Rock Springs Capital Management LP Acquires 44,758 Shares of Alkermes plc $ALKS

Key Points

• Rock Springs Capital Management increased its Alkermes stake by 32.1% in the first quarter, adding 44,758 shares to hold 183,986 shares worth approximately $6.5 million. Institutional investors collectively own 95.21% of the company.
• Alkermes shares opened at $52.73, near their 52-week high of $55.67, while analysts maintain a “Moderate Buy” consensus with an average price target of $52.50; Stifel recently raised its target to $63.
• Company insiders have been net sellers, with executives and directors selling 35,102 shares worth about $1.49 million over the past three months, mostly through pre-arranged Rule 10b5-1 trading plans.

Rock Springs Capital Management LP raised its holdings in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 32.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 183,986 shares of the company's stock after purchasing an additional 44,758 shares during the period. Rock Springs Capital Management LP owned approximately 0.11% of Alkermes worth $6,506,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank purchased a new position in shares of Alkermes in the fourth quarter worth $54,442,000. Baker BROS. Advisors LP boosted its position in shares of Alkermes by 23.7% during the fourth quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company's stock valued at $280,143,000 after buying an additional 1,920,916 shares during the last quarter. UBS Group AG boosted its position in shares of Alkermes by 237.4% during the fourth quarter. UBS Group AG now owns 2,544,895 shares of the company's stock valued at $71,206,000 after buying an additional 1,790,729 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Alkermes by 104.2% during the first quarter. First Trust Advisors LP now owns 2,968,785 shares of the company's stock valued at $104,976,000 after buying an additional 1,514,783 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Alkermes by 32.0% in the 4th quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company's stock worth $145,064,000 after buying an additional 1,256,377 shares in the last quarter. Institutional investors own 95.21% of the company's stock.

Alkermes Stock Performance

Shares of ALKS opened at $52.73 on Tuesday. The firm has a market capitalization of $8.79 billion, a P/E ratio of 58.59 and a beta of 0.34. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.27 and a quick ratio of 1.70. Alkermes plc has a one year low of $25.17 and a one year high of $55.67. The business has a fifty day moving average of $47.24 and a 200 day moving average of $37.67.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ALKS shares. Stifel Nicolaus reissued a "buy" rating and issued a $63.00 target price (up from $45.00) on shares of Alkermes in a research report on Monday, July 20th. Needham & Company LLC raised their price target on shares of Alkermes from $61.00 to $62.00 and gave the company a "buy" rating in a report on Monday, July 13th. JPMorgan Chase & Co. initiated coverage on shares of Alkermes in a research note on Monday, July 13th. They issued a "neutral" rating and a $60.00 price target for the company. Weiss Ratings cut shares of Alkermes from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Finally, Zacks Research upgraded shares of Alkermes from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $52.50.

Insiders Place Their Bets

In other news, Director Christopher I. Wright sold 2,000 shares of the company's stock in a transaction dated Friday, June 12th. The shares were 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 of the company's stock, valued at $1,158,168. This represents a 7.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $43.05, for a total transaction of $87,563.70. Following the completion of the transaction, the executive vice president owned 229,524 shares in the company, valued at $9,881,008.20. This trade represents a 0.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 35,102 shares of company stock valued at $1,494,410. Insiders own 4.59% of the company's stock.

About Alkermes

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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