Alkermes (NASDAQ:ALKS) Stock Price Expected to Rise, Bank of America Analyst Says

Alkermes (NASDAQ:ALKS) had its price target boosted by equities research analysts at Bank of America from $33.00 to $34.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price target would indicate a potential upside of 6.25% from the stock’s current price.

A number of other analysts have also commented on the company. Wells Fargo & Company decreased their price objective on Alkermes from $42.00 to $37.00 and set an “overweight” rating on the stock in a research note on Thursday, November 13th. Zacks Research upgraded shares of Alkermes from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 13th. Needham & Company LLC lifted their price target on shares of Alkermes from $43.00 to $44.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Jefferies Financial Group set a $56.00 price objective on shares of Alkermes and gave the company a “buy” rating in a research report on Tuesday, October 28th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Alkermes in a research note on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.93.

Alkermes Stock Performance

Shares of NASDAQ:ALKS opened at $32.00 on Friday. The business’s fifty day moving average price is $31.13 and its two-hundred day moving average price is $29.99. The stock has a market cap of $5.28 billion, a PE ratio of 15.84 and a beta of 0.49. Alkermes has a one year low of $25.17 and a one year high of $36.32.

Insider Buying and Selling at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $33.93, for a total value of $305,370.00. Following the transaction, the executive vice president owned 57,740 shares in the company, valued at approximately $1,959,118.20. This trade represents a 13.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shane Cooke sold 61,200 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $34.57, for a total value of $2,115,684.00. Following the sale, the director owned 103,744 shares of the company’s stock, valued at $3,586,430.08. This represents a 37.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 148,148 shares of company stock valued at $5,028,378 over the last three months. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Alkermes

Several hedge funds and other institutional investors have recently modified their holdings of the company. Baker BROS. Advisors LP increased its position in Alkermes by 23.7% during the 4th quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock worth $280,143,000 after purchasing an additional 1,920,916 shares in the last quarter. State Street Corp grew its stake in Alkermes by 10.9% during the fourth quarter. State Street Corp now owns 9,472,858 shares of the company’s stock worth $265,051,000 after buying an additional 932,507 shares during the period. Renaissance Technologies LLC increased its position in shares of Alkermes by 6.0% in the fourth quarter. Renaissance Technologies LLC now owns 6,668,028 shares of the company’s stock worth $186,571,000 after acquiring an additional 375,500 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Alkermes by 32.0% in the fourth quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock worth $145,064,000 after acquiring an additional 1,256,377 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Alkermes by 19.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,412,783 shares of the company’s stock valued at $123,467,000 after acquiring an additional 714,787 shares during the period. 95.21% of the stock is owned by institutional investors and hedge funds.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.