Alkermes plc $ALKS is Commodore Capital LP's 2nd Largest Position

Key Points

• Commodore Capital increased its Alkermes stake by 18.3% to 4.2 million shares, making ALKS its second-largest holding and representing approximately 8.6% of its portfolio. Institutional investors collectively own 95.21% of the company.
• Analysts remain broadly positive, with Alkermes receiving a consensus “Moderate Buy” rating and an average price target of $52.50; recent targets range as high as $56.
• Alkermes shares opened at $52.89 and are near their 52-week high of $55.67, while insiders sold 35,102 shares worth approximately $1.49 million during the past quarter under pre-arranged trading plans.

Commodore Capital LP increased its holdings in Alkermes plc (NASDAQ:ALKS - Free Report) by 18.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,200,000 shares of the company's stock after purchasing an additional 650,000 shares during the quarter. Alkermes makes up approximately 8.6% of Commodore Capital LP's holdings, making the stock its 2nd largest holding. Commodore Capital LP owned about 2.52% of Alkermes worth $148,512,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Alkermes in the 4th quarter worth approximately $54,442,000. Baker BROS. Advisors LP raised its holdings in shares of Alkermes by 23.7% during the fourth quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company's stock valued at $280,143,000 after acquiring an additional 1,920,916 shares in the last quarter. UBS Group AG raised its holdings in shares of Alkermes by 237.4% during the fourth quarter. UBS Group AG now owns 2,544,895 shares of the company's stock valued at $71,206,000 after acquiring an additional 1,790,729 shares in the last quarter. First Trust Advisors LP lifted its stake in Alkermes by 104.2% in the first quarter. First Trust Advisors LP now owns 2,968,785 shares of the company's stock worth $104,976,000 after acquiring an additional 1,514,783 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Alkermes by 32.0% in the fourth quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company's stock worth $145,064,000 after acquiring an additional 1,256,377 shares during the period. Hedge funds and other institutional investors own 95.21% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. TD Cowen raised their target price on shares of Alkermes from $42.00 to $50.00 and gave the stock a "buy" rating in a research report on Monday, June 22nd. Weiss Ratings cut shares of Alkermes from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. UBS Group boosted their price target on shares of Alkermes from $42.00 to $48.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Royal Bank Of Canada increased their price target on shares of Alkermes from $45.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 9th. Finally, Bank of America restated an "underperform" rating on shares of Alkermes in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $52.50.

Insider Buying and Selling

In other news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $51.51, for a total transaction of $463,590.00. Following the completion of the transaction, the executive vice president directly owned 73,389 shares in the company, valued at approximately $3,780,267.39. This trade represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the business's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $54.03, for a total value of $109,897.02. Following the completion of the sale, the executive vice president directly owned 227,490 shares in the company, valued at approximately $12,291,284.70. This represents a 0.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,102 shares of company stock valued at $1,494,410 over the last quarter. Corporate insiders own 4.59% of the company's stock.

Alkermes Price Performance

Shares of Alkermes stock opened at $52.89 on Monday. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.27 and a quick ratio of 1.70. The company has a 50-day moving average of $46.92 and a 200 day moving average of $37.50. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of 58.77 and a beta of 0.34. Alkermes plc has a 1 year low of $25.17 and a 1 year high of $55.67.

Alkermes 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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