Alkermes (NASDAQ:ALKS) Coverage Initiated by Analysts at Needham & Company LLC

Equities researchers at Needham & Company LLC started coverage on shares of Alkermes (NASDAQ:ALKS) in a research note issued on Wednesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $45.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 48.76% from the stock’s previous close.

ALKS has been the topic of a number of other reports. UBS Group reiterated a “sector perform” rating on shares of Alkermes in a report on Monday, April 28th. HC Wainwright reiterated a “neutral” rating on shares of Alkermes in a research note on Friday, May 2nd. Cantor Fitzgerald raised shares of Alkermes to a “strong-buy” rating in a research report on Tuesday, May 13th. Royal Bank of Canada raised their price objective on Alkermes from $39.00 to $40.00 and gave the company a “sector perform” rating in a report on Friday, May 2nd. Finally, Robert W. Baird upped their target price on Alkermes from $38.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alkermes presently has an average rating of “Moderate Buy” and an average target price of $38.85.

Alkermes Price Performance

ALKS opened at $30.25 on Wednesday. The business’s 50-day moving average price is $29.86 and its two-hundred day moving average price is $30.82. Alkermes has a 1 year low of $22.90 and a 1 year high of $36.45. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 13.94, a P/E/G ratio of 2.20 and a beta of 0.51.

Alkermes (NASDAQ:ALKS) last announced its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.19). The firm had revenue of $306.51 million during the quarter, compared to analyst estimates of $307.53 million. Alkermes had a net margin of 23.57% and a return on equity of 30.80%. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.43 EPS. Sell-side analysts anticipate that Alkermes will post 1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alkermes

A number of institutional investors have recently bought and sold shares of the business. Barclays PLC lifted its position in shares of Alkermes by 108.8% in the third quarter. Barclays PLC now owns 423,931 shares of the company’s stock valued at $11,867,000 after buying an additional 220,893 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Alkermes by 3.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 30,950 shares of the company’s stock worth $890,000 after acquiring an additional 897 shares during the last quarter. Blue Trust Inc. raised its stake in Alkermes by 2,394.5% in the 4th quarter. Blue Trust Inc. now owns 1,821 shares of the company’s stock valued at $51,000 after acquiring an additional 1,748 shares during the period. KBC Group NV lifted its holdings in Alkermes by 46.7% during the 4th quarter. KBC Group NV now owns 7,176 shares of the company’s stock valued at $206,000 after purchasing an additional 2,286 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in Alkermes by 28.2% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 122,489 shares of the company’s stock worth $3,523,000 after purchasing an additional 26,980 shares during the period. Institutional investors and hedge funds own 95.21% of the company’s stock.

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.