Alkermes (NASDAQ:ALKS) Issues FY 2024 Earnings Guidance

Alkermes (NASDAQ:ALKS) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 2.800-2.800 for the period, compared to the consensus EPS 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.

Alkermes Stock Up 0.8 %

Shares of ALKS stock traded up $0.19 on Friday, hitting $24.05. The stock had a trading volume of 1,347,148 shares, compared to its average volume of 1,980,594. 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 one year low of $22.01 and a one year high of $33.71. The business has a 50 day moving average price of $26.73 and a 200 day moving average price of $26.74. The company has a market cap of $4.07 billion, a PE ratio of 9.51, a P/E/G ratio of 0.68 and a beta of 0.61.

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

Alkermes announced that its Board of Directors has initiated 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

ALKS has been the subject of a number of analyst reports. Jefferies Financial Group upped their price objective on Alkermes from $42.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, April 9th. StockNews.com cut shares of Alkermes from a buy rating to a hold rating in a report on Friday. Robert W. Baird initiated coverage on shares of Alkermes in a research note on Tuesday, March 19th. They set an outperform rating and a $37.00 price objective for the company. HC Wainwright restated a neutral rating and issued a $35.00 target price on shares of Alkermes in a research note on Thursday. Finally, TheStreet raised Alkermes from a c+ rating to a b rating in a research report on Thursday, February 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $35.38.

Insider Activity

In other Alkermes news, SVP Christian Todd Nichols sold 10,417 shares of Alkermes stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $28.10, for a total transaction of $292,717.70. Following the completion of the sale, the senior vice president now directly owns 65,911 shares in the company, valued at approximately $1,852,099.10. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.