Fred Alger Management LLC Purchases Shares of 37,511 Alkermes plc $ALKS

Key Points

• Fred Alger Management LLC acquired a new position in Alkermes plc, purchasing 37,511 shares valued at approximately $1.24 million during the first quarter.
• Institutional investors and hedge funds own a significant 95.21% of Alkermes' stock, indicating strong institutional interest in the company.
• Recent analyst ratings show that Alkermes has received multiple upgrades, with price targets ranging from $35.00 to $46.00 per share, reflecting positive market sentiment.

Fred Alger Management LLC bought a new position in Alkermes plc (NASDAQ:ALKS - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 37,511 shares of the company's stock, valued at approximately $1,239,000.

Other institutional investors have also modified their holdings of the company. Ritholtz Wealth Management bought a new stake in shares of Alkermes during the 1st quarter worth approximately $348,000. Victory Capital Management Inc. boosted its stake in Alkermes by 30.9% in the first quarter. Victory Capital Management Inc. now owns 120,997 shares of the company's stock valued at $3,995,000 after buying an additional 28,596 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Alkermes by 31.9% during the first quarter. GAMMA Investing LLC now owns 5,396 shares of the company's stock valued at $178,000 after purchasing an additional 1,305 shares in the last quarter. Captrust Financial Advisors boosted its stake in shares of Alkermes by 9.7% during the fourth quarter. Captrust Financial Advisors now owns 18,362 shares of the company's stock valued at $528,000 after purchasing an additional 1,619 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Alkermes by 54.4% during the first quarter. Fifth Third Bancorp now owns 1,479 shares of the company's stock worth $49,000 after acquiring an additional 521 shares during the last quarter. Institutional investors own 95.21% of the company's stock.

Analyst Ratings Changes

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

Alkermes Stock Down 2.7%

Shares of ALKS stock traded down $0.74 on Friday, reaching $26.97. The company had a trading volume of 2,480,906 shares, compared to its average volume of 1,863,509. The stock has a market capitalization of $4.45 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 1.56 and a beta of 0.53. The business's 50-day moving average is $28.23 and its 200 day moving average is $29.91. Alkermes plc has a one year low of $25.17 and a one year high of $36.45.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted 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 analyst estimates of $343.20 million. Alkermes had a return on equity of 24.86% and a net margin of 23.15%.The company's quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 EPS. 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.

Alkermes 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.