Alkermes (NASDAQ:ALKS) PT Lowered to $43.00 at Cantor Fitzgerald

Alkermes (NASDAQ:ALKS) had its target price lowered by Cantor Fitzgerald from $48.00 to $43.00 in a report published on Friday morning, Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Several other equities research analysts also recently weighed in on ALKS. Piper Sandler reaffirmed an “overweight” rating and set a $37.00 price target (down from $38.00) on shares of Alkermes in a report on Friday. Robert W. Baird raised their target price on Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. HC Wainwright reissued a “neutral” rating and issued a $37.00 target price on shares of Alkermes in a report on Friday. JPMorgan Chase & Co. raised their target price on Alkermes from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Finally, StockNews.com raised Alkermes from a “hold” rating to a “buy” rating in a report on Sunday, July 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $34.91.

Alkermes Price Performance

Shares of NASDAQ ALKS opened at $26.09 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.99 and a quick ratio of 2.61. The stock has a fifty day moving average price of $27.83 and a 200 day moving average price of $25.87. Alkermes has a 1-year low of $22.06 and a 1-year high of $32.88. The company has a market cap of $4.41 billion, a PE ratio of 10.31, a P/E/G ratio of 0.56 and a beta of 0.46.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.70 earnings per share for the quarter, hitting the consensus estimate of $0.70. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. The firm had revenue of $399.13 million during the quarter, compared to the consensus estimate of $393.30 million. During the same period last year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was down 35.4% on a year-over-year basis. Sell-side analysts forecast that Alkermes will post 2.36 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of Alkermes by 421.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,326,256 shares of the company’s stock valued at $225,393,000 after buying an additional 6,730,671 shares in the last quarter. Pacer Advisors Inc. increased its position in Alkermes by 31.8% during the 2nd quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock worth $135,939,000 after purchasing an additional 1,362,079 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Alkermes by 14.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,884,012 shares of the company’s stock worth $69,507,000 after purchasing an additional 371,039 shares in the last quarter. Armistice Capital LLC increased its position in Alkermes by 301.5% during the 2nd quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock worth $65,050,000 after purchasing an additional 2,026,961 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Alkermes by 87.1% during the 2nd quarter. American Century Companies Inc. now owns 2,203,456 shares of the company’s stock worth $53,103,000 after purchasing an additional 1,025,905 shares in the last quarter. Hedge funds and other institutional investors own 95.21% 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.