Atle Fund Management AB Buys 12,446 Shares of Alkermes plc $ALKS

Key Points

• Atle Fund Management AB increased its stake in Alkermes plc by 5.8%, owning approximately 227,224 shares worth $6.50 million, which represents 2.8% of its portfolio.
• Alkermes reported $0.52 EPS for the recent quarter, exceeding estimates, with a revenue of $390.66 million, albeit a 2.1% decline compared to last year.
• Analyst sentiment is generally positive, with several firms raising their target prices, leading to an average target of $41.85 and a rating of "Moderate Buy."

Atle Fund Management AB lifted its stake in Alkermes plc (NASDAQ:ALKS - Free Report) by 5.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 227,224 shares of the company's stock after purchasing an additional 12,446 shares during the period. Alkermes accounts for approximately 2.8% of Atle Fund Management AB's holdings, making the stock its 14th largest holding. Atle Fund Management AB owned about 0.14% of Alkermes worth $6,501,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ALKS. Wedge Capital Management L L P NC boosted its holdings in Alkermes by 9.3% during the second quarter. Wedge Capital Management L L P NC now owns 128,462 shares of the company's stock worth $3,675,000 after buying an additional 10,946 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new position in Alkermes during the 2nd quarter worth approximately $213,000. Diversified Trust Co boosted its stake in Alkermes by 0.8% during the 2nd quarter. Diversified Trust Co now owns 44,232 shares of the company's stock worth $1,265,000 after acquiring an additional 372 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Alkermes by 23.5% in the second quarter. Assenagon Asset Management S.A. now owns 84,017 shares of the company's stock valued at $2,404,000 after purchasing an additional 15,968 shares in the last quarter. Finally, Voya Investment Management LLC increased its stake in Alkermes by 6.0% in the first quarter. Voya Investment Management LLC now owns 477,183 shares of the company's stock valued at $15,757,000 after purchasing an additional 27,136 shares in the last quarter. Institutional investors own 95.21% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ALKS shares. Royal Bank Of Canada boosted their price target on shares of Alkermes from $40.00 to $42.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their target price on Alkermes from $34.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday, September 9th. Wells Fargo & Company raised Alkermes to a "strong-buy" rating in a research report on Wednesday, September 3rd. The Goldman Sachs Group initiated coverage on Alkermes in a research report on Tuesday, July 15th. They issued a "buy" rating and a $43.00 price objective for the company. Finally, HC Wainwright reissued a "neutral" rating and set a $46.00 target price on shares of Alkermes in a research note on Tuesday, September 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Alkermes currently has an average rating of "Moderate Buy" and a consensus target price of $41.85.

Alkermes Stock Up 0.5%

Shares of ALKS stock traded up $0.13 on Tuesday, reaching $27.76. The stock had a trading volume of 1,002,845 shares, compared to its average volume of 1,802,840. Alkermes plc has a 12 month low of $25.17 and a 12 month high of $36.45. The firm has a market capitalization of $4.58 billion, a price-to-earnings ratio of 13.35, a P/E/G ratio of 1.56 and a beta of 0.53. The firm's 50-day moving average is $27.96 and its two-hundred day moving average is $29.55.

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