State of Alaska Department of Revenue Takes Position in Alkermes plc (NASDAQ:ALKS)

State of Alaska Department of Revenue bought a new stake in Alkermes plc (NASDAQ:ALKS - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 102,665 shares of the company's stock, valued at approximately $2,847,000. State of Alaska Department of Revenue owned about 0.06% of Alkermes as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALKS. Emerald Advisers LLC purchased a new position in Alkermes in the third quarter valued at $27,000. Neo Ivy Capital Management acquired a new stake in shares of Alkermes in the 2nd quarter valued at $27,000. CWM LLC lifted its position in shares of Alkermes by 147.5% during the 3rd quarter. CWM LLC now owns 1,037 shares of the company's stock worth $29,000 after purchasing an additional 618 shares during the last quarter. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Alkermes during the fourth quarter worth $30,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in Alkermes in the third quarter valued at $37,000. Hedge funds and other institutional investors own 95.21% of the company's stock.

Insider Buying and Selling at Alkermes

In other news, SVP Christian Todd Nichols sold 10,417 shares of the firm's stock in a transaction on Monday, March 18th. The stock was sold at an average price of $28.10, for a total value of $292,717.70. Following the transaction, the senior vice president now directly owns 65,911 shares in the company, valued at approximately $1,852,099.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.76% of the company's stock.

Alkermes Price Performance

Shares of NASDAQ:ALKS traded down $0.52 during trading on Thursday, reaching $25.81. The stock had a trading volume of 1,260,125 shares, compared to its average volume of 1,876,130. Alkermes plc has a 52 week low of $22.01 and a 52 week high of $33.71. The stock has a market capitalization of $4.31 billion, a PE ratio of 12.47 and a beta of 0.55. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.86 and a quick ratio of 2.50. The business's 50-day moving average price is $28.32 and its 200 day moving average price is $27.32.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.29). The company had revenue of $377.50 million during the quarter, compared to the consensus estimate of $362.78 million. Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The business's revenue for the quarter was up 23.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.02) EPS. As a group, equities analysts predict that Alkermes plc will post 2.24 earnings per share for the current year.

Alkermes announced that its board has approved a share buyback program on Thursday, February 15th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 8.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Piper Sandler reissued an "overweight" rating and issued a $39.00 target price on shares of Alkermes in a report on Monday. UBS Group cut Alkermes from a "neutral" rating to a "sell" rating and set a $25.00 price objective on the stock. in a report on Tuesday, February 20th. TheStreet upgraded Alkermes from a "c+" rating to a "b" rating in a report on Thursday, February 15th. Robert W. Baird assumed coverage on Alkermes in a research note on Tuesday, March 19th. They set an "outperform" rating and a $37.00 price objective on the stock. Finally, Bank of America boosted their price target on Alkermes from $27.00 to $29.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $33.14.

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.