Intech Investment Management LLC Raises Stock Position in Alkermes plc $ALKS

Key Points

• Intech Investment Management increased its Alkermes stake by 115.5% in the fourth quarter, ending with 159,581 shares valued at about $4.47 million.
• Several other hedge funds also added to or initiated positions, and institutional investors now hold 95.21% of Alkermes stock.
• Wall Street sentiment remains constructive: the stock carries a “Moderate Buy” rating with an average price target of $45.40, while analysts such as UBS and Needham recently raised their targets.

Intech Investment Management LLC boosted its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 115.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 159,581 shares of the company's stock after acquiring an additional 85,544 shares during the period. Intech Investment Management LLC owned 0.10% of Alkermes worth $4,465,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ALKS. Assetmark Inc. raised its holdings in shares of Alkermes by 933.8% in the 3rd quarter. Assetmark Inc. now owns 827 shares of the company's stock valued at $25,000 after acquiring an additional 747 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Alkermes in the fourth quarter worth approximately $28,000. Johnson Financial Group Inc. bought a new position in shares of Alkermes in the third quarter worth approximately $31,000. Salomon & Ludwin LLC raised its stake in Alkermes by 115.6% in the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company's stock valued at $35,000 after purchasing an additional 667 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its stake in Alkermes by 395.6% in the third quarter. Hantz Financial Services Inc. now owns 1,239 shares of the company's stock valued at $37,000 after purchasing an additional 989 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ALKS. UBS Group raised their target price on shares of Alkermes from $42.00 to $48.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Bank of America raised their target price on shares of Alkermes from $34.00 to $36.00 and gave the company a "neutral" rating in a research note on Thursday, April 9th. Wall Street Zen downgraded shares of Alkermes from a "buy" rating to a "hold" rating in a research note on Saturday, February 28th. Royal Bank Of Canada lowered their target price on shares of Alkermes from $47.00 to $45.00 and set an "outperform" rating on the stock in a research note on Thursday, February 26th. Finally, Needham & Company LLC raised their target price on shares of Alkermes from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $45.40.

Insider Activity at Alkermes

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of Alkermes stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $33.20, for a total transaction of $67,528.80. Following the transaction, the executive vice president directly owned 231,558 shares of the company's stock, valued at approximately $7,687,725.60. This trade represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $33.40, for a total transaction of $300,600.00. Following the transaction, the executive vice president directly owned 81,389 shares in the company, valued at $2,718,392.60. This trade represents a 9.96% decrease in their ownership of the stock. 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 22,068 shares of company stock worth $758,034 over the last three months. Insiders own 4.59% of the company's stock.

Alkermes Stock Performance

Shares of ALKS opened at $42.19 on Monday. The company has a market capitalization of $7.03 billion, a P/E ratio of 46.88 and a beta of 0.38. Alkermes plc has a 1-year low of $25.17 and a 1-year high of $42.83. The firm's 50 day simple moving average is $34.49 and its 200 day simple moving average is $31.80. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.27 and a quick ratio of 1.70.

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

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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