Alkermes (NASDAQ:ALKS) Hits New 12-Month High – Here’s Why

Alkermes plc (NASDAQ:ALKS) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $39.66 and last traded at $39.7470, with a volume of 571807 shares changing hands. The stock had previously closed at $38.09.

Analyst Ratings Changes

ALKS has been the subject of several analyst reports. Robert W. Baird increased their price objective on Alkermes from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Piper Sandler decreased their price objective on Alkermes from $45.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, March 24th. UBS Group increased their price objective on Alkermes from $42.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Zacks Research upgraded Alkermes from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Finally, Needham & Company LLC increased their price objective on Alkermes from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.40.

Alkermes Price Performance

The company has a market cap of $6.74 billion, a PE ratio of 44.96 and a beta of 0.31. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27. The stock has a 50 day moving average of $33.95 and a 200-day moving average of $31.68.

Alkermes (NASDAQ:ALKS) last issued its earnings results on Saturday, February 14th. The company reported $0.29 earnings per share (EPS) for the quarter. The company had revenue of $384.55 million during the quarter. Alkermes had a return on equity of 9.26% and a net margin of 9.78%. Equities analysts predict that Alkermes plc will post -0.43 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Christian Todd Nichols sold 6,000 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $30.00, for a total value of $180,000.00. Following the completion of the transaction, the senior vice president owned 109,769 shares in the company, valued at $3,293,070. This trade represents a 5.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David Joseph Gaffin sold 2,034 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $33.20, for a total value of $67,528.80. Following the completion of the transaction, the executive vice president owned 231,558 shares of the company’s stock, valued at $7,687,725.60. This trade represents a 0.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 39,102 shares of company stock worth $1,265,090 in the last 90 days. Insiders own 4.59% of the company’s stock.

Hedge Funds Weigh In On Alkermes

A number of institutional investors have recently modified their holdings of the stock. Stempoint Capital LP purchased a new position in shares of Alkermes during the 1st quarter valued at about $2,846,000. Janus Henderson Group PLC raised its stake in shares of Alkermes by 5.6% during the 1st quarter. Janus Henderson Group PLC now owns 154,016 shares of the company’s stock valued at $5,447,000 after buying an additional 8,212 shares during the last quarter. Amundi raised its stake in shares of Alkermes by 99.8% during the 1st quarter. Amundi now owns 64,710 shares of the company’s stock valued at $2,288,000 after buying an additional 32,327 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Alkermes by 33.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,278 shares of the company’s stock valued at $116,000 after buying an additional 823 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Alkermes by 23.5% during the 1st quarter. California State Teachers Retirement System now owns 183,795 shares of the company’s stock valued at $6,499,000 after buying an additional 35,002 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.