Alkermes (NASDAQ:ALKS) Shares Gap Up – Here’s What Happened

Shares of Alkermes plc (NASDAQ:ALKS) gapped up before the market opened on Tuesday . The stock had previously closed at $26.59, but opened at $27.87. Alkermes shares last traded at $27.88, with a volume of 314,685 shares.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Stifel Nicolaus upgraded Alkermes from a “hold” rating to a “buy” rating and increased their price target for the stock from $25.00 to $36.00 in a report on Tuesday. Cantor Fitzgerald reduced their price target on shares of Alkermes from $48.00 to $43.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. HC Wainwright restated a “neutral” rating and set a $37.00 price objective on shares of Alkermes in a report on Friday, October 25th. StockNews.com raised shares of Alkermes from a “hold” rating to a “buy” rating in a research note on Sunday, July 28th. Finally, Robert W. Baird boosted their target price on shares of Alkermes from $37.00 to $38.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. One 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 stock currently has an average rating of “Moderate Buy” and an average price target of $35.00.

Alkermes Stock Up 3.2 %

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 firm has a market capitalization of $4.74 billion, a P/E ratio of 15.02, a P/E/G ratio of 0.88 and a beta of 0.47. The stock’s 50-day simple moving average is $27.64 and its 200-day simple moving average is $26.01.

Insider Transactions at Alkermes

In related news, EVP Craig C. Hopkinson sold 10,471 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $29.53, for a total transaction of $309,208.63. Following the completion of the sale, the executive vice president now directly owns 99,238 shares of the company’s stock, valued at approximately $2,930,498.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.89% of the company’s stock.

Hedge Funds Weigh In On Alkermes

Institutional investors have recently added to or reduced their stakes in the stock. Natixis Advisors LLC boosted its stake in Alkermes by 190.3% in the third quarter. Natixis Advisors LLC now owns 36,490 shares of the company’s stock valued at $1,021,000 after acquiring an additional 23,921 shares during the last quarter. Nicollet Investment Management Inc. raised its holdings in shares of Alkermes by 1.7% in the 3rd quarter. Nicollet Investment Management Inc. now owns 43,845 shares of the company’s stock worth $1,227,000 after purchasing an additional 714 shares during the period. Archer Investment Corp lifted its stake in Alkermes by 28.6% in the third quarter. Archer Investment Corp now owns 4,500 shares of the company’s stock valued at $126,000 after purchasing an additional 1,000 shares during the last quarter. Royce & Associates LP grew its holdings in Alkermes by 49.4% during the third quarter. Royce & Associates LP now owns 67,628 shares of the company’s stock valued at $1,893,000 after purchasing an additional 22,356 shares during the period. Finally, KBC Group NV increased its position in Alkermes by 18.8% in the third quarter. KBC Group NV now owns 4,890 shares of the company’s stock worth $137,000 after buying an additional 774 shares during the last quarter. Institutional investors own 95.21% of the company’s stock.

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.