Alkermes PLC (NASDAQ:ALKS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.
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.”
Other research analysts have also recently issued reports about the company. Jefferies Group reiterated a “buy” rating on shares of Alkermes PLC in a research report on Sunday, July 17th. Barclays PLC lifted their price target on Alkermes PLC from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, July 13th. Leerink Swann restated an “outperform” rating and issued a $54.00 price objective (down from $58.00) on shares of Alkermes PLC in a research report on Tuesday, June 28th. JPMorgan Chase & Co. restated a “hold” rating and issued a $51.00 price objective on shares of Alkermes PLC in a research report on Friday, July 29th. Finally, Citigroup Inc. boosted their price objective on Alkermes PLC from $44.00 to $53.00 and gave the company a “neutral” rating in a research report on Tuesday, September 27th. Two analysts have rated the stock with a sell rating, three have assigned 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 target price of $55.90.
Shares of Alkermes PLC (NASDAQ:ALKS) opened at 42.37 on Friday. The company’s market capitalization is $6.42 billion. The company has a 50-day moving average price of $46.71 and a 200-day moving average price of $44.44. Alkermes PLC has a 12 month low of $27.14 and a 12 month high of $80.71.
Alkermes PLC (NASDAQ:ALKS) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.09. The company earned $195.20 million during the quarter, compared to analysts’ expectations of $174.15 million. Alkermes PLC had a negative return on equity of 14.18% and a negative net margin of 41.19%. Alkermes PLC’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period last year, the business earned ($0.09) earnings per share. On average, analysts forecast that Alkermes PLC will post ($0.12) EPS for the current fiscal year.
In other news, CMO Elliot Ehrich sold 35,199 shares of the company’s 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 transaction, the chief marketing officer now owns 46,111 shares of the company’s stock, valued at approximately $2,395,466.45. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP David Joseph Gaffin sold 2,382 shares of the company’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $45.92, for a total value of $109,381.44. Following the completion of the transaction, the senior vice president now directly owns 22,816 shares in the company, valued at approximately $1,047,710.72. The disclosure for this sale can be found here. Corporate insiders own 4.75% of the company’s stock.
Several institutional investors have recently made changes to their positions in ALKS. AMP Capital Investors Ltd raised its position in shares of Alkermes PLC by 39.0% in the first quarter. AMP Capital Investors Ltd now owns 86,554 shares of the company’s stock valued at $2,788,000 after buying an additional 24,268 shares during the period. Opus Point Partners Management LLC raised its position in shares of Alkermes PLC by 17.0% in the first quarter. Opus Point Partners Management LLC now owns 102,277 shares of the company’s stock valued at $3,497,000 after buying an additional 14,862 shares during the period. Granahan Investment Management Inc. MA raised its position in shares of Alkermes PLC by 47.8% in the first quarter. Granahan Investment Management Inc. MA now owns 535,878 shares of the company’s stock valued at $18,322,000 after buying an additional 173,378 shares during the period. Bogle Investment Management L P DE acquired a new position in shares of Alkermes PLC during the first quarter valued at approximately $14,745,000. Finally, Wellington Management Group LLP raised 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 valued at $721,333,000 after buying an additional 995,186 shares during the period. 95.11% of the stock is currently owned by institutional investors and hedge funds.
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.