Alkermes (NASDAQ:ALKS) Earns Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Alkermes (NASDAQ:ALKS) in a report released on Monday morning, Benzinga reports. They currently have a $48.00 price objective on the stock.

A number of other research firms have also weighed in on ALKS. HC Wainwright upped their price objective on Alkermes from $35.00 to $37.00 and gave the stock a neutral rating in a research report on Thursday, July 25th. TD Cowen assumed coverage on Alkermes in a report on Monday, June 17th. They set a buy rating and a $34.00 price target on the stock. StockNews.com upgraded Alkermes from a hold rating to a buy rating in a research note on Sunday, July 28th. JPMorgan Chase & Co. upped their target price on shares of Alkermes from $31.00 to $32.00 and gave the stock a neutral rating in a research note on Thursday, July 25th. Finally, Robert W. Baird lifted their price target on shares of Alkermes from $37.00 to $38.00 and gave the stock an outperform rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $36.70.

Alkermes Price Performance

ALKS opened at $27.83 on Monday. The stock’s 50-day moving average price is $26.73 and its 200 day moving average price is $25.84. Alkermes has a 12-month low of $22.01 and a 12-month high of $32.88. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of 11.00, a PEG ratio of 0.56 and a beta of 0.46. 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 issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.70 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.70. Alkermes had a net margin of 19.15% and a return on equity of 23.20%. The business had revenue of $399.13 million for the quarter, compared to analysts’ expectations of $393.30 million. During the same quarter in the prior year, the company earned $0.38 earnings per share. The business’s quarterly revenue was down 35.4% on a year-over-year basis. As a group, sell-side analysts expect that Alkermes will post 2.36 earnings per share for the current year.

Institutional Trading of Alkermes

Large investors have recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new stake in Alkermes in the second quarter valued at approximately $228,000. Dana Investment Advisors Inc. raised its position in Alkermes by 47.0% in the 2nd quarter. Dana Investment Advisors Inc. now owns 27,968 shares of the company’s stock valued at $674,000 after purchasing an additional 8,940 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its position in Alkermes by 10.7% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 244,857 shares of the company’s stock valued at $5,901,000 after purchasing an additional 23,600 shares during the last quarter. Creative Planning boosted its stake in Alkermes by 28.0% during the 2nd quarter. Creative Planning now owns 33,365 shares of the company’s stock worth $804,000 after purchasing an additional 7,296 shares during the period. Finally, Algert Global LLC purchased a new position in Alkermes during the 2nd quarter worth $390,000. 95.21% of the stock is owned by institutional investors and hedge funds.

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.