Alkermes PLC (ALKS) Stock Rating Lowered by Zacks Investment Research
Alkermes PLC (NASDAQ:ALKS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Alkermes boasts a diversified portfolio of products targeting major CNS disorders including schizophrenia, depression, addiction and multiple sclerosis. Revenues are driven not only by the company’s royalty and manufacturing business, but also by a strong performance of Vivitrol and the commercialization of Aristada. Encouraged by the strong performance of Vivitrol in second-quarter 2016, Alkermes raised and updated its 2016 outlook. While Vivitrol should benefit from the newly passed legislation, CARA, gaining reimbursement and access for Aristada bodes well. Meanwhile, Alkermes’ progress with its pipeline has been impressive. Focus should be on the same as the company expects important data readouts over the next several quarters. Given its history of pipeline setbacks, any obstacle in the process of development of these candidates would weigh heavily on the stock. Stiff competition and high dependence on partners remains a threat.”
ALKS has been the subject of a number of other reports. Jefferies Group reiterated a “buy” rating on shares of Alkermes PLC in a research report on Thursday, June 2nd. JPMorgan Chase & Co. reiterated a “hold” rating and set a $51.00 target price on shares of Alkermes PLC in a research report on Friday, July 29th. Barclays PLC reiterated a “buy” rating and set a $65.00 target price (up from $50.00) on shares of Alkermes PLC in a research report on Tuesday, July 12th. Cowen and Company reiterated a “buy” rating on shares of Alkermes PLC in a research report on Friday, September 23rd. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of Alkermes PLC in a research report on Thursday, June 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $55.60.
Alkermes PLC (NASDAQ:ALKS) opened at 48.81 on Tuesday. The firm has a 50 day moving average of $46.90 and a 200-day moving average of $43.14. The company’s market capitalization is $7.40 billion. Alkermes PLC has a 1-year low of $27.14 and a 1-year high of $80.71.
Alkermes PLC (NASDAQ:ALKS) last posted its earnings results on Thursday, July 28th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The firm earned $195.20 million during the quarter, compared to the consensus estimate of $174.15 million. Alkermes PLC had a negative return on equity of 14.18% and a negative net margin of 41.19%. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.09) EPS. On average, equities research analysts anticipate that Alkermes PLC will post ($0.12) earnings per share for the current fiscal year.
In other news, CMO Elliot Ehrich sold 5,000 shares of Alkermes PLC stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $50.83, for a total transaction of $254,150.00. Following the completion of the sale, the chief marketing officer now directly owns 46,477 shares in the company, valued at $2,362,425.91. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Paul J. Mitchell sold 2,000 shares of Alkermes PLC stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $49.48, for a total value of $98,960.00. Following the sale, the director now owns 10,000 shares of the company’s stock, valued at $494,800. The disclosure for this sale can be found here. Insiders own 4.75% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its position in shares of Alkermes PLC by 149.4% in the first quarter. Franklin Resources Inc. now owns 4,230,000 shares of the company’s stock valued at $144,624,000 after buying an additional 2,534,197 shares in the last quarter. Primecap Management Co. CA purchased a new position in shares of Alkermes PLC during the second quarter valued at approximately $108,286,000. Wellington Management Group LLP raised its position in shares of Alkermes PLC by 5.0% in the first quarter. Wellington Management Group LLP now owns 21,097,768 shares of the company’s stock valued at $721,333,000 after buying an additional 995,186 shares in the last quarter. Westfield Capital Management Co. LP raised its position in shares of Alkermes PLC by 317.7% in the second quarter. Westfield Capital Management Co. LP now owns 1,272,500 shares of the company’s stock valued at $54,997,000 after buying an additional 967,862 shares in the last quarter. Finally, State Street Corp raised its position in shares of Alkermes PLC by 24.0% in the first quarter. State Street Corp now owns 3,726,611 shares of the company’s stock valued at $127,418,000 after buying an additional 720,887 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.
Alkermes PLC Company Profile
Alkermes Public Limited Company is a biopharmaceutical company. The Company is engaged in researching, developing and commercializing, both with partners and on its own, pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. The Company has a portfolio of approximately 20 products and a clinical pipeline of product candidates that address central nervous system (CNS) disorders, such as schizophrenia, depression, addiction and multiple sclerosis.
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