Here's Why Alkermes (ALKS) is a Strong Momentum Stock
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
Alkermes (ALKS)
Dublin, Ireland-based Alkermes plc was formed by the Sep 2011 merger of Waltham, MA-based Alkermes, Inc. and Elan Drug Technologies (EDT), the drug delivery unit of Elan Corporation, plc. Elan was acquired by Perrigo in 2013. The combined entity is a fully integrated global biopharmaceutical company that utilizes proprietary technologies to research, develop and commercialize, both with partners and on its own, pharmaceutical products to address unmet medical needs of patients in major therapeutic areas. Alkermes holds a diversified product portfolio and a promising pipeline of candidates targeting major central nervous system (CNS) disorders including schizophrenia, depression, addiction and multiple sclerosis.
ALKS is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of B and VGM Score of A. Shares are up 7.4% over the past one week and up 3.6% over the past four weeks. ALKS has gained 21.9% in the last one-year period as well. Looking at trading volume, an average of 1,999,891.75 shares exchanged hands over the last 20 trading days.
Momentum investors also pay close attention to a company's earnings. For ALKS, seven analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.64 to $1.64 per share for 2023. ALKS boasts an average earnings surprise of 82%.
Investors should take the time to consider ALKS for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.
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Alkermes plc (ALKS) : Free Stock Analysis Report
