Oliver Luxxe Assets LLC Makes New Investment in Alkermes plc $ALKS

Key Points

• Oliver Luxxe Assets LLC has acquired a new stake in Alkermes plc, purchasing 44,551 shares valued at approximately $1.275 million during the second quarter.
• Multiple analysts have issued positive ratings for Alkermes, with price targets set by Royal Bank of Canada and others ranging from $35.00 to $43.00, reflecting a consensus rating of "Moderate Buy."
• Despite recent earnings of $0.52 EPS beating estimates, Alkermes' stock was down by 0.6%, with shares opening at $27.63.

Oliver Luxxe Assets LLC acquired a new stake in Alkermes plc (NASDAQ:ALKS - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 44,551 shares of the company's stock, valued at approximately $1,275,000.

A number of other hedge funds also recently made changes to their positions in the business. Armstrong Advisory Group Inc. purchased a new position in shares of Alkermes in the 2nd quarter worth about $29,000. Atle Fund Management AB grew its holdings in Alkermes by 5.8% during the 2nd quarter. Atle Fund Management AB now owns 227,224 shares of the company's stock valued at $6,501,000 after buying an additional 12,446 shares in the last quarter. Wedge Capital Management L L P NC grew its holdings in Alkermes by 9.3% during the 2nd quarter. Wedge Capital Management L L P NC now owns 128,462 shares of the company's stock valued at $3,675,000 after buying an additional 10,946 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of Alkermes during the second quarter valued at about $213,000. Finally, Diversified Trust Co lifted its holdings in shares of Alkermes by 0.8% in the second quarter. Diversified Trust Co now owns 44,232 shares of the company's stock worth $1,265,000 after buying an additional 372 shares in the last quarter. 95.21% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on ALKS. Royal Bank Of Canada upped their target price on shares of Alkermes from $40.00 to $42.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Needham & Company LLC set a $43.00 price objective on Alkermes in a research report on Tuesday, September 9th. UBS Group raised shares of Alkermes from a "neutral" rating to a "buy" rating and upped their price objective for the company from $33.00 to $42.00 in a research note on Tuesday, June 17th. The Goldman Sachs Group initiated coverage on shares of Alkermes in a research report on Tuesday, July 15th. They issued a "buy" rating and a $43.00 target price on the stock. Finally, JPMorgan Chase & Co. upped 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. Two research 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $41.85.

Alkermes Stock Down 0.6%

Shares of ALKS stock opened at $27.63 on Tuesday. The business's fifty day moving average is $27.96 and its 200 day moving average is $29.55. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 1.56 and a beta of 0.53. Alkermes plc has a twelve month low of $25.17 and a twelve month high of $36.45.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced 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 business had revenue of $390.66 million during the quarter, compared to analyst estimates of $343.20 million. Alkermes had a return on equity of 24.86% and a net margin of 23.15%.The company's revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.16 earnings per share. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. Equities research analysts expect that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

Alkermes Company 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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