Alkermes plc (NASDAQ:ALKS) Shares Purchased by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in Alkermes plc by 45.2%, owning 0.35% of the company worth $19.3 million after acquiring an additional 182,159 shares.
• Alkermes reported quarterly earnings of $0.52 per share, surpassing estimates, along with a revenue of $390.66 million for the quarter.
• Majority of analysts rate Alkermes as a buy, with a consensus price target of $41.08, reflecting positive future expectations for the stock.

Public Sector Pension Investment Board boosted its position in Alkermes plc (NASDAQ:ALKS - Free Report) by 45.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 585,262 shares of the company's stock after acquiring an additional 182,159 shares during the quarter. Public Sector Pension Investment Board owned 0.35% of Alkermes worth $19,325,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new position in Alkermes in the first quarter valued at $49,000. Fifth Third Bancorp lifted its stake in shares of Alkermes by 54.4% during the first quarter. Fifth Third Bancorp now owns 1,479 shares of the company's stock worth $49,000 after purchasing an additional 521 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Alkermes during the fourth quarter worth about $98,000. GAMMA Investing LLC lifted its stake in shares of Alkermes by 31.9% during the first quarter. GAMMA Investing LLC now owns 5,396 shares of the company's stock worth $178,000 after purchasing an additional 1,305 shares in the last quarter. Finally, Farringdon Capital Ltd. acquired a new position in shares of Alkermes during the fourth quarter worth about $204,000. Institutional investors and hedge funds own 95.21% of the company's stock.

Alkermes Stock Performance

Shares of NASDAQ ALKS opened at $26.54 on Tuesday. Alkermes plc has a 1 year low of $25.56 and a 1 year high of $36.45. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.53 and a beta of 0.47. The stock's 50-day simple moving average is $28.77 and its 200-day simple moving average is $30.63.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $390.66 million during the quarter, compared to analyst estimates of $343.20 million. Alkermes had a return on equity of 24.86% and a net margin of 23.15%. Alkermes's quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.16 earnings per share. As a group, research analysts predict that Alkermes plc will post 1.31 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on ALKS shares. Needham & Company LLC restated a "buy" rating and set a $45.00 price objective on shares of Alkermes in a research note on Tuesday, July 29th. Wall Street Zen cut Alkermes from a "strong-buy" rating to a "buy" rating in a research note on Monday, May 5th. The Goldman Sachs Group started coverage on Alkermes in a research note on Tuesday, July 15th. They set a "buy" rating and a $43.00 price objective on the stock. Cantor Fitzgerald upgraded Alkermes to a "strong-buy" rating in a research note on Tuesday, May 13th. Finally, HC Wainwright restated a "neutral" rating and set a $46.00 price objective on shares of Alkermes in a research note on Monday, July 21st. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $41.08.

Insiders Place Their Bets

In related news, SVP Christian Todd Nichols sold 3,334 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $31.09, for a total value of $103,654.06. Following the completion of the sale, the senior vice president directly owned 86,208 shares of the company's stock, valued at $2,680,206.72. The trade was a 3.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.40% of the stock is currently owned by corporate insiders.

Alkermes 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.

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