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

Several other hedge funds have also added to or reduced their stakes in ALKS. Sei Investments Co. raised its stake in Alkermes by 1.1% during the 4th quarter. Sei Investments Co. now owns 75,394 shares of the company's stock worth $2,168,000 after buying an additional 828 shares during the period. JPMorgan Chase & Co. increased its holdings in Alkermes by 147.4% during the 4th quarter. JPMorgan Chase & Co. now owns 889,472 shares of the company's stock worth $25,581,000 after purchasing an additional 529,962 shares in the last quarter. Orion Portfolio Solutions LLC increased its holdings in Alkermes by 12.0% during the 4th quarter. Orion Portfolio Solutions LLC now owns 10,577 shares of the company's stock worth $304,000 after purchasing an additional 1,133 shares in the last quarter. O Shaughnessy Asset Management LLC increased its holdings in Alkermes by 3.9% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 14,203 shares of the company's stock worth $408,000 after purchasing an additional 532 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Alkermes by 36.2% during the 4th quarter. Wells Fargo & Company MN now owns 94,020 shares of the company's stock worth $2,704,000 after purchasing an additional 24,979 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company's stock.

Alkermes Stock Performance

Alkermes stock opened at $26.55 on Friday. Alkermes plc has a 52 week low of $25.56 and a 52 week high of $36.45. The stock has a market capitalization of $4.38 billion, a P/E ratio of 12.76, a PEG ratio of 1.63 and a beta of 0.47. The stock has a 50-day simple moving average of $29.21 and a 200 day simple moving average of $30.78.

Alkermes (NASDAQ:ALKS - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $390.66 million during the quarter, compared to the consensus estimate of $343.20 million. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The business's revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period last year, the business posted $1.16 earnings per share. Research analysts forecast that Alkermes plc will post 1.31 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group upgraded Alkermes from a "neutral" rating to a "buy" rating and increased their target price for the stock from $33.00 to $42.00 in a report on Tuesday, June 17th. The Goldman Sachs Group assumed coverage on Alkermes in a report on Tuesday, July 15th. They set a "buy" rating and a $43.00 target price for the company. Needham & Company LLC reiterated a "buy" rating and set a $45.00 target price on shares of Alkermes in a report on Tuesday, July 29th. Royal Bank Of Canada increased their target price on Alkermes from $40.00 to $42.00 and gave the stock a "sector perform" rating in a report on Wednesday. Finally, Robert W. Baird increased their target price on Alkermes from $38.00 to $41.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $41.08.

Insider Transactions at Alkermes

In other Alkermes news, SVP Christian Todd Nichols sold 3,334 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were 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 directly owned 86,208 shares in the company, valued at $2,680,206.72. This trade represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.40% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.