FY2024 EPS Estimates for Alkermes Lowered by Zacks Research

Alkermes plc (NASDAQ:ALKS) – Zacks Research reduced their FY2024 earnings per share estimates for shares of Alkermes in a note issued to investors on Monday, January 6th. Zacks Research analyst R. Department now anticipates that the company will earn $2.40 per share for the year, down from their prior estimate of $2.41. The consensus estimate for Alkermes’ current full-year earnings is $2.25 per share. Zacks Research also issued estimates for Alkermes’ Q4 2024 earnings at $0.88 EPS, FY2025 earnings at $1.28 EPS, Q2 2026 earnings at $0.30 EPS and Q3 2026 earnings at $0.40 EPS.

ALKS has been the subject of several other research reports. Mizuho increased their price objective on shares of Alkermes from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Stifel Nicolaus upgraded Alkermes from a “hold” rating to a “buy” rating and increased their target price for the company from $25.00 to $36.00 in a research note on Tuesday, November 5th. The Goldman Sachs Group decreased their price target on shares of Alkermes from $32.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, October 25th. HC Wainwright reaffirmed a “neutral” rating and issued a $37.00 price target on shares of Alkermes in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Alkermes from $32.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.00.

Alkermes Price Performance

Shares of NASDAQ:ALKS opened at $28.42 on Thursday. The business has a fifty day simple moving average of $29.26 and a 200-day simple moving average of $27.64. Alkermes has a 52 week low of $22.90 and a 52 week high of $32.88. The company has a market cap of $4.60 billion, a P/E ratio of 14.57, a P/E/G ratio of 1.03 and a beta of 0.49. The company has a quick ratio of 3.03, a current ratio of 3.45 and a debt-to-equity ratio of 0.22.

Insider Buying and Selling at Alkermes

In related news, Director Cato T. Laurencin sold 2,691 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.85, for a total transaction of $85,708.35. Following the completion of the sale, the director now directly owns 23,013 shares in the company, valued at approximately $732,964.05. This trade represents a 10.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Craig C. Hopkinson sold 61,151 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $32.07, for a total transaction of $1,961,112.57. Following the completion of the transaction, the executive vice president now owns 47,576 shares in the company, valued at approximately $1,525,762.32. This represents a 56.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 147,738 shares of company stock valued at $4,572,904. 4.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alkermes

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Armistice Capital LLC increased its holdings in shares of Alkermes by 301.5% during the 2nd quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock valued at $65,050,000 after acquiring an additional 2,026,961 shares during the last quarter. Loomis Sayles & Co. L P grew its holdings in Alkermes by 365.5% during the third quarter. Loomis Sayles & Co. L P now owns 1,882,936 shares of the company’s stock valued at $52,704,000 after purchasing an additional 1,478,422 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of Alkermes by 31.8% in the second quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock valued at $135,939,000 after purchasing an additional 1,362,079 shares during the period. American Century Companies Inc. lifted its stake in shares of Alkermes by 87.1% in the second quarter. American Century Companies Inc. now owns 2,203,456 shares of the company’s stock worth $53,103,000 after buying an additional 1,025,905 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. bought a new stake in shares of Alkermes during the 3rd quarter worth $16,126,000. Institutional investors own 95.21% of the company’s stock.

About Alkermes

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.