Alkermes PLC (ALKS) Trading Up 11.1% on Better-Than-Expected Earnings

Alkermes PLC (NASDAQ:ALKS) shares were up 11.1% on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $55.31 and last traded at $54.97. Approximately 3,023,191 shares were traded during mid-day trading, an increase of 323% from the average daily volume of 715,140 shares. The stock had previously closed at $49.49.

The company reported $0.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.04. Alkermes PLC had a negative return on equity of 9.12% and a negative net margin of 24.33%. The firm had revenue of $217.40 million during the quarter, compared to analysts’ expectations of $231.29 million. During the same period last year, the firm posted ($0.09) EPS. The business’s revenue was up 20.6% on a year-over-year basis.

A number of research analysts have commented on ALKS shares. Zacks Investment Research upgraded Alkermes PLC from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Mizuho set a $81.00 price objective on Alkermes PLC and gave the company a “buy” rating in a research report on Saturday, October 21st. ValuEngine upgraded Alkermes PLC from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Jefferies Group LLC set a $69.00 price objective on Alkermes PLC and gave the company a “buy” rating in a research report on Friday, August 25th. Finally, Barclays PLC lowered Alkermes PLC from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $66.00 to $50.00 in a research report on Monday, October 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $63.55.

In other news, CAO Kathryn L. Biberstein sold 13,566 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $51.29, for a total value of $695,800.14. Following the transaction, the chief accounting officer now directly owns 70,455 shares in the company, valued at approximately $3,613,636.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul J. Mitchell sold 1,500 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $50.64, for a total value of $75,960.00. The disclosure for this sale can be found here. Insiders sold a total of 18,066 shares of company stock worth $930,280 over the last 90 days. 5.34% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the company. Atlantic Trust Group LLC boosted its position in shares of Alkermes PLC by 4.9% in the 2nd quarter. Atlantic Trust Group LLC now owns 167,717 shares of the company’s stock worth $9,722,000 after purchasing an additional 7,807 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Alkermes PLC by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,377,593 shares of the company’s stock worth $79,859,000 after purchasing an additional 23,506 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Alkermes PLC by 10.2% in the 2nd quarter. Legal & General Group Plc now owns 654,744 shares of the company’s stock worth $37,956,000 after purchasing an additional 60,624 shares during the last quarter. Tredje AP fonden boosted its position in shares of Alkermes PLC by 85.5% in the 2nd quarter. Tredje AP fonden now owns 30,510 shares of the company’s stock worth $1,769,000 after purchasing an additional 14,060 shares during the last quarter. Finally, Aviva PLC boosted its position in shares of Alkermes PLC by 5.4% in the 2nd quarter. Aviva PLC now owns 88,159 shares of the company’s stock worth $5,111,000 after purchasing an additional 4,525 shares during the last quarter. Institutional investors and hedge funds own 98.39% of the company’s stock.

The stock has a 50-day moving average of $51.15 and a 200-day moving average of $55.08. The company’s market cap is $7.66 billion.

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About Alkermes PLC

Alkermes plc is a biopharmaceutical company. The Company is engaged in the researching, developing and commercializing pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. The Company has a portfolio of marketed drug products and a clinical pipeline of products that address central nervous system (CNS) disorders, such as schizophrenia, depression, addiction and multiple sclerosis (MS).

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