First Trust Advisors LP increased its stake in shares of Alkermes plc (NASDAQ:ALKS – Free Report) by 104.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,968,785 shares of the company’s stock after buying an additional 1,514,783 shares during the quarter. First Trust Advisors LP owned about 1.78% of Alkermes worth $104,976,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in ALKS. Royal Bank of Canada lifted its position in Alkermes by 117.2% during the 1st quarter. Royal Bank of Canada now owns 275,526 shares of the company’s stock worth $9,098,000 after acquiring an additional 148,696 shares during the period. Ashton Thomas Private Wealth LLC acquired a new position in shares of Alkermes in the first quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Alkermes by 4.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 482,332 shares of the company’s stock worth $15,927,000 after purchasing an additional 20,091 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Alkermes by 32.3% during the second quarter. Cetera Investment Advisers now owns 13,907 shares of the company’s stock worth $398,000 after purchasing an additional 3,394 shares during the last quarter. Finally, Quantbot Technologies LP lifted its holdings in shares of Alkermes by 539.4% during the second quarter. Quantbot Technologies LP now owns 6,976 shares of the company’s stock worth $200,000 after purchasing an additional 5,885 shares during the period. Institutional investors and hedge funds own 95.21% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have issued reports on ALKS shares. Weiss Ratings cut shares of Alkermes from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Zacks Research raised shares of Alkermes from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Wells Fargo & Company boosted their price target on shares of Alkermes from $44.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. TD Cowen increased their price target on shares of Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. Finally, Royal Bank Of Canada raised their price objective on shares of Alkermes from $45.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.50.
Insider Transactions at Alkermes
In other news, EVP David Joseph Gaffin sold 2,034 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $43.05, for a total transaction of $87,563.70. Following the completion of the transaction, the executive vice president directly owned 229,524 shares of the company’s stock, valued at $9,881,008.20. This trade represents a 0.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of Alkermes stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $45.10, for a total value of $90,200.00. Following the transaction, the director owned 25,680 shares of the company’s stock, valued at $1,158,168. This represents a 7.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,102 shares of company stock valued at $1,494,410 in the last ninety days. Corporate insiders own 4.59% of the company’s stock.
Alkermes Price Performance
Shares of NASDAQ ALKS opened at $52.89 on Friday. The company has a current ratio of 2.27, a quick ratio of 1.70 and a debt-to-equity ratio of 0.85. The company’s 50-day moving average price is $46.92 and its 200 day moving average price is $37.44. Alkermes plc has a 52 week low of $25.17 and a 52 week high of $55.67. The stock has a market cap of $8.82 billion, a price-to-earnings ratio of 58.77 and a beta of 0.34.
Alkermes Company Profile
Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.
Alkermes’ commercial franchise features several approved products.
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