Alkermes (NASDAQ:ALKS) Updates FY 2024 Earnings Guidance

Alkermes (NASDAQ:ALKS) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.800-2.800 for the period, compared to the consensus earnings per share estimate of 2.740. The company issued revenue guidance of $1.5 billion-$1.6 billion, compared to the consensus revenue estimate of $1.5 billion.

Analyst Upgrades and Downgrades

Several research firms recently commented on ALKS. TheStreet upgraded Alkermes from a c+ rating to a b rating in a research report on Thursday, February 15th. Robert W. Baird began coverage on shares of Alkermes in a report on Tuesday, March 19th. They issued an outperform rating and a $37.00 price objective for the company. Piper Sandler reissued an overweight rating and set a $39.00 target price on shares of Alkermes in a research note on Monday, April 1st. StockNews.com downgraded shares of Alkermes from a buy rating to a hold rating in a research report on Friday. Finally, UBS Group cut shares of Alkermes from a neutral rating to a sell rating and set a $25.00 price objective for the company. in a report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $35.38.

Alkermes Price Performance

Alkermes stock traded up $0.19 during mid-day trading on Friday, hitting $24.05. The company’s stock had a trading volume of 1,347,148 shares, compared to its average volume of 1,980,594. The stock has a market capitalization of $4.07 billion, a P/E ratio of 9.51, a P/E/G ratio of 0.68 and a beta of 0.61. The stock’s fifty day moving average price is $26.73 and its two-hundred day moving average price is $26.74. The company has a quick ratio of 2.50, a current ratio of 3.20 and a debt-to-equity ratio of 0.23. Alkermes has a twelve month low of $22.01 and a twelve month high of $33.71.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.15). The business had revenue of $350.37 million for the quarter, compared to the consensus estimate of $360.26 million. Alkermes had a net margin of 25.17% and a return on equity of 20.31%. Alkermes’s revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.10) EPS. Research analysts forecast that Alkermes will post 2.22 earnings per share for the current year.

Alkermes declared that its Board of Directors has approved a stock repurchase plan on Thursday, February 15th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 10,417 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the transaction, the senior vice president now owns 65,911 shares in the company, valued at $1,852,099.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.76% 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.