Alkermes (NASDAQ:ALKS) Trading 5.4% Higher – Here’s Why

Alkermes plc (NASDAQ:ALKS) was up 5.4% during mid-day trading on Thursday . The stock traded as high as $31.89 and last traded at $31.83. Approximately 1,094,950 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 1,331,394 shares. The stock had previously closed at $30.21.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ALKS shares. The Goldman Sachs Group decreased their price target on shares of Alkermes from $32.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. Mizuho boosted their target price on Alkermes from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. decreased their target price on Alkermes from $32.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. HC Wainwright reiterated a “neutral” rating and issued a $37.00 target price on shares of Alkermes in a research note on Friday, October 25th. Finally, Cantor Fitzgerald dropped their price target on Alkermes from $48.00 to $43.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $36.00.

Alkermes Stock Performance

The firm has a fifty day simple moving average of $29.38 and a 200-day simple moving average of $27.97. The company has a current ratio of 3.45, a quick ratio of 3.03 and a debt-to-equity ratio of 0.22. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 16.28, a P/E/G ratio of 1.55 and a beta of 0.49.

Insider Buying and Selling

In related news, SVP Christian Todd Nichols sold 5,208 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $29.15, for a total value of $151,813.20. Following the transaction, the senior vice president now owns 60,703 shares in the company, valued at $1,769,492.45. The trade was a 7.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Cato T. Laurencin sold 2,691 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.85, for a total transaction of $85,708.35. Following the transaction, the director now owns 23,013 shares in the company, valued at $732,964.05. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 147,738 shares of company stock valued at $4,572,904. 4.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alkermes

Institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in shares of Alkermes by 14.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,884,012 shares of the company’s stock valued at $69,507,000 after buying an additional 371,039 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Alkermes by 30.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,078 shares of the company’s stock valued at $410,000 after buying an additional 4,032 shares during the period. Bank of Montreal Can boosted its stake in Alkermes by 111.4% during the second quarter. Bank of Montreal Can now owns 47,756 shares of the company’s stock worth $1,158,000 after acquiring an additional 25,162 shares in the last quarter. Affinity Asset Advisors LLC lifted its position in Alkermes by 766.7% during the second quarter. Affinity Asset Advisors LLC now owns 650,000 shares of the company’s stock valued at $15,665,000 after purchasing an additional 575,000 shares during the period. Finally, Armistice Capital LLC lifted its position in Alkermes by 301.5% during the second quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock valued at $65,050,000 after purchasing an additional 2,026,961 shares during the period. 95.21% of the stock is owned by institutional investors.

Alkermes Company Profile

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.