Voloridge Investment Management LLC Cuts Position in Alkermes plc (NASDAQ:ALKS)

Voloridge Investment Management LLC decreased its position in Alkermes plc (NASDAQ:ALKS - Free Report) by 22.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 326,369 shares of the company's stock after selling 96,371 shares during the period. Voloridge Investment Management LLC owned approximately 0.20% of Alkermes worth $9,386,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ALKS. Avoro Capital Advisors LLC acquired a new position in shares of Alkermes during the fourth quarter valued at about $70,462,000. Norges Bank acquired a new position in shares of Alkermes during the fourth quarter valued at about $56,684,000. RTW Investments LP raised its holdings in shares of Alkermes by 13.6% during the fourth quarter. RTW Investments LP now owns 7,557,835 shares of the company's stock valued at $217,363,000 after purchasing an additional 903,802 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of Alkermes by 109.5% during the fourth quarter. Nuveen Asset Management LLC now owns 1,659,821 shares of the company's stock valued at $47,736,000 after purchasing an additional 867,492 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Alkermes by 147.4% during the fourth quarter. JPMorgan Chase & Co. now owns 889,472 shares of the company's stock valued at $25,581,000 after purchasing an additional 529,962 shares during the period. Institutional investors and hedge funds own 95.21% of the company's stock.

Analysts Set New Price Targets

ALKS has been the subject of several recent research reports. The Goldman Sachs Group boosted their target price on shares of Alkermes from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Wall Street Zen downgraded shares of Alkermes from a "strong-buy" rating to a "buy" rating in a research report on Monday, May 5th. Royal Bank of Canada upped their price objective on shares of Alkermes from $39.00 to $40.00 and gave the stock a "sector perform" rating in a research report on Friday, May 2nd. HC Wainwright reissued a "neutral" rating on shares of Alkermes in a research report on Friday, May 2nd. Finally, Needham & Company LLC began coverage on shares of Alkermes in a research note on Wednesday. They set a "buy" rating and a $45.00 price target on the stock. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.85.

Alkermes Trading Up 1.6%

Alkermes stock traded up $0.49 during midday trading on Friday, hitting $30.74. 495,793 shares of the stock were exchanged, compared to its average volume of 1,760,719. The stock's 50-day simple moving average is $29.86 and its 200 day simple moving average is $30.82. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 2.20 and a beta of 0.51. Alkermes plc has a fifty-two week low of $22.90 and a fifty-two week high of $36.45.

Alkermes (NASDAQ:ALKS - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.19). Alkermes had a return on equity of 30.80% and a net margin of 23.57%. The business had revenue of $306.51 million for the quarter, compared to analyst estimates of $307.53 million. During the same period in the prior year, the company posted $0.43 EPS. The firm's revenue for the quarter was down 12.6% compared to the same quarter last year. Equities 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.