Zacks Investment Research Upgrades Alkermes (ALKS) to Buy
Zacks Investment Research upgraded shares of Alkermes (NASDAQ:ALKS) from a hold rating to a buy rating in a research report report published on Wednesday. Zacks Investment Research currently has $48.00 price target on the stock.
According to Zacks, “Alkermes' Vivitrol and Aristada continue to drive growth for the company. The company also reiterated its guidance. primary growth drivers. 2018 is expected to be a transformative year for Alkermes’ development pipeline, with key events being the phase III data readout for ALKS 3831 in schizophrenia, submission of BIIB098 (ALKS 8700) NDA and phase I data read-out for ALKS 4230. Regulatory review is underway for ALKS 5461 being evaluated for major depressive disorder. In July 2018, FDA approved a label expansion of Aristada- Aristada Initio which in combination with a single 30 milligram dose of oral aripiprazole, is designed to enable initiation of Aristada on day one and replaces the need for 21 days of oral supplementation. However, Alkermes is highly dependent on manufacturing and/or royalty revenue. Share price of Alkermes have outperformed industry in past one month. Earnings estimates have increased ahead of Q3 earnings release.”
Several other analysts have also recently issued reports on the company. Stifel Nicolaus initiated coverage on Alkermes in a research note on Monday, August 6th. They issued a hold rating and a $45.00 target price on the stock. BidaskClub cut Alkermes from a hold rating to a sell rating in a research note on Wednesday, September 19th. Morgan Stanley cut Alkermes from an equal weight rating to an underweight rating and cut their target price for the stock from $67.00 to $42.00 in a research note on Thursday, June 21st. Credit Suisse Group cut their target price on Alkermes from $57.00 to $51.00 and set a buy rating on the stock in a research note on Friday, July 27th. Finally, Bank of America cut their target price on Alkermes from $56.00 to $54.00 and set a buy rating on the stock in a research note on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $55.43.
Alkermes (NASDAQ:ALKS) last posted its earnings results on Thursday, July 26th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.40. The company had revenue of $304.64 million for the quarter, compared to analysts’ expectations of $261.58 million. Alkermes had a negative return on equity of 0.29% and a negative net margin of 13.81%. Alkermes’s quarterly revenue was up 39.2% on a year-over-year basis. During the same period last year, the firm earned $0.01 earnings per share. As a group, analysts anticipate that Alkermes will post -0.67 EPS for the current fiscal year.
In other Alkermes news, Director Floyd E. Bloom sold 20,000 shares of Alkermes stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $43.95, for a total transaction of $879,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Paul J. Mitchell sold 1,000 shares of Alkermes stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $44.58, for a total value of $44,580.00. Following the sale, the director now directly owns 8,000 shares in the company, valued at $356,640. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,000 shares of company stock worth $1,009,680. Insiders own 5.51% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Bank of Montreal Can boosted its position in Alkermes by 7.9% during the 3rd quarter. Bank of Montreal Can now owns 18,992 shares of the company’s stock valued at $807,000 after acquiring an additional 1,391 shares in the last quarter. Clarus Wealth Advisors boosted its position in shares of Alkermes by 46.2% in the 3rd quarter. Clarus Wealth Advisors now owns 5,700 shares of the company’s stock worth $242,000 after purchasing an additional 1,800 shares in the last quarter. Rhenman & Partners Asset Management AB boosted its position in shares of Alkermes by 4.0% in the 3rd quarter. Rhenman & Partners Asset Management AB now owns 301,610 shares of the company’s stock worth $12,800,000 after purchasing an additional 11,610 shares in the last quarter. United Services Automobile Association boosted its position in shares of Alkermes by 1.2% in the 2nd quarter. United Services Automobile Association now owns 150,335 shares of the company’s stock worth $6,188,000 after purchasing an additional 1,775 shares in the last quarter. Finally, Royal London Asset Management Ltd. bought a new stake in shares of Alkermes in the 2nd quarter worth approximately $2,619,000.
Alkermes Company Profile
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; INVEGA SUSTENNA for the treatment of schizophrenia and schizoaffective disorder; XEPLION, INVEGA TRINZA, and TREVICTA for treating schizophrenia; RISPERDAL CONSTA for the treatment of schizophrenia and bipolar I disorder; AMPYRA (dalfampridine)/FAMPYRA (fampridine) to enhance walking in adults with multiple sclerosis (MS) who have walking disability; and BYDUREON (exenatide extended-release for injectable suspension) and BYDUREON BCise for the treatment of type 2 diabetes.
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