As the world steadily moves towards progress with technological advancements, the stock market continues to be a powerful tool for investors worldwide. In light of recent developments, shares of Alkermes plc (NASDAQ:ALKS) have been assigned an intriguing consensus rating of “Moderate Buy” by eight research analysts covering the stock – according to Bloomberg.com.
Of these eight analysts, three have rated the stock as ‘hold’, while two have issued a ‘buy’ recommendation and one has gone so far as to issue a strong ‘buy’ recommendation. This is an important distinction that investors closely follow when considering their investment portfolios.
One crucial variable that plays a vital role in shaping this analysis revolves around Alkermes’ position in the pharmaceutical industry, and unique attributes such as its specialty in developing drugs for central nervous system (CNS) diseases. Particularly those aimed at addressing opioid addiction and schizophrenia spectrum disorders.
Furthermore, despite Covid-19 related disruptions, Alkermes performed well with robust performances from key products, including VIVITROL® (naltrexone for extended-release injectable suspension), ARISTADA® (aripiprazole lauroxil), and RISPERDAL CONSTA® (risperidone). While acknowledging risks associated with business volatility which may affect its growth prospects long-term.
The average target price aligned among brokerages involved in ALKS trading activities over the previous year being $30.14 – is another noteworthy development. As investors put their financial futures at stake on this corporation, this implies both optimism about future prospects and cautiousness to protect interests – two salient attributes expected from prudent investors.
In conclusion, as trade brokers continue to guide investors in allocating resources prudently during these unprecedented times. It appears that Alkermes plc presents itself as an opportunity worthy of consideration; especially thanks to safety measures it has taken catalyzed by events of 2020, plus unique factors mentioned above that put it at the cutting edge of CNS drug development. It’s worth noting that the rating mentioned here, while significant, is subject to potential volatility down the line, and investors need to factor inherent risks associated with volatile markets as they make informed choices for their portfolios.
Alkermes Experiences Surge of Interest from Institutional Investors Amid Positive Outlook
Alkermes, a biopharmaceutical company that specializes in treatments for central nervous system diseases and addiction, has experienced a surge in interest from institutional investors. This comes as several research firms have recently commented on the company’s potential success.
In February 2023, Stifel Nicolaus upped their target price on Alkermes shares to $30.00, followed by HC Wainwright issuing a “neutral” rating and a $32.00 price objective. In April 11th, Mizuho increased their price objective even further to $37.00 and gave the company a “buy” rating. Bank of America also increased their price objective to $28.00 earlier this year.
Most recently, StockNews.com upgraded Alkermes from a “buy” rating to a “strong-buy” rating on April 13th.
The positive outlook from these research firms served as an encouragement for large investors to put their money into Alkermes shares. JPMorgan Chase & Co., US Bancorp DE, Bank of Montreal Can, Raymond James & Associates, and Acadian Asset Management LLC are among those who have recently either added or reduced their stakes in ALKS.
JPMorgan Chase & Co.’s new stake in Alkermes amounted to approximately $4,369,000 during the first quarter of 2023. Raymond James & Associates lifted its position by over 132%, now owning 32,763 shares valued at $862,000.
US Bancorp DE lifted its position by 24% owning 10,571 shares worth $279,000 after acquiring an additional 2,044 shares while Bank of Montreal Can acquired new positions worth approximately $203,000 during Q1 of this year.
Finally, Acadian Asset Management LLC boosted its stake significantly by over 660%, now owning 21,945 shares worth around $576K after purchasing an additional 19,060 shares during the period.
As of April 21, 2023, institutional investors hold over 96% of Alkermes’ stock. This marks a significant increase in the company’s overall worth and suggests potential growth to come.
The biopharmaceutical company aims to develop innovative treatments for central nervous system diseases such as schizophrenia, bipolar disorder, and multiple sclerosis. With growing investment from established institutions, there is reason to believe that Alkermes’ research efforts will continue to produce successful drug development results in the future.