Craig C. Hopkinson, Executive Vice President of Research and Development and Chief Medical (TASE:PMCN) Officer at Alkermes plc (NASDAQ:ALKS), a $5.1 billion market cap biopharmaceutical company with an "GREAT" InvestingPro Financial Health score, recently sold ordinary shares valued at approximately $1.96 million. The transactions were conducted on December 9, 2024, under a pre-established Rule 10b5-1 trading plan. The shares were sold at a weighted average price of $32.0748 per share.
In addition to the sales, Hopkinson exercised stock options, acquiring shares at prices ranging from $19.34 to $26.82, for a total value of about $1.11 million. Following these transactions, Hopkinson's direct ownership stands at 47,576 shares.
In other recent news, Alkermes has been the subject of various analyst updates following its Q3 2024 earnings report. The biopharmaceutical company saw an 18% year-over-year increase in revenues, reaching $378.1 million, primarily due to its proprietary products VIVITROL, ARISTADA, and LYBALVI. Its non-GAAP earnings per share for the quarter were $0.72, slightly above the estimated $0.70.
Piper Sandler maintained an Overweight rating for Alkermes, albeit with a revised price target of $37.00. The firm's confidence in Alkermes' long-term prospects stems from its cash-generating, multi-product central nervous system business and potential growth from its orexin 2 receptor (OX2R) agonist pipeline. Mizuho (NYSE:MFG) Securities raised its price target from $35.00 to $40.00, maintaining an Outperform rating, while Stifel upgraded its rating to Buy and raised its target to $36.
Alkermes' developmental drug, ALKS 2680, an OX2R agonist, is moving towards Phase 2 readouts and is expected to significantly impact the branded narcolepsy and idiopathic hypersomnia markets. The company 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. Despite an expected reduction in EBITDA due to changes in manufacturing and royalty revenues, Alkermes remains focused on its growth strategy.
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