Sector Gamma AS Makes New $5.55 Million Investment in Alkermes plc (NASDAQ:ALKS)

Sector Gamma AS bought a new position in Alkermes plc (NASDAQ:ALKS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 200,000 shares of the company's stock, valued at approximately $5,548,000. Alkermes makes up about 1.3% of Sector Gamma AS's portfolio, making the stock its 26th largest holding. Sector Gamma AS owned about 0.12% of Alkermes as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ALKS. Emerald Advisers LLC acquired a new stake in shares of Alkermes during the 3rd quarter valued at $27,000. CWM LLC grew its stake in Alkermes by 147.5% in the third quarter. CWM LLC now owns 1,037 shares of the company's stock valued at $29,000 after purchasing an additional 618 shares in the last quarter. McGlone Suttner Wealth Management Inc. purchased a new position in Alkermes in the fourth quarter valued at about $30,000. GAMMA Investing LLC acquired a new position in Alkermes in the 4th quarter worth about $35,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in shares of Alkermes during the 3rd quarter valued at about $37,000. Hedge funds and other institutional investors own 95.21% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ALKS. Robert W. Baird began coverage on shares of Alkermes in a report on Tuesday, March 19th. They issued an "outperform" rating and a $37.00 price objective for the company. HC Wainwright reiterated a "neutral" rating and set a $35.00 price target on shares of Alkermes in a report on Friday, April 19th. Bank of America increased their price target on Alkermes from $27.00 to $29.00 and gave the company a "neutral" rating in a report on Tuesday, January 2nd. StockNews.com downgraded shares of Alkermes from a "strong-buy" rating to a "buy" rating in a research note on Friday, February 23rd. Finally, TheStreet upgraded shares of Alkermes from a "c+" rating to a "b" rating in a research note on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Alkermes presently has an average rating of "Moderate Buy" and a consensus target price of $35.38.

Insider Activity at Alkermes

In related news, SVP Christian Todd Nichols sold 10,417 shares of Alkermes stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $28.10, for a total value of $292,717.70. Following the completion of the transaction, the senior vice president now directly owns 65,911 shares of the company's stock, valued at $1,852,099.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.76% of the stock is currently owned by company insiders.

Alkermes Price Performance

Shares of NASDAQ ALKS traded up $0.24 during midday trading on Friday, reaching $24.68. 1,016,741 shares of the company traded hands, compared to its average volume of 1,805,169. The firm has a market cap of $4.18 billion, a PE ratio of 11.92, a PEG ratio of 0.67 and a beta of 0.55. The stock's 50-day simple moving average is $27.30 and its 200-day simple moving average is $26.86. Alkermes plc has a 12 month low of $22.01 and a 12 month high of $33.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.50 and a current ratio of 2.86.

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

Alkermes declared that its board has initiated a stock buyback program on Thursday, February 15th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the company to purchase up to 8.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

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.