Cowen Cuts Alkermes (ALKS) Price Target to $55.00

Alkermes (NASDAQ:ALKS) had its price objective lowered by equities research analysts at Cowen to $55.00 in a research report issued to clients and investors on Monday. The brokerage presently has an “outperform” rating on the stock. Cowen’s price target points to a potential upside of 22.01% from the stock’s previous close.

Several other analysts have also issued reports on ALKS. BidaskClub raised Alkermes from a “hold” rating to a “buy” rating in a report on Wednesday, March 28th. Cantor Fitzgerald reduced their target price on Alkermes to $45.00 and set a “neutral” rating on the stock in a report on Monday. Credit Suisse Group set a $53.00 target price on Alkermes and gave the stock a “buy” rating in a report on Monday. They noted that the move was a valuation call. Evercore ISI lowered Alkermes to an “outperform” rating in a report on Monday. Finally, Jefferies Group reduced their target price on Alkermes from $59.00 to $10.37 and set a “hold” rating on the stock in a report on Monday. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $57.28.

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Shares of ALKS traded down $12.88 during trading hours on Monday, hitting $45.08. 7,685,555 shares of the company were exchanged, compared to its average volume of 1,016,081. The firm has a market cap of $8,926.36, a P/E ratio of -121.46 and a beta of 1.81. Alkermes has a fifty-two week low of $44.07 and a fifty-two week high of $71.22. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.46 and a current ratio of 2.78.

Alkermes (NASDAQ:ALKS) last released its earnings results on Wednesday, February 14th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.32. The company had revenue of $275.37 million for the quarter, compared to analyst estimates of $251.23 million. Alkermes had a negative return on equity of 4.32% and a negative net margin of 17.48%. Alkermes’s quarterly revenue was up 29.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.02 EPS. research analysts predict that Alkermes will post -0.8 earnings per share for the current fiscal year.

In related news, Director Paul J. Mitchell sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $56.77, for a total value of $56,770.00. Following the sale, the director now directly owns 9,000 shares of the company’s stock, valued at $510,930. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Shane Cooke sold 72,793 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $60.55, for a total value of $4,407,616.15. Following the completion of the sale, the insider now directly owns 147,501 shares in the company, valued at $8,931,185.55. The disclosure for this sale can be found here. Insiders sold 97,880 shares of company stock worth $6,017,276 over the last ninety days. 5.34% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the business. First Trust Advisors LP raised its position in Alkermes by 18.6% in the fourth quarter. First Trust Advisors LP now owns 800,752 shares of the company’s stock valued at $43,825,000 after purchasing an additional 125,309 shares during the last quarter. Bailard Inc. bought a new position in Alkermes in the fourth quarter valued at about $274,000. Schwab Charles Investment Management Inc. raised its position in Alkermes by 5.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 493,515 shares of the company’s stock valued at $27,011,000 after purchasing an additional 23,712 shares during the last quarter. Janus Henderson Group PLC raised its position in Alkermes by 13.7% in the third quarter. Janus Henderson Group PLC now owns 2,650,006 shares of the company’s stock valued at $134,726,000 after purchasing an additional 319,014 shares during the last quarter. Finally, AMP Capital Investors Ltd raised its position in Alkermes by 11.0% in the third quarter. AMP Capital Investors Ltd now owns 53,745 shares of the company’s stock valued at $2,732,000 after purchasing an additional 5,306 shares during the last quarter.

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Alkermes Company Profile

Alkermes plc is a biopharmaceutical company. The Company is engaged in the researching, developing and commercializing pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. The Company has a portfolio of marketed drug products and a clinical pipeline of products that address central nervous system (CNS) disorders, such as schizophrenia, depression, addiction and multiple sclerosis (MS).

Analyst Recommendations for Alkermes (NASDAQ:ALKS)

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