Alkermes plc (NASDAQ:ALKS) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its stake in Alkermes plc (NASDAQ:ALKS) by 81.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 377,489 shares of the company’s stock after acquiring an additional 169,385 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Alkermes were worth $10,472,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Rafferty Asset Management LLC lifted its holdings in Alkermes by 15.7% in the third quarter. Rafferty Asset Management LLC now owns 308,545 shares of the company’s stock valued at $8,642,000 after acquiring an additional 41,753 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in shares of Alkermes by 10.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,461,246 shares of the company’s stock worth $40,930,000 after buying an additional 133,357 shares during the period. Pearl River Capital LLC raised its stake in shares of Alkermes by 141.6% during the 3rd quarter. Pearl River Capital LLC now owns 47,382 shares of the company’s stock worth $1,327,000 after buying an additional 27,774 shares during the period. Wellington Management Group LLP raised its stake in shares of Alkermes by 52.7% during the 3rd quarter. Wellington Management Group LLP now owns 11,746,792 shares of the company’s stock worth $329,028,000 after buying an additional 4,055,926 shares during the period. Finally, Todd Asset Management LLC raised its stake in shares of Alkermes by 813.7% during the 3rd quarter. Todd Asset Management LLC now owns 111,166 shares of the company’s stock worth $3,114,000 after buying an additional 99,000 shares during the period. 95.21% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Alkermes

In other news, SVP Christian Todd Nichols sold 10,417 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the completion of the transaction, the senior vice president now directly owns 65,911 shares in the company, valued at approximately $1,852,099.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 4.76% of the company’s stock.

Alkermes Stock Performance

NASDAQ ALKS opened at $23.77 on Wednesday. The stock has a market cap of $4.02 billion, a PE ratio of 11.48 and a beta of 0.56. The company has a current ratio of 2.86, a quick ratio of 2.50 and a debt-to-equity ratio of 0.24. Alkermes plc has a twelve month low of $22.01 and a twelve month high of $33.71. The stock has a fifty day simple moving average of $28.01 and a 200-day simple moving average of $27.08.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings results on Thursday, February 15th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.29). The business had revenue of $377.50 million for the quarter, compared to analysts’ expectations of $362.78 million. Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The business’s revenue for the quarter was up 23.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.02) earnings per share. Equities analysts anticipate that Alkermes plc will post 2.23 earnings per share for the current year.

Alkermes declared that its board has initiated a stock buyback program on Thursday, February 15th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 8.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Piper Sandler reaffirmed an “overweight” rating and set a $39.00 target price on shares of Alkermes in a research note on Monday, April 1st. StockNews.com downgraded Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 23rd. UBS Group downgraded Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 target price for the company. in a research note on Tuesday, February 20th. TheStreet upgraded Alkermes from a “c+” rating to a “b” rating in a research report on Thursday, February 15th. Finally, Bank of America boosted their price target on Alkermes from $27.00 to $29.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.25.

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.