Alkermes’ (ALKS) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Alkermes (NASDAQ:ALKS) in a research note issued to investors on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $45.00 price target on the stock.

Other equities research analysts have also issued reports about the stock. HC Wainwright reiterated a “neutral” rating and issued a $46.00 target price on shares of Alkermes in a report on Monday, July 21st. Royal Bank Of Canada increased their target price on shares of Alkermes from $39.00 to $40.00 and gave the stock a “sector perform” rating in a report on Friday, May 2nd. Robert W. Baird increased their target price on shares of Alkermes from $38.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, May 2nd. The Goldman Sachs Group started coverage on shares of Alkermes in a report on Tuesday, July 15th. They set a “buy” rating and a $43.00 price objective on the stock. Finally, Wall Street Zen lowered shares of Alkermes from a “strong-buy” rating to a “buy” rating in a report on Monday, May 5th. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Alkermes presently has an average rating of “Moderate Buy” and an average price target of $41.08.

Alkermes Stock Performance

ALKS opened at $26.49 on Tuesday. The firm’s fifty day moving average is $29.27 and its two-hundred day moving average is $30.78. The firm has a market cap of $4.37 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 1.71 and a beta of 0.44. Alkermes has a twelve month low of $25.56 and a twelve month high of $36.45.

Alkermes (NASDAQ:ALKS) last posted its earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.10. The company had revenue of $390.66 million for the quarter, compared to analyst estimates of $343.20 million. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period last year, the business posted $1.16 earnings per share. Equities analysts forecast that Alkermes will post 1.31 EPS for the current fiscal year.

Insider Transactions at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 3,334 shares of Alkermes stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $31.09, for a total value of $103,654.06. Following the sale, the senior vice president directly owned 86,208 shares in the company, valued at approximately $2,680,206.72. The trade was a 3.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Alkermes

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. RTW Investments LP increased its stake in Alkermes by 13.6% in the 4th quarter. RTW Investments LP now owns 7,557,835 shares of the company’s stock valued at $217,363,000 after buying an additional 903,802 shares during the last quarter. Renaissance Technologies LLC increased its stake in Alkermes by 1.1% in the 4th quarter. Renaissance Technologies LLC now owns 5,478,728 shares of the company’s stock valued at $157,568,000 after buying an additional 57,697 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Alkermes by 488.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,234,995 shares of the company’s stock valued at $172,860,000 after buying an additional 4,345,523 shares during the last quarter. Baker BROS. Advisors LP increased its stake in Alkermes by 7.2% in the 1st quarter. Baker BROS. Advisors LP now owns 4,483,285 shares of the company’s stock valued at $148,038,000 after buying an additional 301,534 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Alkermes by 0.4% in the 1st quarter. American Century Companies Inc. now owns 3,465,674 shares of the company’s stock valued at $114,437,000 after buying an additional 14,967 shares during the last quarter. 95.21% of the stock is currently owned by institutional investors and hedge funds.

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.