Alkermes (NASDAQ:ALKS) Releases FY 2024 Earnings Guidance

Alkermes (NASDAQ:ALKS) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 2.800-2.800 for the period, compared to the consensus estimate of 2.740. The company issued revenue guidance of $1.5 billion-$1.6 billion, compared to the consensus revenue estimate of $1.5 billion.

Analyst Ratings Changes

A number of brokerages have issued reports on ALKS. UBS Group lowered shares of Alkermes from a neutral rating to a sell rating and set a $25.00 price target on the stock. in a report on Tuesday, February 20th. HC Wainwright reaffirmed a neutral rating and set a $35.00 target price on shares of Alkermes in a research note on Thursday. Piper Sandler reaffirmed an overweight rating and set a $39.00 target price on shares of Alkermes in a research note on Monday, April 1st. TheStreet raised shares of Alkermes from a c+ rating to a b rating in a research note on Thursday, February 15th. Finally, Robert W. Baird initiated coverage on shares of Alkermes in a research note on Tuesday, March 19th. They set an outperform rating and a $37.00 target price on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $35.38.

Alkermes Stock Up 0.8 %

NASDAQ:ALKS traded up $0.19 on Friday, reaching $24.05. 1,347,148 shares of the stock traded hands, compared to its average volume of 1,980,594. The company has a current ratio of 3.20, a quick ratio of 2.50 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of 9.51, a PEG ratio of 0.68 and a beta of 0.61. Alkermes has a 12 month low of $22.01 and a 12 month high of $33.71. The company’s fifty day simple moving average is $26.73 and its 200 day simple moving average is $26.74.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.15). Alkermes had a return on equity of 20.31% and a net margin of 25.17%. The firm had revenue of $350.37 million during the quarter, compared to analysts’ expectations of $360.26 million. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. Alkermes’s revenue was up 21.8% on a year-over-year basis. Equities analysts predict that Alkermes will post 2.22 EPS for the current fiscal year.

Alkermes announced that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, SVP Christian Todd Nichols sold 10,417 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the transaction, the senior vice president now directly owns 65,911 shares of the company’s stock, valued at approximately $1,852,099.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.76% of the stock is currently owned by corporate insiders.

Alkermes Company Profile

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.