Assenagon Asset Management S.A. Makes New $2.03 Million Investment in Alkermes plc (NASDAQ:ALKS)

Assenagon Asset Management S.A. acquired a new position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 73,170 shares of the company's stock, valued at approximately $2,030,000.

Several other hedge funds have also recently bought and sold shares of the stock. Neo Ivy Capital Management bought a new position in Alkermes in the second quarter valued at about $27,000. Emerald Advisers LLC acquired a new position in Alkermes in the 3rd quarter valued at $27,000. CWM LLC grew its holdings in Alkermes by 147.5% in the 3rd quarter. CWM LLC now owns 1,037 shares of the company's stock valued at $29,000 after buying an additional 618 shares in the last quarter. Castleview Partners LLC acquired a new position in Alkermes in the 2nd quarter valued at $38,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in Alkermes in the 3rd quarter valued at $37,000. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Alkermes Price Performance

Shares of ALKS stock traded up $0.31 on Friday, hitting $26.12. 1,780,139 shares of the company's stock were exchanged, compared to its average volume of 1,874,675. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.86 and a quick ratio of 2.50. Alkermes plc has a 12 month low of $22.01 and a 12 month high of $33.71. The stock has a market cap of $4.36 billion, a P/E ratio of 12.62 and a beta of 0.55. The company has a 50 day moving average of $28.29 and a 200 day moving average of $27.29.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced 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). Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The business had revenue of $377.50 million for the quarter, compared to the consensus estimate of $362.78 million. During the same quarter in the prior year, the company earned ($0.02) earnings per share. Alkermes's quarterly revenue was up 23.9% compared to the same quarter last year. On average, equities research analysts predict that Alkermes plc will post 2.23 EPS for the current year.

Alkermes declared that its board has approved a stock repurchase plan on Thursday, February 15th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the company to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. TheStreet raised Alkermes from a "c+" rating to a "b" rating in a report on Thursday, February 15th. Bank of America upped their target price on Alkermes from $27.00 to $29.00 and gave the company a "neutral" rating in a research report on Tuesday, January 2nd. Piper Sandler reiterated an "overweight" rating and set a $39.00 target price on shares of Alkermes in a research report on Monday. Robert W. Baird began coverage on Alkermes in a research report on Tuesday, March 19th. They set an "outperform" rating and a $37.00 target price for the company. Finally, StockNews.com downgraded Alkermes from a "strong-buy" rating to a "buy" rating in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, three have given 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 a consensus price target of $33.14.

Insider Buying and Selling

In related news, SVP Christian Todd Nichols sold 10,417 shares of the company's stock in a transaction on Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the completion of the sale, the senior vice president now directly owns 65,911 shares in the company, valued at approximately $1,852,099.10. The sale was disclosed in a filing with the SEC, which is available through this link. 4.76% of the stock is owned by corporate 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.