Why Alkermes Stock Blasted 15% Higher Today

You'd be hard-pressed to find investors who don't love it when one of their companies delivers an estimates-busting quarter. Such was the case on Wednesday with biotech Alkermes (NASDAQ: ALKS), which crushed analysts' projections like a grape with its fourth-quarter fundamentals. Investors did the happy dance in response, driving the stock up by nearly 15% on the day.

For its final quarter of 2021, Alkermes posted revenue of $324.5 million. This was a sturdy 16% higher than in the same period the previous year. Non-GAAP (adjusted) net income doubled and then some to $38.5 million, or $0.24 per share.

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Source Fool.com