Alkermes (NASDAQ:ALKS) Price Target Cut to $26.00

Alkermes (NASDAQ:ALKS) had its target price lowered by JPMorgan Chase & Co. from $32.00 to $26.00 in a report released on Friday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts have also commented on the stock. HC Wainwright restated a “neutral” rating and issued a $37.00 price target on shares of Alkermes in a research report on Friday. Cantor Fitzgerald decreased their price target on Alkermes from $48.00 to $43.00 and set an “overweight” rating on the stock in a research report on Friday. Robert W. Baird raised their price target on Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. StockNews.com raised Alkermes from a “hold” rating to a “buy” rating in a research note on Sunday, July 28th. Finally, Piper Sandler restated an “overweight” rating and set a $37.00 target price (down previously from $38.00) on shares of Alkermes in a report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.90.

Alkermes Stock Down 2.8 %

Shares of NASDAQ:ALKS opened at $26.09 on Friday. The company’s fifty day moving average is $27.83 and its 200-day moving average is $25.87. 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 52 week low of $22.06 and a 52 week high of $32.88. The company has a market capitalization of $4.41 billion, a PE ratio of 10.31, a P/E/G ratio of 0.56 and a beta of 0.46.

Institutional Investors Weigh In On Alkermes

A number of institutional investors and hedge funds have recently modified their holdings of ALKS. Price T Rowe Associates Inc. MD boosted its stake 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 valued at $225,393,000 after acquiring an additional 6,730,671 shares during the last quarter. Armistice Capital LLC grew its stake in shares of Alkermes by 301.5% during the second quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock worth $65,050,000 after purchasing an additional 2,026,961 shares during the period. Pacer Advisors Inc. increased its holdings in Alkermes by 31.8% in the second quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock valued at $135,939,000 after purchasing an additional 1,362,079 shares during the last quarter. American Century Companies Inc. lifted its stake in Alkermes by 87.1% in the second quarter. American Century Companies Inc. now owns 2,203,456 shares of the company’s stock valued at $53,103,000 after buying an additional 1,025,905 shares during the period. Finally, Affinity Asset Advisors LLC boosted its holdings in Alkermes by 766.7% during the second quarter. Affinity Asset Advisors LLC now owns 650,000 shares of the company’s stock worth $15,665,000 after buying an additional 575,000 shares during the last quarter. 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.