Fred Alger Management LLC Takes $1.24 Million Position in Alkermes plc $ALKS

Fred Alger Management LLC acquired a new position in shares of Alkermes plc (NASDAQ:ALKS) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 37,511 shares of the company’s stock, valued at approximately $1,239,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Alkermes during the 1st quarter worth $213,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Alkermes by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 102,885 shares of the company’s stock valued at $3,399,000 after purchasing an additional 2,853 shares during the period. Advisors Asset Management Inc. boosted its holdings in Alkermes by 23.4% during the first quarter. Advisors Asset Management Inc. now owns 17,460 shares of the company’s stock worth $577,000 after buying an additional 3,316 shares in the last quarter. MPM Bioimpact LLC acquired a new position in Alkermes during the first quarter worth about $11,148,000. Finally, Baker BROS. Advisors LP increased its holdings in Alkermes by 7.2% in the first quarter. Baker BROS. Advisors LP now owns 4,483,285 shares of the company’s stock valued at $148,038,000 after buying an additional 301,534 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Analysts Set New Price Targets

ALKS has been the topic of several research analyst reports. HC Wainwright reissued a “neutral” rating and set a $46.00 price target on shares of Alkermes in a research note on Tuesday. UBS Group raised Alkermes from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $33.00 to $42.00 in a research note on Tuesday, June 17th. JPMorgan Chase & Co. upped their price target on shares of Alkermes from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Tuesday. The Goldman Sachs Group began coverage on Alkermes in a report on Tuesday, July 15th. They set a “buy” rating and a $43.00 target price on the stock. Finally, Cantor Fitzgerald raised Alkermes to a “strong-buy” rating in a research report on Tuesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.00.

Alkermes Price Performance

Shares of ALKS stock opened at $27.85 on Wednesday. Alkermes plc has a 1-year low of $25.17 and a 1-year high of $36.45. The firm’s 50-day simple moving average is $28.32 and its 200-day simple moving average is $30.04. The firm has a market cap of $4.60 billion, a P/E ratio of 13.39, a PEG ratio of 1.64 and a beta of 0.53.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings data 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. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The company had revenue of $390.66 million during the quarter, compared to analysts’ expectations of $343.20 million. During the same period in the previous year, the company earned $1.16 EPS. The business’s quarterly revenue was down 2.1% compared to the same quarter last year. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. Analysts expect that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

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.