Nuveen LLC Buys New Position in Alkermes plc (NASDAQ:ALKS)

Key Points

• Nuveen LLC acquired 2,019,668 shares of Alkermes plc during the first quarter, totaling approximately $66.7 million and representing about 1.22% of the company.
• Alkermes reported an EPS of $0.52 for the last quarter, surpassing estimates and generating revenue of $390.66 million.
• Investment analysts have given Alkermes a consensus rating of "Moderate Buy," with an average target price of $41.08, signaling potential growth in the company’s stock value.

Nuveen LLC bought a new stake in shares of Alkermes plc (NASDAQ:ALKS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,019,668 shares of the company's stock, valued at approximately $66,689,000. Nuveen LLC owned about 1.22% of Alkermes as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. USA Financial Formulas bought a new stake in Alkermes during the first quarter worth $49,000. Fifth Third Bancorp lifted its holdings in 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 period. GF Fund Management CO. LTD. bought a new stake in Alkermes during the fourth quarter worth $98,000. GAMMA Investing LLC lifted its holdings in Alkermes by 31.9% during the first quarter. GAMMA Investing LLC now owns 5,396 shares of the company's stock worth $178,000 after acquiring an additional 1,305 shares during the period. Finally, Farringdon Capital Ltd. bought a new stake in Alkermes during the fourth quarter worth $204,000. Hedge funds and other institutional investors own 95.21% of the company's stock.

Insider Buying and Selling

In related news, SVP Christian Todd Nichols sold 3,334 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $31.09, for a total transaction of $103,654.06. Following the completion of the transaction, the senior vice president directly owned 86,208 shares in the company, valued at $2,680,206.72. The trade was a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.40% of the stock is currently owned by insiders.

Alkermes Stock Performance

NASDAQ:ALKS opened at $28.63 on Thursday. Alkermes plc has a 52-week low of $25.56 and a 52-week high of $36.45. The firm has a market cap of $4.73 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.57 and a beta of 0.47. The business's fifty day moving average is $28.64 and its 200 day moving average is $30.59.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.42 by $0.10. Alkermes had a return on equity of 24.86% and a net margin of 23.15%. The business had revenue of $390.66 million during the quarter, compared to analysts' expectations of $343.20 million. During the same period in the previous year, the business earned $1.16 earnings per share. The firm's revenue was down 2.1% on a year-over-year basis. Equities analysts predict that Alkermes plc will post 1.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ALKS. Wall Street Zen lowered Alkermes from a "strong-buy" rating to a "buy" rating in a research note on Monday, May 5th. The Goldman Sachs Group began coverage on Alkermes in a research note on Tuesday, July 15th. They issued a "buy" rating and a $43.00 target price on the stock. UBS Group upgraded Alkermes from a "neutral" rating to a "buy" rating and boosted their target price for the company from $33.00 to $42.00 in a research note on Tuesday, June 17th. HC Wainwright restated a "neutral" rating and issued a $46.00 target price on shares of Alkermes in a research note on Monday, July 21st. Finally, Robert W. Baird boosted their target price on Alkermes from $38.00 to $41.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $41.08.

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.

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