Alkermes (NASDAQ:ALKS) Updates FY 2024 Earnings Guidance

Alkermes (NASDAQ:ALKS) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.800-2.800 for the period, compared to the consensus earnings per share estimate of 2.670. The company issued revenue guidance of $1.5 billion-$1.6 billion, compared to the consensus revenue estimate of $1.5 billion.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. dropped their target price on Alkermes from $32.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday. Robert W. Baird boosted their price target on Alkermes from $37.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. HC Wainwright reissued a “neutral” rating and set a $37.00 price target on shares of Alkermes in a research note on Friday. Piper Sandler reissued an “overweight” rating and set a $37.00 price target (down previously from $38.00) on shares of Alkermes in a research note on Friday. Finally, The Goldman Sachs Group decreased their price target on Alkermes from $32.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.91.

Alkermes Price Performance

ALKS stock traded down $0.76 on Friday, reaching $26.09. The company had a trading volume of 3,206,881 shares, compared to its average volume of 1,847,062. Alkermes has a 1 year low of $22.06 and a 1 year high of $32.88. The company has a market cap of $4.41 billion, a P/E ratio of 10.31, a PEG ratio of 0.56 and a beta of 0.46. The company’s fifty day moving average is $27.83 and its 200 day moving average is $25.87. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.61 and a current ratio of 2.99.

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

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.