Alkermes (NASDAQ:ALKS) Stock Keeps Outperform Rating at Royal Bank Of Canada

Alkermes (NASDAQ:ALKS)‘s stock had its “outperform” rating reissued by equities research analysts at Royal Bank Of Canada in a research report issued on Tuesday, Benzinga reports. They presently have a $56.00 price objective on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 39.48% from the company’s previous close.

ALKS has been the topic of a number of other research reports. JPMorgan Chase & Co. boosted their target price on Alkermes from $60.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Stifel Nicolaus reissued a “buy” rating and issued a $63.00 target price (up from $45.00) on shares of Alkermes in a research report on Monday, July 20th. TD Cowen reissued a “buy” rating on shares of Alkermes in a research report on Monday, September 21st. Robert W. Baird boosted their price target on shares of Alkermes from $58.00 to $61.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 22nd. Finally, Piper Sandler restated an “overweight” rating and issued a $65.00 price target (up from $43.00) on shares of Alkermes in a research note on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.47.

Alkermes Trading Down 1.7%

NASDAQ ALKS traded down $0.70 on Tuesday, reaching $40.15. The stock had a trading volume of 2,085,306 shares, compared to its average volume of 2,000,876. The firm has a market capitalization of $6.74 billion, a price-to-earnings ratio of 105.66 and a beta of 0.31. The company has a quick ratio of 1.85, a current ratio of 2.30 and a debt-to-equity ratio of 0.82. Alkermes has a 12-month low of $27.00 and a 12-month high of $55.67. The stock has a fifty day moving average price of $47.77 and a two-hundred day moving average price of $42.50.

Insider Buying and Selling at Alkermes

In other Alkermes news, SVP Christian Nichols sold 7,576 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $49.23, for a total value of $372,966.48. Following the completion of the transaction, the senior vice president owned 102,193 shares in the company, valued at $5,030,961.39. The trade was a 6.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $48.58, for a total transaction of $437,220.00. Following the completion of the transaction, the executive vice president owned 69,389 shares of the company’s stock, valued at approximately $3,370,917.62. This trade represents a 11.48% 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. In the last three months, insiders have sold 85,150 shares of company stock worth $4,242,213. 4.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alkermes

Several institutional investors have recently modified their holdings of ALKS. Ameritas Advisory Services LLC acquired a new position in shares of Alkermes during the second quarter worth $39,000. Cullen Frost Bankers Inc. acquired a new position in shares of Alkermes during the fourth quarter worth $28,000. Versant Capital Management Inc grew its stake in shares of Alkermes by 33.9% during the second quarter. Versant Capital Management Inc now owns 1,445 shares of the company’s stock worth $76,000 after purchasing an additional 366 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Alkermes during the second quarter worth $82,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in shares of Alkermes during the second quarter worth $104,000. Institutional investors and hedge funds own 95.21% of the company’s stock.

About Alkermes

Alkermes plc (NASDAQ: ALKS) is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities include treatments for schizophrenia, bipolar disorder, addiction and other serious neurological or psychiatric conditions, with an emphasis on long-acting injectable and extended-release formulations.

The company’s marketed products include VIVITROL, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence after detoxification; ARISTADA, an extended-release injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; and LYBALVI, an oral combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in Ireland in 1987, Alkermes has developed drug-delivery technologies intended to help extend dosing intervals and support medication adherence.