Abacus FCF Advisors LLC Makes New Investment in Alkermes plc $ALKS

Key Points

• Abacus FCF Advisors opened a new position in Alkermes, buying 219,495 shares valued at about $6.14 million, representing roughly 0.13% of the company at quarter-end.
• Institutional investors now own 95.21% of Alkermes, with major funds such as State Street, Baker Bros., American Century and Dimensional Fund Advisors materially increasing their stakes recently.
• Insiders have sold 159,468 shares (~$5.43 million) in the last 90 days, while analysts maintain a consensus "Moderate Buy" rating with an average target price of $44.07 (market cap ~$5.54B, P/E ~23.3).

Abacus FCF Advisors LLC bought a new position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 219,495 shares of the company's stock, valued at approximately $6,141,000. Abacus FCF Advisors LLC owned 0.13% of Alkermes at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. State Street Corp grew its stake in Alkermes by 2.3% in the 2nd quarter. State Street Corp now owns 8,208,256 shares of the company's stock valued at $234,838,000 after acquiring an additional 185,586 shares during the last quarter. Baker BROS. Advisors LP grew its holdings in Alkermes by 26.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 8,091,351 shares of the company's stock valued at $242,741,000 after buying an additional 1,680,748 shares during the last quarter. American Century Companies Inc. increased its position in Alkermes by 20.2% during the third quarter. American Century Companies Inc. now owns 4,397,471 shares of the company's stock worth $131,924,000 after buying an additional 740,248 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Alkermes by 19.4% during the third quarter. Dimensional Fund Advisors LP now owns 3,697,996 shares of the company's stock worth $110,925,000 after buying an additional 601,359 shares in the last quarter. Finally, Commodore Capital LP raised its holdings in shares of Alkermes by 26.4% in the third quarter. Commodore Capital LP now owns 3,096,754 shares of the company's stock worth $92,903,000 after acquiring an additional 646,754 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company's stock.

Alkermes Stock Performance

NASDAQ ALKS opened at $33.31 on Friday. Alkermes plc has a one year low of $25.17 and a one year high of $36.48. The company's 50 day moving average price is $31.34 and its 200 day moving average price is $30.89. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of 23.29 and a beta of 0.44.

Alkermes (NASDAQ:ALKS - Get Free Report) last issued its earnings results on Saturday, February 14th. The company reported $0.29 EPS for the quarter. The business had revenue of $384.55 million for the quarter. Alkermes had a net margin of 16.37% and a return on equity of 14.91%. Sell-side analysts forecast that Alkermes plc will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP David Joseph Gaffin sold 2,034 shares of Alkermes stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $34.57, for a total transaction of $70,315.38. Following the sale, the executive vice president directly owned 233,592 shares of the company's stock, valued at approximately $8,075,275.44. The trade was a 0.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $35.51, for a total value of $319,590.00. Following the completion of the transaction, the executive vice president directly owned 85,389 shares in the company, valued at approximately $3,032,163.39. The trade was a 9.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 159,468 shares of company stock worth $5,433,699 in the last ninety days. 4.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Piper Sandler lowered their price target on shares of Alkermes from $45.00 to $43.00 and set an "overweight" rating for the company in a report on Tuesday, March 24th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Alkermes in a report on Monday, December 29th. Zacks Research lowered Alkermes from a "hold" rating to a "strong sell" rating in a research note on Friday, March 20th. Wall Street Zen downgraded shares of Alkermes from a "buy" rating to a "hold" rating in a research note on Saturday, February 28th. Finally, Royal Bank Of Canada cut their price objective on shares of Alkermes from $47.00 to $45.00 and set an "outperform" rating on the stock in a report on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Alkermes currently has an average rating of "Moderate Buy" and a consensus target price of $44.07.

Alkermes Company Profile

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes' portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes' commercial franchise features several approved products.

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