of 3.45, a quick ratio of 3.03 and a debt-to-equity ratio of 0.22. The stock has a 50 day moving average price of $30.16 and a 200 day moving average price of $28.65.

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.