Alkermes (NASDAQ:ALKS) Downgraded by JPMorgan Chase & Co. to “Neutral”

JPMorgan Chase & Co. lowered shares of Alkermes (NASDAQ:ALKS) from an overweight rating to a neutral rating in a report released on Thursday, BenzingaRatingsTable reports. They currently have $21.00 price objective on the stock, down from their prior price objective of $25.00.

A number of other brokerages have also recently weighed in on ALKS. Mizuho assumed coverage on shares of Alkermes in a research note on Wednesday, February 5th. They issued a neutral rating and a $19.00 price objective for the company. BidaskClub lowered shares of Alkermes from a sell rating to a strong sell rating in a research report on Friday, December 20th. Cowen reaffirmed a buy rating on shares of Alkermes in a research report on Friday, January 24th. Svb Leerink reaffirmed a market perform rating on shares of Alkermes in a research report on Friday, January 24th. Finally, Stifel Nicolaus dropped their target price on shares of Alkermes from to and set a hold rating on the stock in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the stock. Alkermes presently has a consensus rating of Hold and an average target price of $22.92.

Shares of Alkermes stock traded up $0.12 on Thursday, reaching $17.77. The stock had a trading volume of 3,334,635 shares, compared to its average volume of 1,555,217. The business’s 50-day moving average price is $18.95 and its two-hundred day moving average price is $20.10. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.42 and a current ratio of 2.69. Alkermes has a fifty-two week low of $16.65 and a fifty-two week high of $37.75. The stock has a market cap of $3.01 billion, a P/E ratio of -13.78 and a beta of 1.97.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.18. Alkermes had a negative net margin of 18.71% and a negative return on equity of 6.08%. The business had revenue of $412.70 million during the quarter, compared to analysts’ expectations of $404.45 million. During the same period in the previous year, the company earned $0.34 earnings per share. Alkermes’s revenue for the quarter was up 30.7% on a year-over-year basis. As a group, equities analysts forecast that Alkermes will post -0.16 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in ALKS. Renaissance Technologies LLC increased its position in Alkermes by 35.4% during the fourth quarter. Renaissance Technologies LLC now owns 6,636,753 shares of the company’s stock worth $135,390,000 after acquiring an additional 1,735,545 shares during the period. BlackRock Inc. increased its position in Alkermes by 10.4% during the second quarter. BlackRock Inc. now owns 11,137,923 shares of the company’s stock worth $251,050,000 after acquiring an additional 1,052,841 shares during the period. Goldman Sachs Group Inc. increased its position in Alkermes by 40.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,547,077 shares of the company’s stock worth $31,560,000 after acquiring an additional 448,420 shares during the period. Russell Investments Group Ltd. increased its position in Alkermes by 164.3% during the fourth quarter. Russell Investments Group Ltd. now owns 597,773 shares of the company’s stock worth $12,162,000 after acquiring an additional 371,614 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in Alkermes by 38.8% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 919,465 shares of the company’s stock worth $18,757,000 after acquiring an additional 257,206 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

About Alkermes

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in various therapeutic areas in the United States, Ireland, and internationally. The company's marketed products include ARISTADA (aripiprazole lauroxil), an extended-release intramuscular injectable suspension for the treatment of schizophrenia; VIVITROL (naltrexone for extended-release injectable suspension) for the treatment of alcohol and opioid dependence; RISPERDAL CONSTA for the treatment of schizophrenia and bipolar I disorder; INVEGA SUSTENNA for the treatment of schizophrenia and schizoaffective disorder; XEPLION, INVEGA TRINZA, and TREVICTA for treating schizophrenia; and AMPYRA (dalfampridine)/FAMPYRA (fampridine) to enhance walking in adults with multiple sclerosis (MS) who have walking disability.

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Analyst Recommendations for Alkermes (NASDAQ:ALKS)

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