Wellington Management Group LLP Has $102.26 Million Stock Holdings in Alkermes plc $ALKS

Key Points

• Wellington Management Group LLP sold 3,915,604 shares of Alkermes plc, resulting in a 55.8% reduction in its stake, leaving it with approximately 1.88% ownership valued at $102.26 million.
• Alkermes has seen significant activity from other institutional investors, with JPMorgan Chase & Co. boosting its stake by 488.6%, now holding 5,234,995 shares worth $172.86 million.
• Several analysts have recently upgraded their ratings for Alkermes, with target prices ranging from $41.00 to $45.00, indicating a generally positive outlook for the company.

Wellington Management Group LLP lowered its holdings in Alkermes plc (NASDAQ:ALKS - Free Report) by 55.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,096,879 shares of the company's stock after selling 3,915,604 shares during the period. Wellington Management Group LLP owned approximately 1.88% of Alkermes worth $102,259,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. RTW Investments LP lifted its holdings in shares of Alkermes by 13.6% in the fourth quarter. RTW Investments LP now owns 7,557,835 shares of the company's stock valued at $217,363,000 after purchasing an additional 903,802 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Alkermes by 488.6% during the first quarter. JPMorgan Chase & Co. now owns 5,234,995 shares of the company's stock worth $172,860,000 after acquiring an additional 4,345,523 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Alkermes by 0.4% during the first quarter. American Century Companies Inc. now owns 3,465,674 shares of the company's stock worth $114,437,000 after acquiring an additional 14,967 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Alkermes by 4.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,019,508 shares of the company's stock worth $86,842,000 after acquiring an additional 128,701 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Alkermes during the first quarter worth $66,689,000. Hedge funds and other institutional investors own 95.21% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on ALKS shares. Royal Bank Of Canada increased their price objective on Alkermes from $40.00 to $42.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Wall Street Zen lowered Alkermes from a "strong-buy" rating to a "buy" rating in a report on Monday, May 5th. Needham & Company LLC reiterated a "buy" rating and set a $45.00 price objective on shares of Alkermes in a report on Tuesday, July 29th. UBS Group upgraded Alkermes from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $33.00 to $42.00 in a report on Tuesday, June 17th. Finally, HC Wainwright reiterated a "neutral" rating and set a $46.00 price objective on shares of Alkermes in a report on Monday, July 21st. 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 company's stock. Based on data from MarketBeat.com, Alkermes presently has a consensus rating of "Moderate Buy" and an average price target of $41.08.

Insider Activity

In other news, SVP Christian Todd Nichols sold 3,334 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $31.09, for a total value of $103,654.06. Following the sale, the senior vice president directly owned 86,208 shares of the company's stock, valued at approximately $2,680,206.72. This trade represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.40% of the company's stock.

Alkermes Stock Performance

Shares of NASDAQ:ALKS traded up $0.27 during midday trading on Wednesday, hitting $29.25. The company's stock had a trading volume of 242,298 shares, compared to its average volume of 1,740,971. The stock has a market capitalization of $4.83 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 1.67 and a beta of 0.47. The stock's 50 day simple moving average is $28.32 and its 200 day simple moving average is $30.43. Alkermes plc has a fifty-two week low of $25.56 and a fifty-two 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 the consensus estimate of $0.42 by $0.10. The company had revenue of $390.66 million for 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 firm's revenue 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. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. As a group, analysts anticipate that Alkermes plc will post 1.31 EPS for the current year.

Alkermes Company 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.