Alkermes (NASDAQ:ALKS) Price Target Raised to $34.00

Alkermes (NASDAQ:ALKS) had its price target increased by Bank of America from $33.00 to $34.00 in a research report released on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also recently commented on the company. Piper Sandler reissued an “overweight” rating and set a $45.00 price target (up from $38.00) on shares of Alkermes in a report on Thursday, October 23rd. Jefferies Financial Group set a $56.00 target price on Alkermes and gave the company a “buy” rating in a research note on Tuesday, October 28th. Wells Fargo & Company lowered their price target on Alkermes from $42.00 to $37.00 and set an “overweight” rating on the stock in a report on Thursday, November 13th. Wall Street Zen lowered shares of Alkermes from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 9th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Alkermes from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.93.

Alkermes Price Performance

Shares of NASDAQ:ALKS opened at $31.91 on Friday. The company has a market capitalization of $5.27 billion, a P/E ratio of 15.80 and a beta of 0.49. Alkermes has a 1-year low of $25.17 and a 1-year high of $36.32. The firm’s 50 day simple moving average is $31.20 and its two-hundred day simple moving average is $30.08.

Insiders Place Their Bets

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $33.93, for a total value of $305,370.00. Following the completion of the transaction, the executive vice president directly owned 57,740 shares of the company’s stock, valued at $1,959,118.20. This trade represents a 13.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Shane Cooke sold 61,200 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $34.57, for a total transaction of $2,115,684.00. Following the completion of the sale, the director owned 103,744 shares in the company, valued at approximately $3,586,430.08. This trade represents a 37.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 148,148 shares of company stock valued at $5,028,378. 4.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ALKS. Sanctuary Advisors LLC increased its stake in Alkermes by 2.7% during the fourth quarter. Sanctuary Advisors LLC now owns 12,141 shares of the company’s stock worth $340,000 after acquiring an additional 315 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Alkermes by 3.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,326 shares of the company’s stock worth $289,000 after purchasing an additional 351 shares during the period. Orion Porfolio Solutions LLC increased its position in shares of Alkermes by 4.5% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 8,762 shares of the company’s stock valued at $263,000 after purchasing an additional 376 shares during the last quarter. Horizon Investments LLC increased its position in shares of Alkermes by 0.9% during the 3rd quarter. Horizon Investments LLC now owns 43,002 shares of the company’s stock valued at $1,290,000 after purchasing an additional 387 shares during the last quarter. Finally, AMG National Trust Bank raised its holdings in Alkermes by 0.6% during the 3rd quarter. AMG National Trust Bank now owns 60,175 shares of the company’s stock valued at $1,805,000 after buying an additional 388 shares during the period. Institutional investors own 95.21% of the company’s stock.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.