Wealth Enhancement Advisory Services LLC Cuts Stock Position in Alkermes plc $ALKS

Wealth Enhancement Advisory Services LLC lowered its position in Alkermes plc (NASDAQ:ALKS) by 10.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,028 shares of the company’s stock after selling 1,333 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Alkermes were worth $347,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its position in Alkermes by 488.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,234,995 shares of the company’s stock worth $172,860,000 after purchasing an additional 4,345,523 shares during the last quarter. Baker BROS. Advisors LP grew its position in Alkermes by 7.2% during the 1st quarter. Baker BROS. Advisors LP now owns 4,483,285 shares of the company’s stock worth $148,038,000 after purchasing an additional 301,534 shares during the last quarter. American Century Companies Inc. grew its position in Alkermes by 0.4% during the 1st quarter. American Century Companies Inc. now owns 3,465,674 shares of the company’s stock worth $114,437,000 after purchasing an additional 14,967 shares during the last quarter. Nuveen LLC purchased a new stake in Alkermes during the 1st quarter worth approximately $66,689,000. Finally, Principal Financial Group Inc. grew its position in Alkermes by 3.2% during the 1st quarter. Principal Financial Group Inc. now owns 928,865 shares of the company’s stock worth $30,671,000 after purchasing an additional 29,101 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Needham & Company LLC set a $43.00 price objective on shares of Alkermes in a research note on Tuesday, September 9th. JPMorgan Chase & Co. upped their price objective on shares of Alkermes from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 9th. The Goldman Sachs Group started coverage on shares of Alkermes in a research report on Tuesday, July 15th. They set a “buy” rating and a $43.00 price objective for the company. Wells Fargo & Company upgraded shares of Alkermes to a “strong-buy” rating in a research report on Wednesday, September 3rd. Finally, Royal Bank Of Canada upgraded shares of Alkermes from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $42.00 to $44.00 in a research report on Friday, September 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.00.

Alkermes Trading Down 0.1%

Shares of ALKS opened at $30.95 on Wednesday. Alkermes plc has a 12-month low of $25.17 and a 12-month high of $36.45. The firm has a 50-day moving average price of $28.39 and a 200 day moving average price of $29.22. The firm has a market capitalization of $5.11 billion, a P/E ratio of 14.88, a P/E/G ratio of 1.74 and a beta of 0.54.

Alkermes (NASDAQ:ALKS) last announced its earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.10. The company had revenue of $390.66 million during the quarter, compared to analyst estimates of $343.20 million. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. Alkermes’s revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.16 earnings per share. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. Equities research analysts predict that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

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.