Bank of America Corp DE Trims Stake in Alkermes plc (NASDAQ:ALKS)

Bank of America Corp DE lowered its stake in Alkermes plc (NASDAQ:ALKS) by 79.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 399,285 shares of the company’s stock after selling 1,521,648 shares during the period. Bank of America Corp DE owned 0.25% of Alkermes worth $11,483,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALKS. Avoro Capital Advisors LLC purchased a new stake in shares of Alkermes in the 4th quarter worth approximately $70,462,000. Norges Bank purchased a new stake in shares of Alkermes in the 4th quarter worth approximately $56,684,000. JPMorgan Chase & Co. grew its stake in shares of Alkermes by 147.4% in the 4th quarter. JPMorgan Chase & Co. now owns 889,472 shares of the company’s stock worth $25,581,000 after buying an additional 529,962 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Alkermes in the 4th quarter worth approximately $12,293,000. Finally, Loomis Sayles & Co. L P grew its stake in shares of Alkermes by 22.3% in the 4th quarter. Loomis Sayles & Co. L P now owns 2,302,905 shares of the company’s stock worth $66,232,000 after buying an additional 419,969 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ALKS. Wall Street Zen downgraded Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Monday, May 5th. Royal Bank of Canada upped their price objective on Alkermes from $39.00 to $40.00 and gave the company a “sector perform” rating in a research report on Friday, May 2nd. Cantor Fitzgerald raised Alkermes to a “strong-buy” rating in a research report on Tuesday, May 13th. The Goldman Sachs Group upped their price objective on Alkermes from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, UBS Group reaffirmed a “sector perform” rating on shares of Alkermes in a research report on Monday, April 28th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.33.

Alkermes Price Performance

NASDAQ ALKS opened at $30.05 on Friday. The business’s fifty day moving average price is $30.33 and its 200-day moving average price is $30.80. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 2.20 and a beta of 0.51. Alkermes plc has a 1-year low of $22.90 and a 1-year high of $36.45.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.19). The firm had revenue of $306.51 million for the quarter, compared to the consensus estimate of $307.53 million. Alkermes had a net margin of 23.57% and a return on equity of 30.80%. Alkermes’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.43 earnings per share. Equities research analysts anticipate that Alkermes plc will post 1.31 EPS for the current 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.