Rhenman & Partners Asset Management AB Raises Stock Position in Alkermes plc $ALKS

Key Points

• Rhenman & Partners Asset Management AB increased its Alkermes stake by 41.8% in the fourth quarter, adding 39,250 shares to bring its total to 133,250 shares worth about $3.7 million.
• Several Wall Street firms turned more positive on Alkermes, with multiple price target hikes and ratings that leave the stock with a consensus “Moderate Buy” and an average target of $46.13.
• Insiders have recently been selling shares, including director Christopher I. Wright and EVP Craig C. Hopkinson, while Alkermes stock traded at $44.28, near its 52-week high of $45.76.

Rhenman & Partners Asset Management AB raised its stake in Alkermes plc (NASDAQ:ALKS - Free Report) by 41.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 133,250 shares of the company's stock after buying an additional 39,250 shares during the period. Rhenman & Partners Asset Management AB owned approximately 0.08% of Alkermes worth $3,728,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ALKS. Assetmark Inc. increased its stake in shares of Alkermes by 933.8% during the 3rd quarter. Assetmark Inc. now owns 827 shares of the company's stock worth $25,000 after purchasing an additional 747 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of Alkermes during the 4th quarter worth approximately $28,000. Johnson Financial Group Inc. purchased a new position in shares of Alkermes during the 3rd quarter worth approximately $31,000. Salomon & Ludwin LLC increased its stake in shares of Alkermes by 115.6% during the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company's stock worth $35,000 after purchasing an additional 667 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its stake in shares of Alkermes by 395.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,239 shares of the company's stock worth $37,000 after purchasing an additional 989 shares in the last quarter. 95.21% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Royal Bank Of Canada raised their price objective on shares of Alkermes from $45.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday. Bank of America raised their price objective on shares of Alkermes from $34.00 to $36.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Weiss Ratings cut shares of Alkermes from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Wells Fargo & Company raised their price objective on shares of Alkermes from $43.00 to $44.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Finally, Robert W. Baird raised their price objective on shares of Alkermes from $45.00 to $48.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $46.13.

Insider Buying and Selling

In related news, Director Christopher I. Wright sold 2,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $45.10, for a total transaction of $90,200.00. Following the sale, the director owned 25,680 shares in the company, valued at approximately $1,158,168. This trade represents a 7.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $41.67, for a total transaction of $375,030.00. Following the sale, the executive vice president owned 77,389 shares in the company, valued at approximately $3,224,799.63. This trade represents a 10.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 35,102 shares of company stock worth $1,310,828. 4.59% of the stock is owned by insiders.

Alkermes Stock Down 1.4%

Shares of NASDAQ ALKS opened at $44.28 on Friday. Alkermes plc has a 1 year low of $25.17 and a 1 year high of $45.76. The firm's 50 day moving average price is $37.10 and its 200 day moving average price is $32.71. The firm has a market cap of $7.38 billion, a P/E ratio of 49.20 and a beta of 0.38. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced its earnings results on Saturday, February 14th. The company reported $0.29 earnings per share (EPS) for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. The firm had revenue of $384.55 million for the quarter. As a group, sell-side analysts anticipate that Alkermes plc will post -0.43 earnings per share for the current 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.

Want to see what other hedge funds are holding ALKS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alkermes plc (NASDAQ:ALKS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.