Spruce Street Capital LP Acquires New Stake in Alkermes plc $ALKS

Spruce Street Capital LP acquired a new stake in shares of Alkermes plc (NASDAQ:ALKS) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 317,992 shares of the company’s stock, valued at approximately $11,244,000. Alkermes comprises 2.7% of Spruce Street Capital LP’s holdings, making the stock its 14th biggest holding. Spruce Street Capital LP owned about 0.19% of Alkermes at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Alkermes in the fourth quarter worth approximately $54,442,000. Baker BROS. Advisors LP grew its stake in shares of Alkermes by 23.7% in the fourth quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock worth $280,143,000 after acquiring an additional 1,920,916 shares during the period. UBS Group AG boosted its holdings in Alkermes by 237.4% in the fourth quarter. UBS Group AG now owns 2,544,895 shares of the company’s stock worth $71,206,000 after purchasing an additional 1,790,729 shares during the last quarter. First Trust Advisors LP grew its position in Alkermes by 104.2% in the 1st quarter. First Trust Advisors LP now owns 2,968,785 shares of the company’s stock worth $104,976,000 after purchasing an additional 1,514,783 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Alkermes by 32.0% in the 4th quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock worth $145,064,000 after purchasing an additional 1,256,377 shares during the period. Institutional investors own 95.21% of the company’s stock.

Insider Transactions at Alkermes

In related news, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $54.03, for a total value of $109,897.02. Following the completion of the transaction, the executive vice president directly owned 227,490 shares of the company’s stock, valued at $12,291,284.70. This trade represents a 0.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $51.51, for a total value of $463,590.00. Following the sale, the executive vice president owned 73,389 shares in the company, valued at approximately $3,780,267.39. The trade was a 10.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,102 shares of company stock valued at $1,494,410 in the last quarter. 4.59% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ALKS shares. Wells Fargo & Company increased their target price on Alkermes from $44.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, June 29th. UBS Group upped their target price on shares of Alkermes from $42.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. HC Wainwright reissued a “neutral” rating on shares of Alkermes in a research report on Thursday, June 18th. Zacks Research upgraded shares of Alkermes from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Needham & Company LLC lifted their target price on Alkermes from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Alkermes presently has an average rating of “Moderate Buy” and an average price target of $52.50.

Alkermes Stock Performance

ALKS stock opened at $52.89 on Friday. Alkermes plc has a one year low of $25.17 and a one year high of $55.67. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of 58.77 and a beta of 0.34. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27. The firm has a 50-day simple moving average of $46.92 and a two-hundred day simple moving average of $37.44.

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.