Alkermes’ (ALKS) “Underperform” Rating Reiterated at Bank of America

Alkermes (NASDAQ:ALKS)‘s stock had its “underperform” rating restated by analysts at Bank of America in a research report issued to clients and investors on Monday,Benzinga reports.

ALKS has been the topic of a number of other reports. Zacks Research raised shares of Alkermes from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Robert W. Baird boosted their target price on Alkermes from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Weiss Ratings lowered shares of Alkermes from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. UBS Group increased their price target on shares of Alkermes from $42.00 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Truist Financial raised Alkermes to a “strong-buy” rating in a report on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Alkermes has a consensus rating of “Moderate Buy” and an average price target of $47.06.

Alkermes Price Performance

Shares of ALKS opened at $55.08 on Monday. The firm has a market capitalization of $9.18 billion, a price-to-earnings ratio of 61.20 and a beta of 0.38. The firm’s fifty day simple moving average is $39.79 and its 200-day simple moving average is $34.03. Alkermes has a twelve month low of $25.17 and a twelve month high of $55.28. The company has a current ratio of 2.27, a quick ratio of 1.70 and a debt-to-equity ratio of 0.85.

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

Insider Activity at Alkermes

In other Alkermes news, Director Christopher I. Wright sold 2,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $45.10, for a total transaction of $90,200.00. Following the completion of the transaction, the director directly owned 25,680 shares in the company, valued at approximately $1,158,168. This trade represents a 7.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $41.67, for a total transaction of $375,030.00. Following the completion of the sale, the executive vice president directly owned 77,389 shares in the company, valued at $3,224,799.63. This trade represents a 10.42% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 35,102 shares of company stock valued at $1,310,828. Insiders own 4.59% of the company’s stock.

Hedge Funds Weigh In On Alkermes

Hedge funds have recently bought and sold shares of the stock. Cullen Frost Bankers Inc. purchased a new position in shares of Alkermes during the fourth quarter valued at approximately $28,000. Johnson Financial Group Inc. acquired a new position in shares of Alkermes during the 3rd quarter valued at $31,000. UMB Bank n.a. lifted its stake in shares of Alkermes by 57.6% during the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock worth $34,000 after purchasing an additional 446 shares in the last quarter. Salomon & Ludwin LLC boosted its holdings in Alkermes by 115.6% in the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock worth $35,000 after acquiring an additional 667 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Alkermes by 1,041.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company’s stock valued at $37,000 after purchasing an additional 1,208 shares during the period. 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.