Algert Global LLC Invests $5.84 Million in Alkermes plc $ALKS

Key Points

• Algert Global LLC acquired 176,859 shares of Alkermes plc ($ALKS) worth approximately $5.84 million, giving them a 0.11% stake in the company.
• Alkermes reported $0.52 earnings per share (EPS) for the last quarter, exceeding analysts' estimates of $0.42, but its revenue was down 2.1% year-over-year.
• Brokerages have recently adjusted their ratings on Alkermes, with Royal Bank of Canada raising its price target to $42.00 while maintaining a "sector perform" rating.

Algert Global LLC acquired a new position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 176,859 shares of the company's stock, valued at approximately $5,840,000. Algert Global LLC owned about 0.11% of Alkermes at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of ALKS. JPMorgan Chase & Co. raised its holdings in shares of Alkermes by 488.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,234,995 shares of the company's stock valued at $172,860,000 after purchasing an additional 4,345,523 shares during the period. Avoro Capital Advisors LLC bought a new stake in shares of Alkermes in the 4th quarter valued at about $70,462,000. Nuveen LLC bought a new stake in shares of Alkermes in the 1st quarter valued at about $66,689,000. RTW Investments LP raised its holdings in shares of Alkermes by 13.6% in the 4th quarter. RTW Investments LP now owns 7,557,835 shares of the company's stock valued at $217,363,000 after purchasing an additional 903,802 shares during the period. Finally, Nuveen Asset Management LLC raised its holdings in shares of Alkermes by 109.5% in the 4th quarter. Nuveen Asset Management LLC now owns 1,659,821 shares of the company's stock valued at $47,736,000 after purchasing an additional 867,492 shares during the period. 95.21% of the stock is owned by institutional investors.

Insider Activity at Alkermes

In other news, SVP Christian Todd Nichols sold 3,334 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $31.09, for a total transaction of $103,654.06. Following the transaction, the senior vice president directly owned 86,208 shares of the company's stock, valued at approximately $2,680,206.72. This trade represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.40% of the company's stock.

Analyst Ratings Changes

ALKS has been the topic of a number of research analyst reports. The Goldman Sachs Group initiated coverage on shares of Alkermes in a report on Tuesday, July 15th. They issued a "buy" rating and a $43.00 target price on the stock. UBS Group raised shares of Alkermes from a "neutral" rating to a "buy" rating and upped their target price for the company from $33.00 to $42.00 in a report on Tuesday, June 17th. Wall Street Zen cut shares of Alkermes from a "strong-buy" rating to a "buy" rating in a report on Monday, May 5th. Robert W. Baird upped their target price on shares of Alkermes from $38.00 to $41.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Finally, HC Wainwright reaffirmed a "neutral" rating and issued a $46.00 target price on shares of Alkermes in a report on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Alkermes currently has an average rating of "Moderate Buy" and an average target price of $41.08.

Alkermes Trading Up 2.4%

ALKS stock traded up $0.69 during mid-day trading on Friday, hitting $29.75. 1,386,821 shares of the company were exchanged, compared to its average volume of 1,712,629. Alkermes plc has a 1-year low of $25.56 and a 1-year high of $36.45. The business has a 50 day simple moving average of $28.34 and a 200-day simple moving average of $30.45. The stock has a market capitalization of $4.91 billion, a PE ratio of 14.30, a price-to-earnings-growth ratio of 1.71 and a beta of 0.47.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.42 by $0.10. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The company had revenue of $390.66 million for the quarter, compared to analysts' expectations of $343.20 million. During the same period last year, the firm earned $1.16 earnings per share. The business's revenue for the quarter was down 2.1% on a year-over-year basis. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. Equities research analysts expect that Alkermes plc will post 1.31 earnings per share for the current year.

About Alkermes

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.