Hennion & Walsh Asset Management Inc. Makes New Investment in Alkermes plc $ALKS

Key Points

• Hennion & Walsh Asset Management initiated a roughly $2.48 million position in Alkermes during the second quarter, while institutional investors collectively own 95.21% of the company.
• Analyst sentiment is largely positive: Alkermes has a “Moderate Buy” consensus rating and an average price target of $54.56, with Piper Sandler and Mizuho raising targets to $65.
• Alkermes shares opened at $49.21, near their 50-day average, after trading between $25.17 and $55.67 over the past year. Company insiders sold 79,574 shares worth approximately $3.9 million in the last quarter.

Hennion & Walsh Asset Management Inc. purchased a new stake in Alkermes plc (NASDAQ:ALKS - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 47,317 shares of the company's stock, valued at approximately $2,479,000.

Several other large investors have also recently modified their holdings of ALKS. Royal Bank of Canada grew its stake in shares of Alkermes by 117.2% in the first quarter. Royal Bank of Canada now owns 275,526 shares of the company's stock worth $9,098,000 after purchasing an additional 148,696 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in Alkermes during the 1st quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Alkermes by 4.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 482,332 shares of the company's stock worth $15,927,000 after buying an additional 20,091 shares during the period. Cetera Investment Advisers lifted its holdings in Alkermes by 32.3% during the 2nd quarter. Cetera Investment Advisers now owns 13,907 shares of the company's stock worth $398,000 after buying an additional 3,394 shares during the period. Finally, Quantbot Technologies LP lifted its holdings in Alkermes by 539.4% during the 2nd quarter. Quantbot Technologies LP now owns 6,976 shares of the company's stock worth $200,000 after buying an additional 5,885 shares during the period. Institutional investors own 95.21% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ALKS. Piper Sandler reissued an "overweight" rating and issued a $65.00 price target (up from $43.00) on shares of Alkermes in a research note on Tuesday, July 28th. Bank of America reaffirmed an "underperform" rating on shares of Alkermes in a research note on Monday, June 29th. Robert W. Baird increased their target price on shares of Alkermes from $48.00 to $58.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. Mizuho raised their price target on shares of Alkermes from $53.00 to $65.00 and gave the stock an "outperform" rating in a report on Thursday, July 2nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Alkermes from $60.00 to $61.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Alkermes currently has an average rating of "Moderate Buy" and an average price target of $54.56.

Insiders Place Their Bets

In related news, Director Christopher I. Wright sold 2,000 shares of the company's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $45.10, for a total transaction of $90,200.00. Following the sale, the director owned 25,680 shares in the company, valued at $1,158,168. This represents a 7.23% decrease in their position. The sale was disclosed in a document filed 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, EVP David Joseph Gaffin sold 2,034 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $48.58, for a total value of $98,811.72. Following the sale, the executive vice president directly owned 225,456 shares of the company's stock, valued at $10,952,652.48. This represents a 0.89% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 79,574 shares of company stock worth $3,901,478 in the last quarter. 4.59% of the stock is currently owned by company insiders.

Alkermes Stock Performance

Shares of Alkermes stock opened at $49.21 on Wednesday. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82. The business has a 50-day moving average price of $49.58 and a two-hundred day moving average price of $39.11. Alkermes plc has a 1-year low of $25.17 and a 1-year high of $55.67. The company has a market cap of $8.26 billion, a P/E ratio of 129.50 and a beta of 0.34.

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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