Alkermes plc $ALKS Shares Bought by Knott David M Jr

Key Points

• Knott David M Jr increased its Alkermes stake by 26.3% in the first quarter, adding 25,000 shares to reach 120,000 shares worth about $4.24 million.
• Several other institutional investors also raised exposure to Alkermes, and institutions now hold 95.21% of the company’s shares.
• Wall Street sentiment remains constructive: multiple analysts lifted price targets, and the stock currently carries a Moderate Buy consensus with a $52.50 target, close to its recent trading price.

Knott David M Jr lifted its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 26.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,000 shares of the company's stock after acquiring an additional 25,000 shares during the quarter. Alkermes accounts for about 2.5% of Knott David M Jr's holdings, making the stock its 11th biggest position. Knott David M Jr owned about 0.07% of Alkermes worth $4,243,000 at the end of the most recent reporting period.

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

Alkermes Stock Performance

Alkermes stock opened at $52.97 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27. The stock has a fifty day moving average of $46.62 and a two-hundred day moving average of $37.33. The company has a market capitalization of $8.83 billion, a price-to-earnings ratio of 58.86 and a beta of 0.34. Alkermes plc has a fifty-two week low of $25.17 and a fifty-two week high of $55.67.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ALKS. Stifel Nicolaus restated a "buy" rating and issued a $63.00 price target (up from $45.00) on shares of Alkermes in a research report on Monday. Wells Fargo & Company increased their price objective on shares of Alkermes from $44.00 to $65.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Robert W. Baird raised their target price on shares of Alkermes from $45.00 to $48.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. Weiss Ratings downgraded shares of Alkermes from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Finally, Needham & Company LLC lifted their target price on shares of Alkermes from $61.00 to $62.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Alkermes currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.50.

Insider Activity at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $51.51, for a total transaction of $463,590.00. Following the sale, the executive vice president owned 73,389 shares of the company's stock, valued at $3,780,267.39. This trade represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Alkermes stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $54.03, for a total value of $109,897.02. Following the sale, the executive vice president owned 227,490 shares of the company's stock, valued at approximately $12,291,284.70. This represents a 0.89% decrease in their position. 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 a total of 35,102 shares of company stock valued at $1,494,410 over the last quarter. Insiders own 4.59% of the company's stock.

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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