Alkermes (NASDAQ:ALKS) Shares Gap Up – Here’s What Happened

Alkermes plc (NASDAQ:ALKS)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $26.59, but opened at $27.87. Alkermes shares last traded at $27.88, with a volume of 314,685 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Stifel Nicolaus raised shares of Alkermes from a “hold” rating to a “buy” rating and increased their price target for the stock from $25.00 to $36.00 in a report on Tuesday. StockNews.com raised Alkermes from a “hold” rating to a “buy” rating in a report on Sunday, July 28th. Cantor Fitzgerald cut their price target on shares of Alkermes from $48.00 to $43.00 and set an “overweight” rating for the company in a report on Friday, October 25th. HC Wainwright restated a “neutral” rating and set a $37.00 target price on shares of Alkermes in a research report on Friday, October 25th. Finally, Robert W. Baird lifted their price target on shares of Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Alkermes Stock Up 5.3 %

The firm has a fifty day simple moving average of $27.61 and a 200 day simple moving average of $25.96. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.03 and a current ratio of 3.45. The company has a market cap of $4.53 billion, a PE ratio of 14.42, a PEG ratio of 0.88 and a beta of 0.47.

Hedge Funds Weigh In On Alkermes

Hedge funds have recently made changes to their positions in the stock. EFG Asset Management North America Corp. raised its holdings in Alkermes by 0.5% in the second quarter. EFG Asset Management North America Corp. now owns 75,864 shares of the company’s stock valued at $1,828,000 after buying an additional 359 shares during the period. United Services Automobile Association increased its holdings in Alkermes by 3.1% in the 2nd quarter. United Services Automobile Association now owns 13,208 shares of the company’s stock valued at $318,000 after purchasing an additional 400 shares in the last quarter. Signaturefd LLC raised its position in Alkermes by 51.2% in the second quarter. Signaturefd LLC now owns 1,417 shares of the company’s stock valued at $34,000 after purchasing an additional 480 shares during the period. Handelsbanken Fonder AB lifted its stake in shares of Alkermes by 0.3% during the third quarter. Handelsbanken Fonder AB now owns 220,600 shares of the company’s stock worth $6,175,000 after purchasing an additional 700 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Alkermes by 44.4% in the second quarter. GAMMA Investing LLC now owns 2,287 shares of the company’s stock valued at $55,000 after buying an additional 703 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Alkermes Company Profile

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.