Rafferty Asset Management LLC Sells 59,132 Shares of Alkermes plc $ALKS

Key Points

• Rafferty Asset Management LLC has decreased its stake in Alkermes plc by 28.2%, now holding approximately $4.97 million worth of shares after selling 59,132 shares in the first quarter.
• Several institutional investors have altered their positions in Alkermes, including Fifth Third Bancorp, which raised its stake by 54.4% during the same period.
• Analysts have set a consensus price target of $41.08 for Alkermes, with a majority rating it as a "Moderate Buy" following various rating adjustments by notable firms.

Rafferty Asset Management LLC decreased its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 28.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 150,448 shares of the company's stock after selling 59,132 shares during the period. Rafferty Asset Management LLC owned approximately 0.09% of Alkermes worth $4,968,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Virtus Advisers LLC purchased a new stake in Alkermes during the first quarter valued at about $228,000. MetLife Investment Management LLC raised its position in Alkermes by 487.0% during the first quarter. MetLife Investment Management LLC now owns 567,621 shares of the company's stock valued at $18,743,000 after purchasing an additional 470,926 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in Alkermes during the first quarter valued at about $2,479,000. Advantage Alpha Capital Partners LP raised its position in Alkermes by 53.1% during the first quarter. Advantage Alpha Capital Partners LP now owns 21,357 shares of the company's stock valued at $705,000 after purchasing an additional 7,410 shares in the last quarter. Finally, Hsbc Holdings PLC raised its position in Alkermes by 173.3% during the first quarter. Hsbc Holdings PLC now owns 81,056 shares of the company's stock valued at $2,639,000 after purchasing an additional 51,393 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company's stock.

Insider Transactions at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 3,334 shares of the company's stock in a transaction on 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 transaction, the senior vice president directly owned 86,208 shares in the company, valued at approximately $2,680,206.72. This represents a 3.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.40% of the company's stock.

Alkermes Stock Performance

Shares of NASDAQ ALKS traded up $0.04 during trading hours on Friday, hitting $28.97. The company's stock had a trading volume of 1,426,735 shares, compared to its average volume of 1,300,356. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 1.67 and a beta of 0.53. Alkermes plc has a 12 month low of $25.56 and a 12 month high of $36.45. The business has a 50-day simple moving average of $28.31 and a 200-day simple moving average of $30.32.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ALKS. The Goldman Sachs Group began coverage on Alkermes in a research report on Tuesday, July 15th. They set a "buy" rating and a $43.00 price target on the stock. Cantor Fitzgerald raised Alkermes to a "strong-buy" rating in a research note on Tuesday, May 13th. UBS Group raised Alkermes from a "neutral" rating to a "buy" rating and raised their price objective for the company from $33.00 to $42.00 in a research note on Tuesday, June 17th. HC Wainwright reaffirmed a "neutral" rating and set a $46.00 price objective on shares of Alkermes in a research note on Monday, July 21st. Finally, Royal Bank Of Canada raised their price objective on Alkermes from $40.00 to $42.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. According to 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.