Short Interest in Alkermes plc (NASDAQ:ALKS) Rises By 8.3%

Alkermes plc (NASDAQ:ALKS) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 18,620,000 shares, a growth of 8.3% from the August 31st total of 17,190,000 shares. Based on an average daily trading volume, of 1,760,000 shares, the short-interest ratio is presently 10.6 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new stake in Alkermes in the second quarter worth about $228,000. Dana Investment Advisors Inc. boosted its stake in Alkermes by 47.0% in the 2nd quarter. Dana Investment Advisors Inc. now owns 27,968 shares of the company’s stock worth $674,000 after purchasing an additional 8,940 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake 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 worth $5,901,000 after purchasing an additional 23,600 shares in the last quarter. Creative Planning grew its position 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 last quarter. Finally, Algert Global LLC acquired a new position in Alkermes during the 2nd quarter valued at approximately $390,000. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on ALKS. Robert W. Baird increased their price objective on Alkermes from $37.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. TD Cowen started coverage on Alkermes in a research report on Monday, June 17th. They set a “buy” rating and a $34.00 price target on the stock. HC Wainwright lifted their price objective on Alkermes from $35.00 to $37.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Cantor Fitzgerald reiterated an “overweight” rating and set a $48.00 target price on shares of Alkermes in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Alkermes from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Alkermes has a consensus rating of “Moderate Buy” and an average price target of $36.70.

Alkermes Stock Up 1.3 %

NASDAQ:ALKS opened at $27.53 on Friday. The company’s 50-day simple moving average is $27.39 and its 200-day simple moving average is $25.76. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.61 and a current ratio of 2.99. Alkermes has a fifty-two week low of $22.01 and a fifty-two week high of $32.88. The stock has a market capitalization of $4.66 billion, a P/E ratio of 10.88, a P/E/G ratio of 0.59 and a beta of 0.46.

Alkermes (NASDAQ:ALKS) last announced its earnings results on Wednesday, July 24th. The company reported $0.70 earnings per share for the quarter, meeting the consensus estimate of $0.70. The company had revenue of $399.13 million during the quarter, compared to the consensus estimate of $393.30 million. Alkermes had a net margin of 19.15% and a return on equity of 23.20%. Alkermes’s revenue was down 35.4% compared to the same quarter last year. During the same period last year, the firm earned $0.38 earnings per share. On average, equities analysts anticipate that Alkermes will post 2.36 earnings per share for the current fiscal year.

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.