Swiss National Bank Sells 9,900 Shares of Alkermes plc $ALKS

Key Points

• The Swiss National Bank reduced its stake in Alkermes plc by 3.2%, holding approximately $9.83 million worth of shares as of its latest filing.
• Several institutional investors have increased their investments in Alkermes, with notable increases from RTW Investments and Nuveen Asset Management in the previous quarter.
• Alkermes reported earnings of $0.52 per share, beating expectations and recording a revenue of $390.66 million for the quarter, though its year-over-year revenue showed a slight decline.

Swiss National Bank lowered its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 3.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 297,800 shares of the company's stock after selling 9,900 shares during the quarter. Swiss National Bank owned about 0.18% of Alkermes worth $9,833,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of ALKS. USA Financial Formulas acquired a new stake in shares of Alkermes during the first quarter worth $49,000. Fifth Third Bancorp lifted its holdings in shares of Alkermes by 54.4% during the first quarter. Fifth Third Bancorp now owns 1,479 shares of the company's stock worth $49,000 after buying an additional 521 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Alkermes during the fourth quarter worth $98,000. GAMMA Investing LLC lifted its holdings in shares of Alkermes by 31.9% during the first quarter. GAMMA Investing LLC now owns 5,396 shares of the company's stock worth $178,000 after buying an additional 1,305 shares in the last quarter. Finally, Farringdon Capital Ltd. acquired a new stake in shares of Alkermes during the fourth quarter worth $204,000. Institutional investors and hedge funds own 95.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. UBS Group raised Alkermes from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $33.00 to $42.00 in a report on Tuesday, June 17th. Cantor Fitzgerald raised Alkermes to a "strong-buy" rating in a research note on Tuesday, May 13th. The Goldman Sachs Group assumed coverage on Alkermes in a research note on Tuesday, July 15th. They issued a "buy" rating and a $43.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $45.00 price target on shares of Alkermes in a research note on Tuesday, July 29th. Finally, Robert W. Baird boosted their price target on Alkermes from $38.00 to $41.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $41.08.

Alkermes Stock Performance

NASDAQ ALKS traded up $0.1050 during trading hours on Wednesday, hitting $28.9550. The company had a trading volume of 293,844 shares, compared to its average volume of 1,762,299. The firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.61 and a beta of 0.47. The firm has a 50 day simple moving average of $28.43 and a 200 day simple moving average of $30.50. Alkermes plc has a 52 week low of $25.56 and a 52 week high of $36.45.

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

Insider Activity

In other news, SVP Christian Todd Nichols sold 3,334 shares of Alkermes stock in a transaction dated Tuesday, June 10th. The stock was 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 owned 86,208 shares in the company, valued at approximately $2,680,206.72. This trade represents a 3.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.40% of the company's stock.

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.