Fred Alger Management LLC Invests $1.24 Million in 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 acquired a new position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 37,511 shares of the company's stock, valued at approximately $1,239,000.

Other large investors also recently modified their holdings of the company. Ritholtz Wealth Management acquired a new stake in shares of Alkermes during the 1st quarter worth approximately $348,000. Victory Capital Management Inc. grew its position in shares of Alkermes by 30.9% during the 1st quarter. Victory Capital Management Inc. now owns 120,997 shares of the company's stock worth $3,995,000 after buying an additional 28,596 shares during the period. GAMMA Investing LLC grew its position in shares of Alkermes by 31.9% during the 1st quarter. GAMMA Investing LLC now owns 5,396 shares of the company's stock worth $178,000 after buying an additional 1,305 shares during the period. Captrust Financial Advisors grew its position in shares of Alkermes by 9.7% during the 4th quarter. Captrust Financial Advisors now owns 18,362 shares of the company's stock worth $528,000 after buying an additional 1,619 shares during the period. Finally, Fifth Third Bancorp grew its position in shares of Alkermes by 54.4% during the 1st quarter. Fifth Third Bancorp now owns 1,479 shares of the company's stock worth $49,000 after buying an additional 521 shares during the period. Institutional investors and hedge funds own 95.21% of the company's stock.

Analyst Ratings Changes

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

Alkermes Stock Down 1.4%

NASDAQ:ALKS traded down $0.38 during trading hours on Monday, hitting $26.59. 504,774 shares of the company traded hands, compared to its average volume of 1,787,367. The firm's 50-day simple moving average is $28.23 and its 200-day simple moving average is $29.84. Alkermes plc has a one year low of $25.17 and a one year high of $36.45. The company has a market cap of $4.39 billion, a PE ratio of 12.80, a PEG ratio of 1.52 and a beta of 0.53.

Alkermes (NASDAQ:ALKS - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.10. The company had revenue of $390.66 million for the quarter, compared to analysts' expectations of $343.20 million. Alkermes had a return on equity of 24.86% and a net margin of 23.15%.The business's revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.16 EPS. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. As a group, equities research 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.