Alkermes (NASDAQ:ALKS) PT Lowered to $26.00

Alkermes (NASDAQ:ALKS) had its target price dropped by stock analysts at JPMorgan Chase & Co. from $32.00 to $26.00 in a report released on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 1.10% from the stock’s previous close.

ALKS has been the subject of several other reports. HC Wainwright reiterated a “neutral” rating and issued a $37.00 price target on shares of Alkermes in a report on Friday. Cantor Fitzgerald lowered their target price on Alkermes from $48.00 to $43.00 and set an “overweight” rating for the company in a research note on Friday. StockNews.com upgraded Alkermes from a “hold” rating to a “buy” rating in a research note on Sunday, July 28th. Robert W. Baird raised their target price on Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $37.00 price target (down previously from $38.00) on shares of Alkermes in a research report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Alkermes has an average rating of “Moderate Buy” and an average target price of $35.40.

Alkermes Trading Down 2.1 %

Shares of Alkermes stock traded down $0.56 during trading hours on Friday, reaching $26.29. 1,456,205 shares of the company’s stock were exchanged, compared to its average volume of 1,838,605. Alkermes has a 52-week low of $22.06 and a 52-week high of $32.88. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 10.43, a price-to-earnings-growth ratio of 0.56 and a beta of 0.46. The company has a fifty day moving average of $27.85 and a 200-day moving average of $25.87. The company has a current ratio of 2.99, a quick ratio of 2.61 and a debt-to-equity ratio of 0.22.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.70 EPS for the quarter, hitting analysts’ consensus estimates of $0.70. The business had revenue of $399.13 million during the quarter, compared to the consensus estimate of $393.30 million. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. The business’s revenue for the quarter was down 35.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.38 EPS. Sell-side analysts forecast that Alkermes will post 2.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ALKS. Price T Rowe Associates Inc. MD grew its position in Alkermes by 421.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,326,256 shares of the company’s stock worth $225,393,000 after buying an additional 6,730,671 shares during the last quarter. Armistice Capital LLC boosted its stake in shares of Alkermes by 301.5% during the 2nd quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock valued at $65,050,000 after buying an additional 2,026,961 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Alkermes by 31.8% during the 2nd quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock valued at $135,939,000 after acquiring an additional 1,362,079 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Alkermes by 87.1% during the 2nd quarter. American Century Companies Inc. now owns 2,203,456 shares of the company’s stock valued at $53,103,000 after acquiring an additional 1,025,905 shares in the last quarter. Finally, Affinity Asset Advisors LLC grew its holdings in shares of Alkermes by 766.7% during the 2nd quarter. Affinity Asset Advisors LLC now owns 650,000 shares of the company’s stock valued at $15,665,000 after acquiring an additional 575,000 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

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.