Alkermes (NASDAQ:ALKS) Announces Quarterly Earnings Results, Hits Expectations

Alkermes (NASDAQ:ALKS) released its quarterly earnings data on Wednesday. The company reported $0.70 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.70, RTT News reports. Alkermes had a net margin of 19.15% and a return on equity of 23.20%. The firm had revenue of $399.13 million during the quarter, compared to analysts’ expectations of $393.30 million. During the same period last year, the business earned $0.38 earnings per share. Alkermes’s revenue was down 35.4% compared to the same quarter last year. Alkermes updated its FY 2024 guidance to 2.800-2.800 EPS.

Alkermes Stock Down 0.6 %

Alkermes stock traded down $0.16 during midday trading on Friday, reaching $27.88. The company’s stock had a trading volume of 2,101,783 shares, compared to its average volume of 1,905,860. Alkermes has a fifty-two week low of $22.01 and a fifty-two week high of $32.88. The company has a quick ratio of 2.77, a current ratio of 3.16 and a debt-to-equity ratio of 0.22. The company has a market cap of $4.72 billion, a P/E ratio of 11.05, a P/E/G ratio of 0.54 and a beta of 0.47. The business has a 50-day simple moving average of $24.35 and a 200-day simple moving average of $26.15.

Institutional Trading of Alkermes

Hedge funds and other institutional investors have recently bought and sold shares of the business. McGlone Suttner Wealth Management Inc. acquired a new position in Alkermes in the 4th quarter valued at about $30,000. GAMMA Investing LLC acquired a new stake in shares of Alkermes during the 4th quarter worth $35,000. Hexagon Capital Partners LLC increased its holdings in shares of Alkermes by 3,841.0% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,537 shares of the company’s stock worth $37,000 after buying an additional 1,498 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Alkermes by 166.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,761 shares of the company’s stock worth $49,000 after purchasing an additional 1,100 shares during the period. Finally, CWM LLC boosted its position in Alkermes by 92.8% during the 4th quarter. CWM LLC now owns 1,999 shares of the company’s stock worth $55,000 after purchasing an additional 962 shares during the period. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ALKS shares. TD Cowen began coverage on shares of Alkermes in a research report on Monday, June 17th. They set a “buy” rating and a $34.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $48.00 price target on shares of Alkermes in a research note on Thursday. Robert W. Baird boosted their price target on shares of Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. raised their price target on Alkermes from $31.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Piper Sandler restated an “overweight” rating and set a $39.00 price target on shares of Alkermes in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.70.

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.