Alkermes PLC Receives “Neutral” Rating from Zacks (ALKS)
Alkermes PLC (NASDAQ:ALKS)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Friday, AnalystRatingsNetwork reports. They currently have a $36.00 price objective on the stock. Zacks‘ price objective would indicate a potential upside of 4.62% from the company’s current price.
Zacks‘ analyst wrote, “Alkermes reported earnings of $0.24 per share for the 3-month period ended Jun 30, 2013. This compared unfavorably to the year-ago earnings of $0.32. Results were hurt by lower revenues. The company reported total revenues of 138.6 million, down 9%. Alkermes continues to expect adjusted earnings for the 9-month period in the range of $0.61 – $0.75 per share. Even though impressed with the purchase of Elan’s EDT unit, which significantly broadened Alkermes product portfolio, we believe the stock price already reflects the impact of this transaction. We were also impressed with the U.S. approval of type II diabetes drug, Bydureon. However, the drug appears to be struggling for market share in the crowded diabetes market. We currently have a Neutral stance on Alkermes.”
ALKS has been the subject of a number of other recent research reports. Analysts at TheStreet downgraded shares of Alkermes PLC (NASDAQ:ALKS) from a “buy” rating to a “hold” rating in a research note to investors on Wednesday, June 19th. Analysts at Bank of America Corp. reiterated an “underperform” rating on shares of Alkermes PLC (NASDAQ:ALKS) in a research note to investors on Wednesday, June 19th. They now have a $27.00 price target on the stock, down previously from $29.00.
Four research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $30.89.
Shares of Alkermes PLC (NASDAQ:ALKS) traded down 0.52% during mid-day trading on Friday, hitting $34.23. The stock had a trading volume of 621,752 shares. Alkermes PLC has a 52 week low of $18.00 and a 52 week high of $35.58. The stock has a 50-day moving average of $33.21 and a 200-day moving average of $29.11. The company has a market cap of $4.645 billion and a price-to-earnings ratio of 537.66.
Alkermes PLC (NASDAQ:ALKS) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.08. The company had revenue of $138.60 million for the quarter, compared to the consensus estimate of $131.50 million. During the same quarter in the prior year, the company posted $0.39 earnings per share. The company’s quarterly revenue was down 8.9% on a year-over-year basis.
Alkermes plc., formerly Alkermes, Inc, is an integrated biotechnology company. The Company is engaged in the business of developing, manufacturing and commercializing medicines for the treatment of prevalent, chronic diseases.
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