FY2024 Earnings Forecast for Alkermes plc Issued By Leerink Partnrs (NASDAQ:ALKS)

Alkermes plc (NASDAQ:ALKSFree Report) – Analysts at Leerink Partnrs reduced their FY2024 earnings estimates for shares of Alkermes in a research report issued to clients and investors on Tuesday, April 9th. Leerink Partnrs analyst M. Goodman now forecasts that the company will post earnings of $2.25 per share for the year, down from their previous estimate of $2.30. The consensus estimate for Alkermes’ current full-year earnings is $2.23 per share.

Alkermes (NASDAQ:ALKSGet Free Report) last announced its quarterly earnings results on Thursday, February 15th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.29). The firm had revenue of $377.50 million for the quarter, compared to the consensus estimate of $362.78 million. Alkermes had a net margin of 21.39% and a return on equity of 16.10%. The company’s revenue for the quarter was up 23.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.02) earnings per share.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group lifted their price objective on Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday. StockNews.com lowered Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 23rd. Piper Sandler reiterated an “overweight” rating and set a $39.00 price target on shares of Alkermes in a research report on Monday, April 1st. TheStreet raised shares of Alkermes from a “c+” rating to a “b” rating in a report on Thursday, February 15th. Finally, Robert W. Baird started coverage on shares of Alkermes in a research note on Tuesday, March 19th. They issued an “outperform” rating and a $37.00 target price for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $35.25.

Get Our Latest Analysis on ALKS

Alkermes Stock Performance

NASDAQ:ALKS opened at $24.99 on Friday. The stock has a market capitalization of $4.23 billion, a P/E ratio of 12.07 and a beta of 0.55. Alkermes has a 1 year low of $22.01 and a 1 year high of $33.71. The firm has a 50 day moving average of $28.17 and a 200-day moving average of $27.19. The company has a current ratio of 2.86, a quick ratio of 2.50 and a debt-to-equity ratio of 0.24.

Alkermes announced that its board has approved a stock buyback plan on Thursday, February 15th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, SVP Christian Todd Nichols sold 10,417 shares of Alkermes stock in a transaction on Monday, March 18th. The shares were sold at an average price of $28.10, for a total transaction of $292,717.70. Following the transaction, the senior vice president now directly owns 65,911 shares of the company’s stock, valued at $1,852,099.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 4.76% of the stock is owned by insiders.

Institutional Trading of Alkermes

A number of large investors have recently bought and sold shares of ALKS. Emerald Advisers LLC bought a new position in Alkermes in the third quarter valued at approximately $27,000. Neo Ivy Capital Management bought a new stake in Alkermes in the 2nd quarter valued at $27,000. CWM LLC lifted its position in Alkermes by 147.5% in the 3rd quarter. CWM LLC now owns 1,037 shares of the company’s stock valued at $29,000 after acquiring an additional 618 shares in the last quarter. McGlone Suttner Wealth Management Inc. acquired a new position in Alkermes in the 4th quarter worth $30,000. Finally, GAMMA Investing LLC bought a new position in Alkermes during the 4th quarter worth about $35,000. 95.21% of the stock is owned by institutional investors.

Alkermes Company Profile

(Get Free Report)

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.

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Earnings History and Estimates for Alkermes (NASDAQ:ALKS)

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