Panagora Asset Management Inc. Raises Position in Alkermes plc $ALKS

Key Points

• Panagora Asset Management increased its Alkermes stake by 4.7% in the fourth quarter, while several other major institutional investors also boosted or initiated positions. Hedge funds and other institutions now own 95.21% of the company.
• Wall Street sentiment is broadly positive on Alkermes, with analysts issuing multiple buy ratings and raising price targets, including UBS and Needham. The stock’s consensus rating is “Moderate Buy” with a target price of $46.13.
• Insiders have recently sold shares, including EVP David Joseph Gaffin and Director Christopher I. Wright, totaling 35,102 shares worth about $1.31 million over the last 90 days. Despite that selling, Alkermes shares were trading near $44.36, close to their 52-week high.

Panagora Asset Management Inc. raised its holdings in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 4.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 928,964 shares of the company's stock after acquiring an additional 41,767 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.56% of Alkermes worth $25,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of ALKS. Norges Bank purchased a new position in shares of Alkermes during the 4th quarter worth $54,442,000. UBS Group AG boosted its stake in shares of Alkermes by 237.4% during the 4th quarter. UBS Group AG now owns 2,544,895 shares of the company's stock worth $71,206,000 after acquiring an additional 1,790,729 shares during the last quarter. Baker BROS. Advisors LP boosted its stake in shares of Alkermes by 26.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 8,091,351 shares of the company's stock worth $242,741,000 after acquiring an additional 1,680,748 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Alkermes by 32.0% during the 4th quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company's stock worth $145,064,000 after acquiring an additional 1,256,377 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Alkermes by 1,070.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,208,944 shares of the company's stock worth $36,268,000 after acquiring an additional 1,105,666 shares during 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 research analysts recently weighed in on ALKS shares. Bank of America lifted 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. Wolfe Research started coverage on shares of Alkermes in a research note on Monday, February 23rd. They set an "outperform" rating and a $45.00 target price on the stock. Needham & Company LLC lifted 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. UBS Group lifted 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. Finally, Weiss Ratings cut shares of Alkermes from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.13.

Insiders Place Their Bets

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of the business's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $43.05, for a total value of $87,563.70. Following the sale, the executive vice president owned 229,524 shares in the company, valued at $9,881,008.20. The trade was a 0.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of the business's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $45.10, for a total transaction of $90,200.00. Following the completion of the sale, the director owned 25,680 shares in the company, valued at approximately $1,158,168. The trade was a 7.23% decrease in their position. 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 a total of 35,102 shares of company stock worth $1,310,828 in the last 90 days. 4.59% of the stock is currently owned by corporate insiders.

Alkermes Stock Up 0.2%

ALKS opened at $44.36 on Tuesday. The stock has a market cap of $7.39 billion, a price-to-earnings ratio of 49.29 and a beta of 0.38. Alkermes plc has a fifty-two week low of $25.17 and a fifty-two week high of $45.76. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27. The firm's fifty day moving average is $37.29 and its 200 day moving average is $32.85.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced its quarterly earnings results on Saturday, February 14th. The company reported $0.29 EPS for the quarter. The business 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%. On average, sell-side analysts forecast that Alkermes plc will post -0.43 earnings per share for the current fiscal year.

Alkermes Company 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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