Alkermes (NASDAQ:ALKS) Sets New 1-Year High on Earnings Beat

Alkermes plc (NASDAQ:ALKS)’s stock price hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $33.00 and last traded at $32.83, with a volume of 680089 shares changing hands. The stock had previously closed at $31.96.

The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.11. Alkermes had a net margin of 22.15% and a return on equity of 24.92%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of Alkermes from $32.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. The Goldman Sachs Group reduced their price objective on shares of Alkermes from $32.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, October 25th. Piper Sandler restated an “overweight” rating and set a $37.00 price objective (down previously from $38.00) on shares of Alkermes in a research report on Friday, October 25th. HC Wainwright restated a “neutral” rating and set a $37.00 price objective on shares of Alkermes in a research report on Friday, October 25th. Finally, Cantor Fitzgerald reduced their price objective on shares of Alkermes from $48.00 to $43.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Alkermes currently has an average rating of “Moderate Buy” and an average target price of $36.33.

Insider Buying and Selling

In related news, SVP Christian Todd Nichols sold 5,208 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $29.15, for a total transaction of $151,813.20. Following the completion of the sale, the senior vice president now directly owns 60,703 shares of the company’s stock, valued at approximately $1,769,492.45. This represents a 7.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Craig C. Hopkinson sold 9,221 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $31.50, for a total transaction of $290,461.50. Following the transaction, the executive vice president now directly owns 59,730 shares of the company’s stock, valued at $1,881,495. This represents a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 179,189 shares of company stock worth $5,723,518 in the last 90 days. Corporate insiders own 4.89% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Venturi Wealth Management LLC bought a new position in Alkermes in the fourth quarter valued at about $25,000. V Square Quantitative Management LLC bought a new position in Alkermes in the third quarter valued at about $29,000. EverSource Wealth Advisors LLC grew its position in Alkermes by 106.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,635 shares of the company’s stock valued at $47,000 after acquiring an additional 842 shares during the last quarter. Blue Trust Inc. grew its position in Alkermes by 2,231.5% in the fourth quarter. Blue Trust Inc. now owns 1,702 shares of the company’s stock valued at $49,000 after acquiring an additional 1,629 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in Alkermes by 558.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,950 shares of the company’s stock valued at $85,000 after acquiring an additional 2,502 shares during the last quarter. Institutional investors own 95.21% of the company’s stock.

Alkermes Stock Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 3.45 and a quick ratio of 3.03. The stock has a 50-day simple moving average of $30.16 and a 200-day simple moving average of $28.65. The stock has a market cap of $5.28 billion, a P/E ratio of 16.73, a PEG ratio of 1.83 and a beta of 0.49.

About Alkermes

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.