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Alkermes (NASDAQ:ALKS) Price target raised to $28.00 at Bank of America

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Alkermes (NASDAQ:ALKS – Get a rating) had its target price raised by Bank of America from $27.00 to $28.00 in a research note published on Sunday, reports The Fly. Bank of America’s price target would suggest a potential upside of 3.28% from the company’s current price.

ALKS has been the subject of a number of other research reports. JPMorgan Chase & Co. cut its price target on Alkermes shares from $33.00 to $29.00 and set a “neutral” rating for the company in a Tuesday, Dec. 6 report. Mizuho raised its price target on Alkermes shares from $34.00 to $36.00 and gave the stock a “buy” rating in a Tuesday, November 22 report. Piper Sandler upgraded Alkermes shares from a “neutral” rating to an “overweight” rating and raised her price target for the stock from $26.00 to $30.00 in a Thursday, November 3 report . Finally, StockNews.com downgraded shares of Alkermes from a “strong buy” rating to a “buy” rating in a Wednesday, November 2, research rating. Four analysts gave the stock a hold rating and five gave the stock a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.10.

Alkermes Stock Up 7.1%

Shares of ALKS traded at $1.80 during Friday trading hours, hitting $27.11. 2,177,675 shares of shares traded in hands, compared to its average volume of 1,148,688. The company has a current ratio of 2.24, a quick ratio of 1.89 and a debt ratio of 0.28 . The stock has a fifty-day simple moving average of $24.68 and a 200-day simple moving average of $25.27. Alkermes has a 52-week low of $21.75 and a 52-week high of $32.79. The company has a market capitalization of $4.45 billion, a price-earnings ratio of -34.76 and a beta of 0.57.

Alkermes (NASDAQ:ALKS – Get Rating) last released its quarterly results on Wednesday, November 2. The company reported ($0.14) earnings per share for the quarter, missing analyst consensus estimates of ($0.13) by ($0.01). Alkermes had a negative net margin of 11.41% and a negative return on equity of 1.10%. The company posted revenue of $252.36 million for the quarter, versus a consensus estimate of $271.45 million. In the same period of the previous year, the company had earned earnings per share of ($0.02). The company’s revenue for the quarter was down 14.2% year over year. On average, equity analysts expect Alkermes to post -0.31 EPS for the current year.

Hedge funds weigh on Alkermes

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Alkermes by 4.8% during the third quarter. Vanguard Group Inc. now owns 18,107,902 shares of the company valued at $404,350,000 after acquiring an additional 828,769 shares last quarter. BlackRock Inc. increased its position in Alkermes by 5.8% during the first quarter. BlackRock Inc. now owns 15,080,046 shares of the company valued at $396,756,000 after purchasing an additional 827,759 shares in the last quarter. State Street Corp increased its position in Alkermes by 9.4% during the third quarter. State Street Corp now owns 6,467,201 shares of the company valued at $144,413,000 after purchasing an additional 556,097 shares in the last quarter. Hardman Johnston Global Advisors LLC increased its position in Alkermes by 7.0% during the third quarter. Hardman Johnston Global Advisors LLC now owns 5,734,259 shares of the company valued at $128,046,000 after purchasing an additional 376,543 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Alkermes by 4.4% during the third quarter. Renaissance Technologies LLC now owns 5,556,113 shares of the company valued at $124,068,000 after purchasing an additional 233,500 shares in the last quarter. Hedge funds and other institutional investors own 96.15% of the company’s shares.

Alkermes company profile

(Get a rating)

Alkermes plc, a biopharmaceutical company, researches, develops and markets pharmaceutical products to address the unmet medical needs of patients in various therapeutic areas in the United States, Ireland and globally. Its marketed products include ARISTADA, an intramuscular injectable suspension for the treatment of schizophrenia; VIVITROL for the treatment of alcohol and the prevention of opiate dependence; RISPERDAL CONSTA for the treatment of schizophrenia and bipolar I disorder; INVEGA SUSTENNA for the treatment of schizophrenia and schizoaffective disorders; XEPLION, INVEGA TRINZA and TREVICTA to treat schizophrenia and schizoaffective disorder; and VUMERITY for the treatment of relapsing forms of multiple sclerosis in adults, including clinically isolated syndrome, relapsing-remitting disease and active secondary progressive disease.

See also

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Analyst Recommendations for Alkermes (NASDAQ: ALKS)

This instant news alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

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