Alkermes (NASDAQ:ALKS) Price Target Raised to $61.00

Alkermes (NASDAQ:ALKS) had its target price increased by JPMorgan Chase & Co. from $60.00 to $61.00 in a research note published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities analysts have also recently issued reports on the company. Stifel Nicolaus restated a “buy” rating and set a $63.00 price objective (up from $45.00) on shares of Alkermes in a research note on Monday, July 20th. Piper Sandler reiterated an “overweight” rating and set a $65.00 target price (up from $43.00) on shares of Alkermes in a research note on Tuesday. Wells Fargo & Company increased their target price on shares of Alkermes from $44.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. TD Cowen raised their price target on shares of Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Alkermes in a report on Thursday, June 18th. One equities 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 assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.56.

Alkermes Price Performance

Shares of ALKS opened at $48.99 on Wednesday. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of 128.92 and a beta of 0.34. The stock has a 50 day moving average of $48.24 and a 200-day moving average of $38.17. The company has a current ratio of 2.30, a quick ratio of 1.70 and a debt-to-equity ratio of 0.82. Alkermes has a 52 week low of $25.17 and a 52 week high of $55.67.

Insider Activity at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $51.51, for a total transaction of $463,590.00. Following the completion of the transaction, the executive vice president directly owned 73,389 shares in the company, valued at $3,780,267.39. This represents a 10.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $54.03, for a total value of $109,897.02. Following the transaction, the executive vice president owned 227,490 shares of the company’s stock, valued at approximately $12,291,284.70. The trade was a 0.89% decrease in their ownership of the stock. 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 26,102 shares of company stock worth $1,193,810 in the last 90 days. 4.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alkermes

Institutional investors have recently modified their holdings of the company. Cullen Frost Bankers Inc. bought a new stake in Alkermes in the 4th quarter valued at about $28,000. Johnson Financial Group Inc. bought a new position in Alkermes in the 3rd quarter worth about $31,000. UMB Bank n.a. increased its stake in shares of Alkermes by 57.6% in the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock valued at $34,000 after purchasing an additional 446 shares during the period. Salomon & Ludwin LLC increased its stake in shares of Alkermes by 115.6% in the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock valued at $35,000 after purchasing an additional 667 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased 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. 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.