Q3 2024 Earnings Estimate for Alkermes plc (NASDAQ:ALKS) Issued By Zacks Research

Alkermes plc (NASDAQ:ALKS) – Stock analysts at Zacks Research lifted their Q3 2024 earnings per share estimates for shares of Alkermes in a research report issued to clients and investors on Wednesday, May 22nd. Zacks Research analyst R. Department now expects that the company will post earnings of $0.63 per share for the quarter, up from their previous estimate of $0.57. The consensus estimate for Alkermes’ current full-year earnings is $2.27 per share.

A number of other analysts have also weighed in on ALKS. Piper Sandler reissued an “overweight” rating and issued a $39.00 price target on shares of Alkermes in a report on Monday, April 1st. TheStreet upgraded Alkermes from a “c+” rating to a “b” rating in a report on Thursday, February 15th. Cantor Fitzgerald boosted their price objective on Alkermes from $43.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday. UBS Group downgraded shares of Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 target price on the stock. in a research report on Tuesday, February 20th. Finally, Jefferies Financial Group lifted their price target on shares of Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $36.78.

Alkermes Trading Up 0.1 %

ALKS opened at $24.02 on Monday. Alkermes has a 1-year low of $22.01 and a 1-year high of $33.71. The stock has a market capitalization of $4.06 billion, a PE ratio of 9.49, a PEG ratio of 0.48 and a beta of 0.61. The company has a current ratio of 3.20, a quick ratio of 2.77 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $25.20 and a two-hundred day moving average price of $26.67.

Alkermes (NASDAQ:ALKS) last announced its earnings results on Wednesday, May 1st. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.15). The business had revenue of $350.37 million during the quarter, compared to analyst estimates of $360.26 million. Alkermes had a net margin of 25.17% and a return on equity of 20.31%. The business’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.10) earnings per share.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Alkermes by 421.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,326,256 shares of the company’s stock valued at $225,393,000 after purchasing an additional 6,730,671 shares in the last quarter. Wellington Management Group LLP lifted its stake in Alkermes by 52.7% in the third quarter. Wellington Management Group LLP now owns 11,746,792 shares of the company’s stock valued at $329,028,000 after buying an additional 4,055,926 shares in the last quarter. RTW Investments LP boosted its holdings in shares of Alkermes by 338.8% in the fourth quarter. RTW Investments LP now owns 3,901,523 shares of the company’s stock valued at $108,228,000 after buying an additional 3,012,450 shares during the period. Vanguard Group Inc. increased its position in shares of Alkermes by 12.3% during the fourth quarter. Vanguard Group Inc. now owns 20,955,454 shares of the company’s stock worth $581,304,000 after acquiring an additional 2,288,185 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Alkermes during the fourth quarter worth $55,548,000. 95.21% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 10,417 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $28.10, for a total value of $292,717.70. Following the completion of the sale, the senior vice president now owns 65,911 shares of the company’s stock, valued at $1,852,099.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.89% of the stock is currently owned by corporate insiders.

Alkermes announced that its board has approved a stock repurchase plan on Thursday, February 15th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 8.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.