In a recent disclosure to the Securities and Exchange Commission, Alkermes plc (NASDAQ:ALKS) Director Cato T. Laurencin reported several transactions involving the company's ordinary shares. On December 9, Laurencin sold 2,691 shares at a price of $31.85 each, amounting to a total of $85,708. This transaction was conducted under a pre-arranged trading plan adopted earlier this year. The sale occurred as Alkermes, currently valued at $5.1 billion, trades near its 52-week high of $32.88, having delivered an impressive 29% return over the past six months. According to InvestingPro analysis, the company maintains a strong financial health score of "GREAT."
Additionally, Laurencin exercised options to acquire 2,691 shares at $22.52 per share on December 9. On December 8, he acquired 4,163 shares through the exercise of restricted stock units, and subsequently disposed of 958 shares at $31.46 per share, totaling $30,138. Following these transactions, Laurencin's direct ownership stands at 23,013 shares. For comprehensive insider trading analysis and additional insights, investors can access detailed reports through InvestingPro, which offers exclusive access to 10+ additional ProTips and extensive financial metrics for Alkermes.
In other recent news, biopharmaceutical company Alkermes has been the focus of several analyst adjustments. Piper Sandler maintained an Overweight rating on Alkermes, with a price target of $37.00, emphasizing the company's focus on its oral orexin 2 receptor (OX2R) agonist product candidates. Mizuho (NYSE:MFG) Securities also maintained an Outperform rating, raising the price target to $40.00, primarily due to the potential of the developmental drug, ALKS 2680. Stifel upgraded Alkermes to a Buy rating with a $36.00 target, expressing confidence in the success of ALKS2680. Conversely, H.C. Wainwright maintained a Neutral stance with a steady price target of $37.00, highlighting a strategic shift towards proprietary product development.
These adjustments followed Alkermes' Q3 2024 revenue report, which showed an 18% year-over-year increase, reaching $378.1 million, primarily due to its proprietary products, VIVITROL, ARISTADA, and LYBALVI. The non-GAAP earnings per share for the quarter were $0.72, slightly above the estimated $0.70. Alkermes also announced plans to increase its research and development expenses in 2025, particularly for the development of their orexin pipeline and promotional efforts for Lybalvi, their treatment for schizophrenia and bipolar I disorder.
These recent developments reflect Alkermes' strategic commitment to driving growth through its proprietary product portfolio, with a particular focus on its OX2R agonist program, including ALKS-2680, which is currently moving towards Phase 2 readouts.
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