Needham & Company LLC Reaffirms “Buy” Rating for Alkermes (NASDAQ:ALKS)

Alkermes (NASDAQ:ALKS)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report issued on Monday, September 21st, Benzinga reports. They presently have a $62.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 54.42% from the stock’s current price.

Several other brokerages have also recently commented on ALKS. Bank of America reiterated an “underperform” rating on shares of Alkermes in a research report on Monday, June 29th. Stifel Nicolaus restated a “buy” rating and issued a $63.00 price objective (up from $45.00) on shares of Alkermes in a research report on Monday, July 20th. HC Wainwright reaffirmed a “neutral” rating on shares of Alkermes in a research note on Thursday, July 30th. Robert W. Baird raised their price objective on Alkermes from $48.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. raised their price objective on Alkermes from $60.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Alkermes has an average rating of “Moderate Buy” and an average price target of $54.47.

Alkermes Trading Down 1.7%

Shares of Alkermes stock traded down $0.70 on Monday, hitting $40.15. 2,085,306 shares of the company’s stock traded hands, compared to its average volume of 2,000,876. The firm’s 50-day moving average price is $47.77 and its two-hundred day moving average price is $42.50. The stock has a market capitalization of $6.74 billion, a PE ratio of 105.66 and a beta of 0.31. Alkermes has a one year low of $27.00 and a one year high of $55.67. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.30 and a quick ratio of 1.85.

Insider Transactions at Alkermes

In other Alkermes news, SVP Christian Nichols sold 7,576 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $49.23, for a total transaction of $372,966.48. Following the completion of the transaction, the senior vice president owned 102,193 shares in the company, valued at approximately $5,030,961.39. This represents a 6.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $48.58, for a total value of $437,220.00. Following the transaction, the executive vice president owned 69,389 shares of the company’s stock, valued at approximately $3,370,917.62. This trade represents a 11.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 85,150 shares of company stock worth $4,242,213 in the last 90 days. Company insiders own 4.59% of the company’s stock.

Hedge Funds Weigh In On Alkermes

A number of large investors have recently added to or reduced their stakes in ALKS. Integrated Wealth Concepts LLC bought a new position in Alkermes during the 2nd quarter worth about $113,000. Baird Financial Group Inc. bought a new position in Alkermes during the 2nd quarter worth about $2,791,000. Arizona State Retirement System increased its holdings in Alkermes by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 43,580 shares of the company’s stock worth $2,283,000 after purchasing an additional 494 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Alkermes during the 2nd quarter worth about $1,733,000. Finally, Ameritas Advisory Services LLC bought a new position in Alkermes during the 2nd quarter worth about $39,000. Institutional investors own 95.21% of the company’s stock.

About Alkermes

Alkermes plc (NASDAQ: ALKS) is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities include treatments for schizophrenia, bipolar disorder, addiction and other serious neurological or psychiatric conditions, with an emphasis on long-acting injectable and extended-release formulations.

The company’s marketed products include VIVITROL, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence after detoxification; ARISTADA, an extended-release injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; and LYBALVI, an oral combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in Ireland in 1987, Alkermes has developed drug-delivery technologies intended to help extend dosing intervals and support medication adherence.