AQR Capital Management LLC Sells 279,276 Shares of Alkermes plc $ALKS

Key Points

• AQR Capital Management LLC reduced its stake in Alkermes plc by 34.4%, selling 279,276 shares and now holding 532,265 shares valued at approximately $17.58 million.
• Analysts have shown optimism for Alkermes, with several upgrades leading to a consensus target price increase to $42.00, while the company's recent quarterly earnings exceeded expectations with an EPS of $0.52.
• The stock has experienced a 2.1% decline recently, with a current market value of $4.60 billion and trading between a twelve-month low of $25.17 and a high of $36.45.

AQR Capital Management LLC reduced its holdings in Alkermes plc (NASDAQ:ALKS - Free Report) by 34.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 532,265 shares of the company's stock after selling 279,276 shares during the period. AQR Capital Management LLC owned approximately 0.32% of Alkermes worth $17,575,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Twin Tree Management LP acquired a new position in Alkermes in the first quarter valued at approximately $29,000. Brooklyn Investment Group raised its holdings in Alkermes by 1,071.1% in the first quarter. Brooklyn Investment Group now owns 1,054 shares of the company's stock worth $35,000 after purchasing an additional 964 shares during the period. Quantbot Technologies LP raised its holdings in Alkermes by 54.5% in the first quarter. Quantbot Technologies LP now owns 1,091 shares of the company's stock worth $36,000 after purchasing an additional 385 shares during the period. USA Financial Formulas acquired a new stake in Alkermes in the first quarter worth $49,000. Finally, Fifth Third Bancorp raised its holdings in Alkermes by 54.4% in 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 during the period. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ALKS has been the topic of several analyst reports. Royal Bank Of Canada increased their target price on shares of Alkermes from $40.00 to $42.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. UBS Group upgraded shares of Alkermes from a "neutral" rating to a "buy" rating and increased their target price for the stock from $33.00 to $42.00 in a report on Tuesday, June 17th. The Goldman Sachs Group initiated coverage on shares of Alkermes in a report on Tuesday, July 15th. They issued a "buy" rating and a $43.00 target price on the stock. JPMorgan Chase & Co. increased their target price on shares of Alkermes from $34.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday, September 9th. Finally, HC Wainwright reiterated a "neutral" rating and issued a $46.00 target price on shares of Alkermes in a report on Tuesday, September 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Alkermes currently has an average rating of "Moderate Buy" and an average price target of $41.85.

Alkermes Stock Performance

Alkermes stock traded down $0.45 during mid-day trading on Monday, reaching $26.52. The company's stock had a trading volume of 1,960,281 shares, compared to its average volume of 1,908,008. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of 12.75, a price-to-earnings-growth ratio of 1.52 and a beta of 0.53. Alkermes plc has a 12 month low of $25.17 and a 12 month high of $36.45. The business's 50 day simple moving average is $28.17 and its 200 day simple moving average is $29.79.

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

About Alkermes

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.