Commodore Capital LP Purchases 453,246 Shares of Alkermes plc $ALKS

Key Points

• Commodore Capital LP boosted its Alkermes stake by 14.6% in Q4, buying 453,246 shares and bringing its total holding to 3.55 million shares, or about 2.15% of the company.
• Alkermes stock has risen sharply, opening at $44.51 and trading near its 52-week high of $45.76, while the company reported quarterly EPS of $0.29 on revenue of $384.55 million.
• Analysts remain broadly positive: the stock carries a Moderate Buy consensus with a $46.13 price target, even as several insiders recently sold shares under pre-arranged trading plans.

Commodore Capital LP grew its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 14.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,550,000 shares of the company's stock after buying an additional 453,246 shares during the quarter. Alkermes accounts for 6.6% of Commodore Capital LP's investment portfolio, making the stock its 2nd largest holding. Commodore Capital LP owned 2.15% of Alkermes worth $99,329,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Sanctuary Advisors LLC increased its stake in shares of Alkermes by 2.7% during the fourth quarter. Sanctuary Advisors LLC now owns 12,141 shares of the company's stock worth $340,000 after acquiring an additional 315 shares during the period. PNC Financial Services Group Inc. lifted its position in Alkermes by 3.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,326 shares of the company's stock valued at $289,000 after purchasing an additional 351 shares during the period. Orion Porfolio Solutions LLC boosted its holdings in Alkermes by 4.5% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 8,762 shares of the company's stock valued at $263,000 after purchasing an additional 376 shares in the last quarter. Horizon Investments LLC increased its position in Alkermes by 0.9% during the 3rd quarter. Horizon Investments LLC now owns 43,002 shares of the company's stock worth $1,290,000 after purchasing an additional 387 shares during the period. Finally, AMG National Trust Bank raised its stake in shares of Alkermes by 0.6% during the 3rd quarter. AMG National Trust Bank now owns 60,175 shares of the company's stock worth $1,805,000 after buying an additional 388 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company's stock.

Alkermes Stock Performance

NASDAQ:ALKS opened at $44.51 on Thursday. The company has a current ratio of 2.27, a quick ratio of 1.70 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $7.42 billion, a P/E ratio of 49.46 and a beta of 0.38. The firm has a 50-day moving average price of $37.68 and a two-hundred day moving average price of $33.06. Alkermes plc has a twelve month low of $25.17 and a twelve month high of $45.76.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its earnings results on Saturday, February 14th. The company reported $0.29 earnings per share (EPS) for the quarter. The firm had revenue of $384.55 million for the quarter. Alkermes had a return on equity of 9.26% and a net margin of 9.78%. As a group, research analysts expect that Alkermes plc will post -0.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ALKS has been the topic of a number of analyst reports. Weiss Ratings downgraded Alkermes from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Wolfe Research began coverage on Alkermes in a report on Monday, February 23rd. They issued an "outperform" rating and a $45.00 target price for the company. Robert W. Baird boosted their target price on shares of Alkermes from $45.00 to $48.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Royal Bank Of Canada upped their price target on shares of Alkermes from $45.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 9th. Finally, Needham & Company LLC increased their price target on shares of Alkermes from $45.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Alkermes currently has a consensus rating of "Moderate Buy" and a consensus price target of $46.13.

Insider Activity

In related news, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $43.05, for a total transaction of $87,563.70. Following the sale, the executive vice president owned 229,524 shares of the company's stock, valued at $9,881,008.20. This trade represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of the business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $45.10, for a total transaction of $90,200.00. Following the completion of the transaction, the director directly owned 25,680 shares of the company's stock, valued at $1,158,168. The trade was a 7.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,102 shares of company stock worth $1,310,828 over the last three months. 4.59% of the stock is currently owned by corporate insiders.

Alkermes Profile

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes' portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes' commercial franchise features several approved products.

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