Why Alkermes Stock Is Sinking Today
Shares of (NASDAQ: ALKS) were sinking 7.9% as of 11:58 a.m. ET on Wednesday and had fallen as much as 13.1% earlier in the session. The decline came after the Ireland-based drugmaker announced its third-quarter results.
Alkermes reported Q3 revenue of $380.9 million, up nearly 51% year over year. The average analyst estimate was for revenue of $362.1 million.
The company generated earnings of $47.8 million, or $0.29 per diluted share, based on generally accepted accounting principles (GAAP). This reflected a big improvement from the GAAP loss of $64 million, or $0.39 per diluted share, in the prior-year period. Alkermes posted a non-GAAP profit of $109.5 million, or $0.64 per diluted share, up from $3.5 million, or $0.02 per share, in the third quarter of 2022. The consensus estimate was for non-GAAP earnings per share of $0.43.
Source Fool.com
Alkermes plc Stock
We see a rather positive sentiment for Alkermes plc with 12 Buy predictions and 2 Sell predictions.
As a result the target price of 34 € shows a very positive potential of 54.55% compared to the current price of 22.0 € for Alkermes plc.
