According to Zacks, “Alkermes’ estimates have been moving down lately ahead of the company’s third-quarter 2016 earnings release. The company is highly dependent on manufacturing and/or royalty revenues on net sales of products that are commercialized by the company’s partners. Partnership-related setbacks may weigh heavily on the company and could have a material adverse effect on its top-line growth. Alkermes expects important data readouts across its pipeline over the next several quarters. Given its history of pipeline setbacks, any obstacle in the process of development of its pipeline candidates would weigh heavily on the stock. Stiff competition remains a threat as well. Meanwhile, Alkermes raised and updated its 2016 outlook on the back of the strong performance of Vivitrol in the second quarter of 2016. While Vivitrol should benefit from the newly passed legislation, CARA, gaining reimbursement and access for Aristada bodes well.”
Several other equities analysts also recently commented on the company. Cowen and Company reaffirmed a buy rating on shares of Alkermes PLC in a research report on Friday, September 23rd. Morgan Stanley reaffirmed a sell rating and issued a $41.00 target price on shares of Alkermes PLC in a research report on Friday, September 2nd. Citigroup Inc. upped their target price on Alkermes PLC from $44.00 to $53.00 and gave the company a neutral rating in a research report on Tuesday, September 27th. Leerink Swann initiated coverage on Alkermes PLC in a research report on Tuesday, October 4th. They issued an outperform rating and a $57.00 target price on the stock. Finally, Jefferies Group upped their target price on Alkermes PLC from $54.00 to $62.00 and gave the company a buy rating in a research report on Friday, July 29th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $55.90.
Alkermes PLC (NASDAQ:ALKS) opened at 43.50 on Friday. The company’s 50-day moving average price is $46.62 and its 200 day moving average price is $44.44. Alkermes PLC has a 52 week low of $27.14 and a 52 week high of $80.71. The company’s market cap is $6.59 billion.
Alkermes PLC (NASDAQ:ALKS) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.09. The firm had revenue of $195.20 million for the quarter, compared to analyst estimates of $174.15 million. Alkermes PLC had a negative return on equity of 14.18% and a negative net margin of 41.19%. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.09) earnings per share. On average, analysts anticipate that Alkermes PLC will post ($0.12) EPS for the current year.
In other news, CMO Elliot Ehrich sold 35,199 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $51.95, for a total value of $1,828,588.05. Following the completion of the transaction, the chief marketing officer now directly owns 46,111 shares in the company, valued at approximately $2,395,466.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul J. Mitchell sold 2,000 shares of the stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $47.42, for a total value of $94,840.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $474,200. The disclosure for this sale can be found here. 4.75% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its position in shares of Alkermes PLC by 0.3% in the second quarter. FMR LLC now owns 22,674,809 shares of the company’s stock worth $980,005,000 after buying an additional 63,567 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Alkermes PLC by 5.0% in the first quarter. Wellington Management Group LLP now owns 21,097,768 shares of the company’s stock worth $721,333,000 after buying an additional 995,186 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Alkermes PLC by 3.2% in the second quarter. Vanguard Group Inc. now owns 11,050,080 shares of the company’s stock worth $477,585,000 after buying an additional 343,746 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Alkermes PLC by 3.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,869,344 shares of the company’s stock worth $167,233,000 after buying an additional 119,597 shares during the last quarter. Finally, State Street Corp raised its position in shares of Alkermes PLC by 24.0% in the first quarter. State Street Corp now owns 3,726,611 shares of the company’s stock valued at $127,418,000 after buying an additional 720,887 shares in the last quarter. Institutional investors own 95.11% of the company’s stock.
Alkermes PLC Company Profile
Alkermes Public Limited Company is a biopharmaceutical company. The Company is engaged in researching, developing and commercializing, both with partners and on its own, pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. The Company has a portfolio of approximately 20 products and a clinical pipeline of product candidates that address central nervous system (CNS) disorders, such as schizophrenia, depression, addiction and multiple sclerosis.
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