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 Price Performance

Shares of ALKS traded up $0.19 during mid-day trading on Friday, reaching $24.05. 1,347,148 shares of the stock traded hands, compared to its average volume of 1,980,594. The firm has a fifty 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 price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61. The company has a current ratio of 3.20, a quick ratio of 2.50 and a debt-to-equity ratio of 0.23. Alkermes has a 1 year low of $22.01 and a 1 year high of $33.71.

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

Alkermes announced that its board has initiated a share repurchase program on Thursday, February 15th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the company to purchase up to 8.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

ALKS has been the subject of a number of research analyst reports. UBS Group downgraded 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. TheStreet raised shares of Alkermes from a c+ rating to a b rating in a report on Thursday, February 15th. Jefferies Financial Group boosted their price target on shares of Alkermes from $42.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, April 9th. HC Wainwright reissued a neutral rating and issued a $35.00 price target on shares of Alkermes in a research note on Thursday. Finally, Piper Sandler reissued an overweight rating and issued a $39.00 price target on shares of Alkermes in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Alkermes presently has an average rating of Hold and a consensus price target of $35.38.

Insider Activity

In other news, SVP Christian Todd Nichols sold 10,417 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 65,911 shares of the company’s stock, valued at $1,852,099.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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.