Mizuho Boosts Alkermes (NASDAQ:ALKS) Price Target to $40.00

Alkermes (NASDAQ:ALKS) had its price objective raised by equities researchers at Mizuho from $35.00 to $40.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target points to a potential upside of 41.09% from the company’s previous close.

Several other brokerages have also recently weighed in on ALKS. Robert W. Baird lifted their price objective on Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. The Goldman Sachs Group reduced their price objective on Alkermes from $32.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. HC Wainwright restated a “neutral” rating and set a $37.00 price objective on shares of Alkermes in a research report on Friday, October 25th. Cantor Fitzgerald reduced their price target on Alkermes from $48.00 to $43.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. dropped their price objective on Alkermes from $32.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.42.

Alkermes Stock Performance

Shares of NASDAQ ALKS opened at $28.35 on Wednesday. The company has a market capitalization of $4.59 billion, a P/E ratio of 14.91, a P/E/G ratio of 0.98 and a beta of 0.47. The stock has a 50 day moving average of $27.73 and a 200-day moving average of $26.18. The company has a current ratio of 3.45, a quick ratio of 3.03 and a debt-to-equity ratio of 0.22. Alkermes has a 12 month low of $22.06 and a 12 month high of $32.88.

Insiders Place Their Bets

In related news, EVP Craig C. Hopkinson sold 58,996 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $30.08, for a total transaction of $1,774,599.68. Following the transaction, the executive vice president now owns 83,300 shares in the company, valued at $2,505,664. The trade was a 41.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.89% of the company’s stock.

Institutional Trading of Alkermes

A number of hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its position in Alkermes by 421.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,326,256 shares of the company’s stock valued at $225,393,000 after acquiring an additional 6,730,671 shares in the last quarter. Pacer Advisors Inc. increased its stake in Alkermes by 31.8% in the 2nd quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock worth $135,939,000 after buying an additional 1,362,079 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Alkermes by 14.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,884,012 shares of the company’s stock worth $69,507,000 after buying an additional 371,039 shares in the last quarter. Armistice Capital LLC increased its stake in Alkermes by 301.5% in the 2nd quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock worth $65,050,000 after buying an additional 2,026,961 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Alkermes by 87.1% during the 2nd quarter. American Century Companies Inc. now owns 2,203,456 shares of the company’s stock valued at $53,103,000 after purchasing an additional 1,025,905 shares during the last quarter. 95.21% of the stock is owned by institutional investors.

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.