Rafferty Asset Management LLC Decreases Stake in Alkermes plc $ALKS

Rafferty Asset Management LLC reduced its stake in Alkermes plc (NASDAQ:ALKS) by 28.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 150,448 shares of the company’s stock after selling 59,132 shares during the quarter. Rafferty Asset Management LLC owned about 0.09% of Alkermes worth $4,968,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ritholtz Wealth Management purchased a new position in shares of Alkermes in the 1st quarter valued at approximately $348,000. Victory Capital Management Inc. raised its position in shares of Alkermes by 30.9% in the 1st quarter. Victory Capital Management Inc. now owns 120,997 shares of the company’s stock valued at $3,995,000 after purchasing an additional 28,596 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Alkermes by 31.9% in the 1st quarter. GAMMA Investing LLC now owns 5,396 shares of the company’s stock valued at $178,000 after purchasing an additional 1,305 shares during the last quarter. Captrust Financial Advisors raised its position in Alkermes by 9.7% during the 4th quarter. Captrust Financial Advisors now owns 18,362 shares of the company’s stock worth $528,000 after buying an additional 1,619 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in Alkermes by 54.4% during the 1st quarter. Fifth Third Bancorp now owns 1,479 shares of the company’s stock worth $49,000 after buying an additional 521 shares during the last quarter. 95.21% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alkermes

In related news, SVP Christian Todd Nichols sold 3,334 shares of Alkermes stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $31.09, for a total value of $103,654.06. Following the sale, the senior vice president owned 86,208 shares of the company’s stock, valued at approximately $2,680,206.72. This trade represents a 3.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ALKS shares. UBS Group raised shares of Alkermes from a “neutral” rating to a “buy” rating and raised their price target for the stock from $33.00 to $42.00 in a research report on Tuesday, June 17th. Wall Street Zen lowered shares of Alkermes from a “strong-buy” rating to a “buy” rating in a research report on Monday, May 5th. Needham & Company LLC reissued a “buy” rating and set a $45.00 price target on shares of Alkermes in a research report on Tuesday, July 29th. Royal Bank Of Canada raised their price target on shares of Alkermes from $40.00 to $42.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 30th. Finally, Robert W. Baird raised their price target on shares of Alkermes from $38.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.08.

Alkermes Price Performance

Shares of NASDAQ ALKS opened at $28.93 on Friday. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.68 and a beta of 0.47. Alkermes plc has a 12 month low of $25.56 and a 12 month high of $36.45. The firm’s 50 day simple moving average is $28.31 and its 200-day simple moving average is $30.40.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.10. The business had revenue of $390.66 million for the quarter, compared to analysts’ expectations of $343.20 million. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The business’s revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the company earned $1.16 EPS. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. Analysts anticipate 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.