Alkermes plc (NASDAQ:ALKS – Get Rating) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 8,310,000 shares, an increase of 8.2% from the August 15th total of 7,680,000 shares. Based on an average daily trading volume, of 1,440,000 shares, the days-to-cover ratio is currently 5.8 days.
Analysts Set New Price Targets
A number of brokerages have weighed in on ALKS. Mizuho cut their price target on shares of Alkermes from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Thursday, July 28th. Piper Sandler began coverage on shares of Alkermes in a research report on Tuesday, August 16th. They issued a "neutral" rating and a $26.00 price objective on the stock. Stifel Nicolaus boosted their price objective on shares of Alkermes to $28.00 in a research report on Wednesday, July 27th. Finally, StockNews.com raised shares of Alkermes from a "buy" rating to a "strong-buy" rating in a research report on Monday, September 12th. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.44.
Get Alkermes alerts:Hedge Funds Weigh In On Alkermes
Institutional investors and hedge funds have recently modified their holdings of the stock. Jennison Associates LLC acquired a new position in shares of Alkermes in the first quarter valued at $874,000. Qube Research & Technologies Ltd increased its holdings in shares of Alkermes by 242.9% in the first quarter. Qube Research & Technologies Ltd now owns 35,680 shares of the company's stock valued at $939,000 after purchasing an additional 25,276 shares during the last quarter. Sarissa Capital Management LP increased its holdings in shares of Alkermes by 6.3% in the fourth quarter. Sarissa Capital Management LP now owns 14,040,000 shares of the company's stock valued at $326,570,000 after purchasing an additional 827,000 shares during the last quarter. Diversified Trust Co increased its holdings in shares of Alkermes by 6.2% in the first quarter. Diversified Trust Co now owns 25,495 shares of the company's stock valued at $671,000 after purchasing an additional 1,496 shares during the last quarter. Finally, Integral Health Asset Management LLC increased its holdings in shares of Alkermes by 400.0% in the first quarter. Integral Health Asset Management LLC now owns 250,000 shares of the company's stock valued at $6,578,000 after purchasing an additional 200,000 shares during the last quarter. 94.77% of the stock is currently owned by institutional investors and hedge funds.
Alkermes Price Performance
Shares of ALKS opened at $22.90 on Tuesday. The company has a market cap of $3.76 billion, a price-to-earnings ratio of -40.17 and a beta of 0.61. Alkermes has a 1-year low of $21.24 and a 1-year high of $33.00. The company's fifty day simple moving average is $25.98 and its 200 day simple moving average is $27.47. The company has a current ratio of 2.39, a quick ratio of 2.03 and a debt-to-equity ratio of 0.27.Alkermes (NASDAQ:ALKS – Get Rating) last issued its earnings results on Wednesday, July 27th. The company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.05. The business had revenue of $276.22 million for the quarter, compared to the consensus estimate of $269.01 million. Alkermes had a negative net margin of 8.02% and a positive return on equity of 0.79%. The firm's revenue for the quarter was down 9.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 earnings per share. On average, research analysts forecast that Alkermes will post -0.34 earnings per share for the current fiscal year.
About Alkermes
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Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in various therapeutic areas in the United States, Ireland, and internationally. Its marketed products include ARISTADA, an intramuscular injectable suspension for the treatment of schizophrenia; VIVITROL for the treatment of alcohol and prevention of opioid dependence; RISPERDAL CONSTA for the treatment of schizophrenia and bipolar I disorder; INVEGA SUSTENNA for the treatment of schizophrenia and schizoaffective disorder; XEPLION, INVEGA TRINZA, and TREVICTA to treat schizophrenia and schizoaffective; and VUMERITY for the treatment of relapsing forms of multiple sclerosis in adults, including clinically isolated syndrome, relapsing-remitting and active secondary progressive diseases.
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