Alkermes (NASDAQ:ALKS) Hits New 52-Week High – Here’s Why

Alkermes plc (NASDAQ:ALKS)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $55.37 and last traded at $55.14, with a volume of 1743604 shares traded. The stock had previously closed at $54.58.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. UBS Group raised their target price on shares of Alkermes from $42.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. HC Wainwright reiterated a “neutral” rating on shares of Alkermes in a report on Thursday, June 18th. Robert W. Baird raised their price objective on shares of 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 shares of Alkermes from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, March 24th. Finally, Royal Bank Of Canada boosted their target price on shares of Alkermes from $45.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.62.

Alkermes Stock Up 1.0%

The firm has a market cap of $9.19 billion, a PE ratio of 61.27 and a beta of 0.34. 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 firm’s 50-day moving average price is $41.71 and its two-hundred day moving average price is $34.90.

Alkermes (NASDAQ:ALKS) last posted 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 for the quarter. As a group, equities research analysts expect that Alkermes plc will post -0.43 EPS for the current fiscal year.

Insider Buying and Selling at Alkermes

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $43.05, for a total transaction of $87,563.70. Following the transaction, the executive vice president owned 229,524 shares of the company’s stock, valued at approximately $9,881,008.20. This trade represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $51.51, for a total value of $463,590.00. Following the sale, the executive vice president owned 73,389 shares in the company, valued at $3,780,267.39. This trade represents a 10.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 33,068 shares of company stock worth $1,384,512 over the last 90 days. Corporate insiders own 4.59% of the company’s stock.

Institutional Investors Weigh In On Alkermes

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in shares of Alkermes by 33.9% in the second quarter. Versant Capital Management Inc now owns 1,445 shares of the company’s stock valued at $76,000 after acquiring an additional 366 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Alkermes by 2.0% in the 1st quarter. Pacer Advisors Inc. now owns 688,563 shares of the company’s stock valued at $24,348,000 after acquiring an additional 13,689 shares during the period. Seven Fleet Capital Management LP purchased a new stake in Alkermes in the 1st quarter valued at $855,000. Stempoint Capital LP purchased a new stake in Alkermes in the 1st quarter valued at $2,846,000. Finally, Janus Henderson Group PLC boosted its stake in Alkermes by 5.6% during the 1st quarter. Janus Henderson Group PLC now owns 154,016 shares of the company’s stock worth $5,447,000 after purchasing an additional 8,212 shares during the period. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Alkermes Company Profile

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.