Alkermes (NASDAQ:ALKS) Releases Earnings Results, Misses Expectations By $0.15 EPS

Alkermes (NASDAQ:ALKS) posted its earnings results on Wednesday. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.15), Briefing.com reports. The company had revenue of $350.37 million during the quarter, compared to analyst estimates of $360.26 million. Alkermes had a net margin of 21.39% and a return on equity of 16.10%. Alkermes’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.10) EPS. Alkermes updated its FY 2024 guidance to 2.800-2.800 EPS.

Alkermes Trading Down 0.9 %

Shares of Alkermes stock traded down $0.21 during trading on Thursday, hitting $23.80. The company’s stock had a trading volume of 155,123 shares, compared to its average volume of 1,878,405. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 11.39, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.86 and a quick ratio of 2.50. Alkermes has a 52 week low of $22.01 and a 52 week high of $33.71. The stock has a 50-day moving average price of $26.94 and a two-hundred day moving average price of $26.79.

Insider Activity

In other Alkermes news, SVP Christian Todd Nichols sold 10,417 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $28.10, for a total value of $292,717.70. Following the completion of the sale, the senior vice president now directly owns 65,911 shares of the company’s stock, valued at approximately $1,852,099.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.76% of the company’s stock.

Alkermes announced that its Board of Directors has authorized a stock repurchase program on Thursday, February 15th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 8.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

ALKS has been the topic of several recent research reports. UBS Group downgraded Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 price target on the stock. in a report on Tuesday, February 20th. Jefferies Financial Group lifted their price target on Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. TheStreet raised Alkermes from a “c+” rating to a “b” rating in a research note on Thursday, February 15th. HC Wainwright reiterated a “neutral” rating and set a $35.00 price target on shares of Alkermes in a report on Friday, April 19th. Finally, Piper Sandler reiterated an “overweight” rating and set a $39.00 price target on shares of Alkermes in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Alkermes presently has an average rating of “Moderate Buy” and an average target price of $35.38.

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.