Craig C. Hopkinson, the Executive Vice President of Research & Development and Chief Medical (TASE:PMCN) Officer at Alkermes plc (NASDAQ:ALKS), has recently sold a portion of his holdings in the company. According to the SEC filing, Hopkinson sold 14,349 ordinary shares on December 4, 2024, at a weighted average price of $30.7722 per share, resulting in a total transaction value of approximately $441,550.
This sale was conducted under a Rule 10b5-1 trading plan, which had been adopted by Hopkinson in December 2023. Following this transaction, Hopkinson retains ownership of 68,951 shares in Alkermes. The shares were sold at varying prices ranging from $30.50 to $31.00, with the stock currently trading near its 52-week high and showing slight undervaluation based on InvestingPro's Fair Value analysis. The company maintains strong liquidity with a current ratio of 3.45 and earned $2.29 per share over the last twelve months. Full details of the transactions are available upon request to the issuer, any security holder, or the SEC staff.
In other recent news, Alkermes has seen several developments in its financial and drug development sectors. The company reported an 18% year-over-year increase in Q3 2024 revenues, reaching $378.1 million, primarily driven by its proprietary products, VIVITROL, ARISTADA, and LYBALVI. The company's non-GAAP earnings per share for the quarter stood at $0.72, slightly above the estimated $0.70.
Mizuho (NYSE:MFG) Securities and Stifel have both raised their price targets for Alkermes, with Mizuho focusing on the potential of the company's developmental drug, ALKS 2680. Stifel has upgraded its stock rating from Hold to Buy and significantly raised the price target to $36, expressing belief in ALKS2680's potential success and its differentiation from competitor TAK-861 in the treatment of narcolepsy type 1 and type 2, and idiopathic hypersomnia.
On the other hand, H.C. Wainwright maintained a Neutral stance on Alkermes, highlighting a forthcoming decrease in its manufacturing and royalty business for the next year. Piper Sandler adjusted its price target on shares of Alkermes to $37.00 from the previous target of $38.00, maintaining its Overweight rating on the stock. Goldman Sachs lowered its expectation to $30.00 from the previous $32.00, while still endorsing the stock with a Buy rating.
These recent developments highlight Alkermes' commitment to driving growth through its proprietary product portfolio and its strategic focus on future profitability and expansion.
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