Citigroup Inc. Grows Holdings in Alkermes plc $ALKS

Key Points

• Citigroup Inc. increased its stake in Alkermes plc by 9.3%, acquiring 30,717 shares and bringing its total ownership to 362,385 shares valued at approximately $11.97 million.
• Several institutional investors, including Victory Capital Management and Fifth Third Bancorp, have also significantly increased their holdings in Alkermes during the first quarter.
• Analysts have a consensus rating of "Moderate Buy" for Alkermes, with an average price target of $41.08, indicating positive sentiment towards the stock's potential.

Citigroup Inc. increased its stake in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 9.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 362,385 shares of the company's stock after buying an additional 30,717 shares during the period. Citigroup Inc. owned about 0.22% of Alkermes worth $11,966,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management purchased a new stake in Alkermes during the first quarter worth about $348,000. Victory Capital Management Inc. lifted its holdings in shares of Alkermes by 30.9% in the first quarter. Victory Capital Management Inc. now owns 120,997 shares of the company's stock valued at $3,995,000 after purchasing an additional 28,596 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Alkermes by 31.9% in the first quarter. GAMMA Investing LLC now owns 5,396 shares of the company's stock valued at $178,000 after purchasing an additional 1,305 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Alkermes by 9.7% in the fourth quarter. Captrust Financial Advisors now owns 18,362 shares of the company's stock valued at $528,000 after purchasing an additional 1,619 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of Alkermes by 54.4% in the first quarter. Fifth Third Bancorp now owns 1,479 shares of the company's stock valued at $49,000 after purchasing an additional 521 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company's stock.

Insider Buying and Selling at Alkermes

In related news, SVP Christian Todd Nichols sold 3,334 shares of Alkermes stock in a transaction 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 owned 86,208 shares in the company, valued at approximately $2,680,206.72. The trade was a 3.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.40% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Cantor Fitzgerald raised shares of Alkermes to a "strong-buy" rating in a report on Tuesday, May 13th. Needham & Company LLC reissued a "buy" rating and set a $45.00 price objective on shares of Alkermes in a research note on Tuesday, July 29th. Royal Bank Of Canada upped their price objective on shares of Alkermes from $40.00 to $42.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. UBS Group raised shares of Alkermes from a "neutral" rating to a "buy" rating and upped their price objective for the company from $33.00 to $42.00 in a research note on Tuesday, June 17th. Finally, Robert W. Baird upped their price objective on shares of Alkermes from $38.00 to $41.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $41.08.

Alkermes Stock Performance

Shares of NASDAQ:ALKS traded up $0.45 during midday trading on Tuesday, hitting $28.57. 956,105 shares of the company's stock traded hands, compared to its average volume of 1,761,097. The company has a market cap of $4.72 billion, a PE ratio of 13.75, a P/E/G ratio of 1.66 and a beta of 0.47. The firm's fifty day moving average price is $28.47 and its two-hundred day moving average price is $30.51. Alkermes plc has a twelve month low of $25.56 and a twelve month high of $36.45.

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

Alkermes Company Profile

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.