Alkermes PLC (ALKS) PT Lowered to $66.00

Alkermes PLC (NASDAQ:ALKS) had its price target dropped by research analysts at Credit Suisse Group from $70.00 to $66.00 in a research note issued on Friday. The brokerage presently has an “outperform” rating on the stock. Credit Suisse Group’s price objective suggests a potential upside of 32.40% from the company’s previous close.

ALKS has been the topic of several other reports. Mizuho set a $81.00 target price on Alkermes PLC and gave the stock a “buy” rating in a research report on Saturday, October 21st. ValuEngine cut Alkermes PLC from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Zacks Investment Research raised Alkermes PLC from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub cut Alkermes PLC from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Jefferies Group LLC set a $69.00 target price on Alkermes PLC and gave the stock a “buy” rating in a research report on Friday, August 25th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $63.55.

Shares of Alkermes PLC (NASDAQ:ALKS) traded down 9.31% during midday trading on Friday, reaching $49.85. The company had a trading volume of 2,192,899 shares. The firm’s market capitalization is $7.66 billion. The company has a 50 day moving average of $51.28 and a 200 day moving average of $55.02. Alkermes PLC has a 12-month low of $47.01 and a 12-month high of $63.40.

Alkermes PLC (NASDAQ:ALKS) last announced its earnings results on Thursday, October 26th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.04. The business had revenue of $217.40 million for the quarter, compared to analysts’ expectations of $231.29 million. Alkermes PLC had a negative return on equity of 7.24% and a negative net margin of 20.12%. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same period last year, the firm posted ($0.09) earnings per share. Analysts anticipate that Alkermes PLC will post ($0.04) EPS for the current year.

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In other news, CAO Kathryn L. Biberstein sold 13,566 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $51.29, for a total transaction of $695,800.14. Following the transaction, the chief accounting officer now owns 70,455 shares of the company’s stock, valued at approximately $3,613,636.95. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Paul J. Mitchell sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $50.64, for a total value of $75,960.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,066 shares of company stock worth $930,280. Corporate insiders own 5.34% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Greenwood Capital Associates LLC increased its position in shares of Alkermes PLC by 1.1% during the 2nd quarter. Greenwood Capital Associates LLC now owns 3,770 shares of the company’s stock valued at $219,000 after purchasing an additional 41 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Alkermes PLC by 0.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,104 shares of the company’s stock valued at $415,000 after purchasing an additional 42 shares during the last quarter. World Asset Management Inc increased its position in shares of Alkermes PLC by 1.9% during the 2nd quarter. World Asset Management Inc now owns 6,939 shares of the company’s stock valued at $402,000 after purchasing an additional 128 shares during the last quarter. Capstone Asset Management Co. increased its position in shares of Alkermes PLC by 2.6% during the 2nd quarter. Capstone Asset Management Co. now owns 6,755 shares of the company’s stock valued at $392,000 after purchasing an additional 170 shares during the last quarter. Finally, M&T Bank Corp increased its position in shares of Alkermes PLC by 2.9% during the 2nd quarter. M&T Bank Corp now owns 7,135 shares of the company’s stock valued at $413,000 after purchasing an additional 200 shares during the last quarter. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

About Alkermes PLC

Alkermes plc is a biopharmaceutical company. The Company is engaged in the researching, developing and commercializing pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. The Company has a portfolio of marketed drug products and a clinical pipeline of products that address central nervous system (CNS) disorders, such as schizophrenia, depression, addiction and multiple sclerosis (MS).

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