Zacks Research Reduces Earnings Estimates for Alkermes

Alkermes plc (NASDAQ:ALKS - Free Report) - Stock analysts at Zacks Research lowered their FY2024 EPS estimates for shares of Alkermes in a report issued on Monday, January 6th. Zacks Research analyst R. Department now forecasts that the company will post earnings per share of $2.40 for the year, down from their prior estimate of $2.41. The consensus estimate for Alkermes' current full-year earnings is $2.25 per share. Zacks Research also issued estimates for Alkermes' Q4 2024 earnings at $0.88 EPS, FY2025 earnings at $1.28 EPS, Q2 2026 earnings at $0.30 EPS and Q3 2026 earnings at $0.40 EPS.

Several other research firms have also recently weighed in on ALKS. JPMorgan Chase & Co. dropped their price target on Alkermes from $32.00 to $26.00 and set a "neutral" rating for the company in a report on Friday, October 25th. HC Wainwright reissued a "neutral" rating and set a $37.00 target price on shares of Alkermes in a report on Friday, October 25th. Stifel Nicolaus upgraded shares of Alkermes from a "hold" rating to a "buy" rating and upped their price target for the company from $25.00 to $36.00 in a research note on Tuesday, November 5th. Mizuho lifted their price objective on shares of Alkermes from $35.00 to $40.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Finally, Piper Sandler reissued an "overweight" rating and issued a $37.00 price objective (down previously from $38.00) on shares of Alkermes in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $36.00.

Alkermes Stock Performance

ALKS stock traded down $0.12 during mid-day trading on Thursday, hitting $28.42. 1,613,974 shares of the company were exchanged, compared to its average volume of 1,348,575. Alkermes has a 1-year low of $22.90 and a 1-year high of $32.88. The business has a 50 day simple moving average of $29.26 and a 200-day simple moving average of $27.64. The company has a current ratio of 3.45, a quick ratio of 3.03 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $4.60 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.03 and a beta of 0.49.

Hedge Funds Weigh In On Alkermes

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. United Services Automobile Association increased its holdings in Alkermes by 3.1% in the second quarter. United Services Automobile Association now owns 13,208 shares of the company's stock valued at $318,000 after purchasing an additional 400 shares during the period. Handelsbanken Fonder AB raised its position in shares of Alkermes by 0.3% during the third quarter. Handelsbanken Fonder AB now owns 220,600 shares of the company's stock worth $6,175,000 after acquiring an additional 700 shares during the last quarter. Nicollet Investment Management Inc. lifted its stake in shares of Alkermes by 1.7% in the third quarter. Nicollet Investment Management Inc. now owns 43,845 shares of the company's stock worth $1,227,000 after acquiring an additional 714 shares during the period. KBC Group NV boosted its holdings in Alkermes by 18.8% in the third quarter. KBC Group NV now owns 4,890 shares of the company's stock valued at $137,000 after acquiring an additional 774 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Alkermes by 17.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,956 shares of the company's stock valued at $164,000 after purchasing an additional 904 shares during the period. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Alkermes

In other news, EVP Craig C. Hopkinson sold 61,151 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $32.07, for a total value of $1,961,112.57. Following the completion of the transaction, the executive vice president now directly owns 47,576 shares in the company, valued at approximately $1,525,762.32. This represents a 56.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Cato T. Laurencin sold 2,691 shares of the business's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.85, for a total value of $85,708.35. Following the sale, the director now owns 23,013 shares in the company, valued at $732,964.05. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,738 shares of company stock valued at $4,572,904. Corporate insiders own 4.89% 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.