Alkermes (NASDAQ:ALKS) Price Target Lowered to $37.00 at Wells Fargo & Company

Alkermes (NASDAQ:ALKS) had its price target reduced by Wells Fargo & Company from $42.00 to $37.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

ALKS has been the subject of a number of other reports. Needham & Company LLC boosted their price objective on Alkermes from $43.00 to $44.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Royal Bank Of Canada upped their price objective on Alkermes from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. HC Wainwright restated a “neutral” rating on shares of Alkermes in a research note on Wednesday, October 22nd. Mizuho raised their target price on shares of Alkermes from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Finally, Wall Street Zen cut shares of Alkermes from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Alkermes has a consensus rating of “Moderate Buy” and an average price target of $44.31.

Alkermes Trading Down 6.4%

NASDAQ:ALKS traded down $1.97 during trading hours on Thursday, hitting $29.04. The company had a trading volume of 5,749,544 shares, compared to its average volume of 1,943,764. Alkermes has a 1 year low of $25.17 and a 1 year high of $36.45. The company has a 50-day moving average of $30.02 and a 200 day moving average of $29.53. The company has a market cap of $4.80 billion, a P/E ratio of 14.38, a P/E/G ratio of 1.70 and a beta of 0.53.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings data on Tuesday, October 28th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.08. Alkermes had a return on equity of 21.81% and a net margin of 22.27%.The firm had revenue of $394.19 million for the quarter, compared to analysts’ expectations of $355.23 million. During the same period in the prior year, the firm posted $0.73 earnings per share. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. Alkermes has set its FY 2025 guidance at 1.360-1.470 EPS. On average, analysts forecast that Alkermes will post 1.31 earnings per share for the current year.

Insider Transactions at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $30.38, for a total value of $273,420.00. Following the completion of the sale, the executive vice president owned 69,740 shares of the company’s stock, valued at $2,118,701.20. This represents a 11.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Alkermes

A number of institutional investors have recently modified their holdings of the stock. State Street Corp lifted its stake in shares of Alkermes by 2.3% in the second quarter. State Street Corp now owns 8,208,256 shares of the company’s stock valued at $234,838,000 after buying an additional 185,586 shares during the period. JPMorgan Chase & Co. grew its stake in Alkermes by 488.6% in the first quarter. JPMorgan Chase & Co. now owns 5,234,995 shares of the company’s stock valued at $172,860,000 after acquiring an additional 4,345,523 shares during the period. Baker BROS. Advisors LP raised its stake in shares of 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 purchasing an additional 301,534 shares during the period. American Century Companies Inc. increased its position in shares of Alkermes by 20.2% in the third quarter. American Century Companies Inc. now owns 4,397,471 shares of the company’s stock valued at $131,924,000 after acquiring an additional 740,248 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Alkermes by 2.1% in the 2nd quarter. Geode Capital Management LLC now owns 4,023,552 shares of the company’s stock valued at $115,128,000 after purchasing an additional 83,858 shares during the last quarter. Institutional investors and hedge funds 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.