JPMorgan Chase & Co. Has $172.86 Million Stake in Alkermes plc (NASDAQ:ALKS)

Key Points

• JPMorgan Chase & Co. increased its stake in Alkermes plc by 488.6% during Q1, owning approximately 3.17% of the company, with a value of $172.86 million.
• The company's recent quarterly earnings report showed an EPS of $0.52, surpassing analysts’ expectations of $0.42, although revenue decreased 2.1% year-over-year.
• Research analysts have a positive outlook on Alkermes, with a consensus rating of "Moderate Buy" and an average target price of $41.08, indicating potential for growth.

JPMorgan Chase & Co. raised its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 488.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,234,995 shares of the company's stock after acquiring an additional 4,345,523 shares during the quarter. JPMorgan Chase & Co. owned about 3.17% of Alkermes worth $172,860,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of ALKS. Avoro Capital Advisors LLC bought a new stake in Alkermes during the fourth quarter valued at $70,462,000. RTW Investments LP boosted its position in Alkermes by 13.6% during the fourth quarter. RTW Investments LP now owns 7,557,835 shares of the company's stock valued at $217,363,000 after acquiring an additional 903,802 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Alkermes by 109.5% during the fourth quarter. Nuveen Asset Management LLC now owns 1,659,821 shares of the company's stock valued at $47,736,000 after acquiring an additional 867,492 shares during the last quarter. Mesirow Institutional Investment Management Inc. bought a new position in shares of Alkermes during the 4th quarter worth about $10,839,000. Finally, Stempoint Capital LP boosted its position in shares of Alkermes by 752.4% during the 4th quarter. Stempoint Capital LP now owns 416,968 shares of the company's stock worth $11,992,000 after purchasing an additional 368,050 shares in the last quarter. Institutional investors own 95.21% of the company's stock.

Alkermes Stock Performance

Shares of NASDAQ ALKS opened at $28.26 on Friday. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.64 and a beta of 0.47. Alkermes plc has a fifty-two week low of $25.56 and a fifty-two week high of $36.45. The firm's 50-day simple moving average is $28.58 and its 200 day simple moving average is $30.57.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.42 by $0.10. The firm had revenue of $390.66 million during the quarter, compared to analyst estimates of $343.20 million. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The company's revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter last year, the business posted $1.16 EPS. On average, sell-side analysts predict that Alkermes plc will post 1.31 EPS for the current year.

Wall Street Analyst Weigh In

ALKS has been the topic of a number of research analyst reports. Royal Bank Of Canada increased their price objective on shares of Alkermes from $40.00 to $42.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Needham & Company LLC reissued a "buy" rating and set a $45.00 price objective on shares of Alkermes in a research report on Tuesday, July 29th. UBS Group raised shares of Alkermes from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $33.00 to $42.00 in a research report on Tuesday, June 17th. Cantor Fitzgerald raised shares of Alkermes to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, HC Wainwright reissued a "neutral" rating and set a $46.00 price objective on shares of Alkermes in a research report on Monday, July 21st. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $41.08.

Insider Buying and Selling

In other Alkermes news, SVP Christian Todd Nichols sold 3,334 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $31.09, for a total value of $103,654.06. Following the completion of the sale, the senior vice president owned 86,208 shares in the company, valued at approximately $2,680,206.72. This trade represents a 3.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 4.40% of the company's stock.

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.

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