Alkermes PLC PT Raised to $43.00 (ALKS)
Stock analysts at Citigroup Inc. upped their target price on shares of Alkermes PLC (NASDAQ:ALKS) from $38.00 to $43.00 in a report issued on Thursday, Analyst Ratings Net reports. The firm currently has a “focus list” rating on the stock. Citigroup Inc.’s price objective points to a potential upside of 31.82% from the stock’s previous close.
The analysts wrote, “We are adding ALKS to the Citi Focus List and increasing our target price on ALKS to $43 from $38 based on our increased estimates for late-stage programs, introduction of estimates for earlier stage programs, and lower outyear tax rate. We believe there are several ALKS programs with significant commercial potential. Considering the breadth of interesting programs in the company’s pipeline, we believe that ALKS’ relative valuation is discounted compared to other mid-cap biotech companies within the same range of market capitalization.”
Alkermes PLC (NASDAQ:ALKS) traded up 2.50% on Thursday, hitting $33.435. The stock had a trading volume of 130,923 shares. Alkermes PLC has a one year low of $18.00 and a one year high of $35.72. The stock has a 50-day moving average of $33.13 and a 200-day moving average of $30.92. The company has a market cap of $4.537 billion and a price-to-earnings ratio of 509.69.
Alkermes PLC (NASDAQ:ALKS) last announced its earnings results on Thursday, July 25th. The company reported $0.30 EPS for the quarter, beating the Thomson Reuters 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.
A number of other firms have also recently commented on ALKS. Analysts at Morgan Stanley downgraded shares of Alkermes PLC from an “overweight” rating to an “equal weight” rating in a research note to investors on Tuesday, October 1st. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Alkermes PLC in a research note to investors on Friday, September 13th. They now have a $36.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Alkermes PLC in a research note to investors on Tuesday, July 30th. They now have a $35.00 price target on the stock. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Alkermes PLC presently has a consensus rating of “Hold” and an average price target of $33.13.
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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