Wedge Capital Management L L P NC Has $3.68 Million Position in Alkermes plc $ALKS

Key Points

• Wedge Capital Management L L P NC increased its stake in Alkermes plc by 9.3% during the second quarter, holding 128,462 shares valued at approximately $3.68 million.
• Several institutional investors, including Twin Tree Management LP and Brooklyn Investment Group, have also recently adjusted their positions in Alkermes, indicating strong institutional interest in the company.
• Analysts have set a consensus price target of $41.85 for Alkermes, with a majority rating it as a "Moderate Buy," reflecting optimistic outlooks for the stock's performance.

Wedge Capital Management L L P NC lifted its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 9.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 128,462 shares of the company's stock after acquiring an additional 10,946 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.08% of Alkermes worth $3,675,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Twin Tree Management LP acquired a new position in Alkermes during the 1st quarter valued at approximately $29,000. Brooklyn Investment Group lifted its stake in Alkermes by 1,071.1% in the first quarter. Brooklyn Investment Group now owns 1,054 shares of the company's stock valued at $35,000 after buying an additional 964 shares during the last quarter. Quantbot Technologies LP increased its stake in Alkermes by 54.5% in the 1st quarter. Quantbot Technologies LP now owns 1,091 shares of the company's stock worth $36,000 after purchasing an additional 385 shares in the last quarter. USA Financial Formulas bought a new stake in shares of Alkermes in the first quarter valued at approximately $49,000. Finally, Fifth Third Bancorp increased its stake in shares of Alkermes by 54.4% in the first quarter. Fifth Third Bancorp now owns 1,479 shares of the company's stock valued at $49,000 after buying an additional 521 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company's stock.

Alkermes Price Performance

NASDAQ ALKS traded down $0.16 on Monday, hitting $27.63. 2,002,584 shares of the stock were exchanged, compared to its average volume of 2,107,513. Alkermes plc has a 52 week low of $25.17 and a 52 week high of $36.45. The business's fifty day moving average is $27.96 and its 200 day moving average is $29.55. The company has a market capitalization of $4.56 billion, a PE ratio of 13.28, a P/E/G ratio of 1.56 and a beta of 0.53.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.10. The business 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%. Alkermes's revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.16 EPS. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. Analysts predict that Alkermes plc will post 1.31 EPS for the current fiscal year.

Analysts Set New Price Targets

ALKS has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Alkermes from $34.00 to $35.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 9th. Royal Bank Of Canada raised their target price on Alkermes from $40.00 to $42.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. UBS Group raised Alkermes from a "neutral" rating to a "buy" rating and boosted their price target for the company from $33.00 to $42.00 in a report on Tuesday, June 17th. The Goldman Sachs Group started coverage on Alkermes in a research note on Tuesday, July 15th. They set a "buy" rating and a $43.00 target price on the stock. Finally, HC Wainwright restated a "neutral" rating and issued a $46.00 price target on shares of Alkermes in a research note on Tuesday, September 9th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Alkermes has an average rating of "Moderate Buy" and an average target price of $41.85.

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.