Alkermes plc (ALKS) shares surged 9.16% in after-hours on Friday, December 17, 2021, and closed the daily trading at $25.50. Even in the regular trading session, ALKS’s stock gained 6.09%. ALKS shares have risen 7.80% over the last 12 months, and they have moved up 7.01% in the past week. Over the past three months, the stock has lost 21.13%, while over the past six months, it has declined 5.58%.
Let’s briefly discuss its recent news and developments.
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ALKS employee resource groups
On December 7, 2021, the CEO of Alkermes plc (ALKS) Richard Pops launched Employee Resource Groups with the common purpose of supporting and enhancing the inclusiveness of our company culture.
ALKS participation in recent conferences
Alkermes plc (ALKS) management recently participated in a fireside chat at the fourth annual Evercore ISI HealthCONx Conference which was held on Thursday, December 2, 2021.
Earlier the company also participated in a fireside chat at the Stifel Virtual Healthcare Conference which was held on Tuesday, November 16, 2021.
ALKS new appointment
On November 19, 2021, Alkermes plc (ALKS) appointed a new independent director, Cato T. Laurencin, M.D., Ph.D., to the company’s Board of Directors. Dr. Laurencin is a distinguished university professor, award-winning engineer, orthopedic surgeon, scientist, administrator, and pioneer in the field of regenerative engineering.
ALKS 1140 given to the first subject
On November 11, 2021, Alkermes plc (ALKS) reported dosing of the first subject in a phase 1 study evaluating the safety and tolerability of ALKS 1140 in healthy adults. ALKS 1140 is a novel, investigational CoREST-selective (co-repressor of repressor element-1 silencing transcription factor) HDAC (histone deacetylase) inhibitor candidate for the treatment of neurodegenerative and neurological disorders.
ALKS partial termination with Janssen
On November 8, 2021, Alkermes plc (ALKS) received notices of partial termination in respect of two license agreements with Janssen Pharmaceutica N.V., a subsidiary of Johnson & Johnson. The terminations will impact royalties related to sales of long-acting paliperidone products, such as INVEGA SUSTENNA® and INVEGA TRINZA®, and other products in the United States. Janssen said that it has not utilized, and does not utilize, Alkermes’ NanoCrystal technology licensed under the agreements.
ALKS latest financial results
On October 27, 2021, Alkermes plc announced its financial results for the third quarter of 2021.
Q3 2021 financial highlights
- Alkermes reported total revenue of $294.1 million in Q3 2021 compared to $265.0 million for the same period in the prior year.
- Total operating expenses were $313.8 million in Q3 2021 compared to $275.7 million for Q3 2020.
- It suffered a net loss of $29.0 million or a basic and diluted GAAP loss per share of $0.18 in Q3 2021 compared to a net loss of $0.1 million, or a basic and diluted GAAP loss per share of $0.00, for Q3 2020.
- The company ended the quarter with cash, cash equivalents, and total investments of $748.2 million, compared to $669.4 million on June 30, 2021.
Well, as of this writing, we have no recent news or development which could be linked with its positive performance on Friday. We hope that it will continue its momentum on Monday as well.