Alkermes plc announced that its executive vice president, Craig Hopkinson, sold 5,000 shares of the company’s stock on January 8, 2024. The shares were sold at an average price of $30.00, resulting in a total transaction value of $150,000.00. Following this sale, Hopkinson now holds 61,740 shares of Alkermes, valued at approximately $1,852,200. This transaction represents a decrease of 7.49% in his ownership stake.
The sale was officially disclosed in a filing with the Securities and Exchange Commission. This regulatory disclosure is part of the standard procedure for corporate executives to ensure transparency in stock transactions.
Market Performance and Recent Earnings
On the same day of Hopkinson’s sale, shares of Alkermes traded up by 0.8%, reaching $29.60 during midday trading. The trading volume for the day was 2,311,441 shares, significantly higher than the company’s average volume of 1,918,768 shares. Alkermes has a market capitalization of $4.89 billion, with a price-to-earnings ratio of 14.65 and a beta of 0.48. Over the past year, the stock has fluctuated between a low of $25.17 and a high of $36.45.
In its most recent earnings report, released on October 28, 2023, Alkermes reported earnings per share of $0.49, surpassing the consensus estimate of $0.41 by $0.08. The company generated $394.19 million in revenue for the quarter, exceeding analyst predictions of $355.23 million. This marks a year-over-year revenue increase of 4.3%. The company’s net margin stood at 22.27%, with a return on equity of 21.81%. For the fiscal year 2025, Alkermes has set a guidance range of $1.360-1.470 in earnings per share.
Analyst Ratings and Market Sentiment
Several research firms have recently updated their ratings on Alkermes. Wells Fargo & Company lowered its price target from $42.00 to $37.00, maintaining an “overweight” rating. In contrast, Wall Street Zen downgraded the stock from “strong-buy” to “buy.” Jefferies Financial Group maintains a target price of $56.00 with a “buy” rating, while HC Wainwright reiterated a “neutral” rating. Additionally, Deutsche Bank Aktiengesellschaft reduced its price objective from $55.00 to $45.00, also issuing a “buy” rating.
The overall market sentiment towards Alkermes appears cautiously optimistic, with one analyst rating the stock as a “Strong Buy,” eleven assigning it a “Buy” rating, and four issuing a “Hold” rating. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy,” with an average price target of $44.69.
Alkermes plc is a biopharmaceutical company dedicated to developing innovative medicines for central nervous system disorders. The company leverages proprietary drug delivery technologies to advance treatments for conditions such as addiction, schizophrenia, bipolar disorder, and depression. As it continues to evolve, Alkermes aims to enhance patient outcomes and support long-term disease management through its diverse portfolio of commercial products and investigational therapies.
