Vestcor Inc Increases Holdings in Alkermes plc (NASDAQ:ALKS)

Key Points

• Vestcor Inc significantly increased its stake in Alkermes plc by 99.2% to 26,645 shares, with a total value of $880,000 as of the most recent SEC filing.
• Alkermes reported earnings of $0.52 per share for the last quarter, exceeding estimates, with revenue of $390.66 million, which marked a 2.1% decline year-over-year.
• Analysts have a consensus rating of "Moderate Buy" for Alkermes, with an average target price of $41.08, as several investment firms have recently upgraded their ratings and price targets.

Vestcor Inc lifted its stake in Alkermes plc (NASDAQ:ALKS - Free Report) by 99.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,645 shares of the company's stock after purchasing an additional 13,268 shares during the period. Vestcor Inc's holdings in Alkermes were worth $880,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. USA Financial Formulas acquired a new stake in shares of Alkermes in the first quarter worth $49,000. Fifth Third Bancorp boosted its stake in Alkermes by 54.4% during the 1st quarter. Fifth Third Bancorp now owns 1,479 shares of the company's stock valued at $49,000 after acquiring an additional 521 shares during 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 raised 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 purchasing an additional 1,305 shares during the period. 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.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Wall Street Zen lowered shares of Alkermes from a "strong-buy" rating to a "buy" rating in a research report on Monday, May 5th. Needham & Company LLC reiterated a "buy" rating and issued a $45.00 target price on shares of Alkermes in a research note on Tuesday, July 29th. The Goldman Sachs Group began coverage on shares of Alkermes in a research report on Tuesday, July 15th. They set a "buy" rating and a $43.00 target price on the stock. HC Wainwright reiterated a "neutral" rating and set a $46.00 price target on shares of Alkermes in a research note on Monday, July 21st. Finally, Robert W. Baird upped their target price on shares of Alkermes from $38.00 to $41.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Alkermes currently has an average rating of "Moderate Buy" and a consensus target price of $41.08.

Insider Activity

In other news, SVP Christian Todd Nichols sold 3,334 shares of the business's stock in a transaction dated 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 sale, the senior vice president owned 86,208 shares of the company's stock, valued at approximately $2,680,206.72. The trade was a 3.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.40% of the company's stock.

Alkermes Stock Performance

ALKS stock traded down $0.04 during mid-day trading on Thursday, hitting $26.51. 486,749 shares of the company were exchanged, compared to its average volume of 1,785,899. The firm has a market cap of $4.38 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.52 and a beta of 0.47. The firm's 50 day simple moving average is $29.09 and its 200 day simple moving average is $30.74. Alkermes plc has a 1-year low of $25.56 and a 1-year high of $36.45.

Alkermes (NASDAQ:ALKS - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.10. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The firm had revenue of $390.66 million during the quarter, compared to analysts' expectations of $343.20 million. During the same period in the previous year, the business posted $1.16 earnings per share. The company's revenue for the quarter was down 2.1% compared to the same quarter last year. On average, equities research analysts predict that Alkermes plc will post 1.31 EPS for the current fiscal year.

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.