Alkermes (NASDAQ:ALKS) Sets New 1-Year High After Earnings Beat

Alkermes plc (NASDAQ:ALKS - Get Free Report) shares hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $33.00 and last traded at $32.83, with a volume of 680089 shares traded. The stock had previously closed at $31.96.

The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.11. Alkermes had a return on equity of 24.92% and a net margin of 22.15%.

Analysts Set New Price Targets

Several brokerages recently weighed in on ALKS. HC Wainwright reaffirmed a "neutral" rating and issued a $46.00 target price on shares of Alkermes in a report on Thursday. Piper Sandler reiterated an "overweight" rating and set a $37.00 target price (down previously from $38.00) on shares of Alkermes in a report on Friday, October 25th. StockNews.com raised shares of Alkermes from a "buy" rating to a "strong-buy" rating in a research note on Thursday. Stifel Nicolaus raised shares of Alkermes from a "hold" rating to a "buy" rating and raised their price target for the company from $25.00 to $36.00 in a report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Alkermes in a report on Tuesday, February 11th. They set a "buy" rating and a $40.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $37.25.

Insider Buying and Selling

In related news, EVP Craig C. Hopkinson sold 144,419 shares of the firm's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $35.53, for a total value of $5,131,207.07. Following the completion of the transaction, the executive vice president now directly owns 57,875 shares of the company's stock, valued at $2,056,298.75. This trade represents a 71.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Cato T. Laurencin sold 2,691 shares of the business's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.85, for a total transaction of $85,708.35. Following the sale, the director now directly owns 23,013 shares of the company's stock, valued at $732,964.05. This represents a 10.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 323,608 shares of company stock valued at $10,854,725 over the last 90 days. Corporate insiders own 4.89% of the company's stock.

Hedge Funds Weigh In On Alkermes

Several large investors have recently made changes to their positions in the business. Venturi Wealth Management LLC acquired a new position in Alkermes during the 4th quarter valued at $25,000. V Square Quantitative Management LLC bought a new stake in Alkermes in the 3rd quarter valued at approximately $29,000. EverSource Wealth Advisors LLC increased its holdings in Alkermes by 106.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,635 shares of the company's stock worth $47,000 after buying an additional 842 shares during the last quarter. Blue Trust Inc. lifted its holdings in Alkermes by 2,231.5% during the 4th quarter. Blue Trust Inc. now owns 1,702 shares of the company's stock worth $49,000 after purchasing an additional 1,629 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of Alkermes by 558.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,950 shares of the company's stock worth $85,000 after purchasing an additional 2,502 shares during the period. Institutional investors own 95.21% of the company's stock.

Alkermes Stock Down 0.3 %

The company has a market capitalization of $5.81 billion, a P/E ratio of 18.41, a price-to-earnings-growth ratio of 1.83 and a beta of 0.49. The firm's fifty day moving average is $30.40 and its 200-day moving average is $28.80. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.03 and a current ratio of 3.45.

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.