Price T Rowe Associates Inc. MD Sells 468,202 Shares of Alkermes plc $ALKS

Key Points

• Price T Rowe Associates Inc. MD reduced its stake in Alkermes plc by 3.8%, selling 468,202 shares, and now holds approximately 7.15% of the company valued at $389.25 million.
• Several brokerages have updated their ratings for Alkermes, with the Royal Bank of Canada and UBS Group raising their price targets to $42.00, reflecting positive sentiment in the market.
• Alkermes reported earnings of $0.52 per share for the last quarter, exceeding consensus estimates of $0.42, while revenue was $390.66 million, above the expected $343.20 million.

Price T Rowe Associates Inc. MD lowered its stake in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,788,245 shares of the company's stock after selling 468,202 shares during the period. Price T Rowe Associates Inc. MD owned 7.15% of Alkermes worth $389,249,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. RTW Investments LP grew its stake in Alkermes by 13.6% in the 4th quarter. RTW Investments LP now owns 7,557,835 shares of the company's stock valued at $217,363,000 after buying an additional 903,802 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Alkermes by 488.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,234,995 shares of the company's stock valued at $172,860,000 after buying an additional 4,345,523 shares in the last quarter. American Century Companies Inc. grew its stake in Alkermes by 0.4% in the 1st quarter. American Century Companies Inc. now owns 3,465,674 shares of the company's stock valued at $114,437,000 after buying an additional 14,967 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Alkermes by 4.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,019,508 shares of the company's stock valued at $86,842,000 after buying an additional 128,701 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Alkermes in the 1st quarter valued at approximately $66,689,000. Hedge funds and other institutional investors own 95.21% of the company's stock.

Alkermes Price Performance

NASDAQ ALKS traded up $0.27 during trading on Wednesday, hitting $29.25. 1,222,329 shares of the company's stock traded hands, compared to its average volume of 1,743,804. The stock has a fifty day moving average of $28.32 and a two-hundred day moving average of $30.43. Alkermes plc has a 12-month low of $25.56 and a 12-month high of $36.45. The firm has a market cap of $4.83 billion, a P/E ratio of 14.06, a PEG ratio of 1.67 and a beta of 0.47.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.10. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The business had revenue of $390.66 million during the quarter, compared to analyst estimates of $343.20 million. During the same period in the prior year, the business posted $1.16 earnings per share. The company's revenue was down 2.1% on a year-over-year basis. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. As a group, analysts expect that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

Insider Transactions at Alkermes

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

Analysts Set New Price Targets

Several research analysts have commented on ALKS shares. Royal Bank Of Canada raised their price target on shares of Alkermes from $40.00 to $42.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. The Goldman Sachs Group assumed coverage on shares of Alkermes in a research report on Tuesday, July 15th. They set a "buy" rating and a $43.00 price target for the company. HC Wainwright restated a "neutral" rating and set a $46.00 price target on shares of Alkermes in a research report on Monday, July 21st. Needham & Company LLC restated a "buy" rating and set a $45.00 price target on shares of Alkermes in a research report on Tuesday, July 29th. Finally, Robert W. Baird boosted their price target on shares of Alkermes from $38.00 to $41.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $41.08.

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.