Baird Financial Group Inc. Takes Position in Alkermes plc $ALKS

Key Points

• Baird Financial Group initiated a position in Alkermes during the second quarter, purchasing 53,267 shares valued at approximately $2.8 million. Institutional investors and hedge funds collectively own 95.21% of the company.
• Alkermes shares opened at $46.07, with a market capitalization of $7.73 billion and a 52-week trading range of $26.99 to $55.67. Insiders have sold approximately 85,150 shares worth $4.24 million over the past 90 days.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $54.56; several firms recently raised their targets to between $61 and $65.

Baird Financial Group Inc. bought a new position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 53,267 shares of the company's stock, valued at approximately $2,791,000.

A number of other institutional investors have also added to or reduced their stakes in ALKS. Cullen Frost Bankers Inc. acquired a new stake in shares of Alkermes during the 4th quarter worth approximately $28,000. Ameritas Advisory Services LLC acquired a new position in shares of Alkermes in the second quarter valued at $39,000. Hantz Financial Services Inc. lifted its position in Alkermes by 65.1% in the fourth quarter. Hantz Financial Services Inc. now owns 2,045 shares of the company's stock worth $57,000 after purchasing an additional 806 shares during the period. Leonteq Securities AG bought a new position in Alkermes in the fourth quarter worth $70,000. Finally, Versant Capital Management Inc boosted its stake in Alkermes by 33.9% during the second quarter. Versant Capital Management Inc now owns 1,445 shares of the company's stock worth $76,000 after buying an additional 366 shares in the last quarter. 95.21% of the stock is owned by institutional investors and hedge funds.

Alkermes Stock Performance

NASDAQ ALKS opened at $46.07 on Thursday. The firm has a market cap of $7.73 billion, a price-to-earnings ratio of 121.24 and a beta of 0.31. The company has a 50 day moving average of $49.29 and a 200-day moving average of $41.73. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82. Alkermes plc has a 1-year low of $26.99 and a 1-year high of $55.67.

Insider Activity at Alkermes

In other Alkermes news, SVP Christian Nichols sold 7,576 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $49.23, for a total transaction of $372,966.48. Following the sale, the senior vice president owned 102,193 shares of the company's stock, valued at $5,030,961.39. This represents a 6.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Gaffin sold 2,034 shares of the firm's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $48.01, for a total transaction of $97,652.34. Following the completion of the sale, the executive vice president owned 223,422 shares of the company's stock, valued at $10,726,490.22. The trade was a 0.90% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 85,150 shares of company stock worth $4,242,213 in the last 90 days. Corporate insiders own 4.59% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Piper Sandler restated an "overweight" rating and issued a $65.00 price objective (up from $43.00) on shares of Alkermes in a research note on Tuesday, July 28th. JPMorgan Chase & Co. lifted their target price on shares of Alkermes from $60.00 to $61.00 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. Weiss Ratings reissued a "hold (c)" rating on shares of Alkermes in a research note on Friday, August 7th. Needham & Company LLC increased their price target on shares of Alkermes from $61.00 to $62.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Finally, Wells Fargo & Company raised their price target on shares of Alkermes from $44.00 to $65.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $54.56.

Alkermes Company Profile

Alkermes plc NASDAQ: ALKS is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities include treatments for schizophrenia, bipolar disorder, addiction and other serious neurological or psychiatric conditions, with an emphasis on long-acting injectable and extended-release formulations.

The company's marketed products include VIVITROL, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence after detoxification; ARISTADA, an extended-release injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; and LYBALVI, an oral combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in Ireland in 1987, Alkermes has developed drug-delivery technologies intended to help extend dosing intervals and support medication adherence.

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