State of New Jersey Common Pension Fund D Boosts Stock Holdings in Alkermes plc $ALKS

State of New Jersey Common Pension Fund D grew its position in shares of Alkermes plc (NASDAQ:ALKS) by 15.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 62,677 shares of the company’s stock after buying an additional 8,214 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Alkermes were worth $1,793,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in ALKS. JPMorgan Chase & Co. grew its holdings in shares of Alkermes by 488.6% during the first quarter. JPMorgan Chase & Co. now owns 5,234,995 shares of the company’s stock valued at $172,860,000 after buying an additional 4,345,523 shares during the last quarter. Nuveen LLC purchased a new stake in Alkermes in the first quarter worth approximately $66,689,000. Acadian Asset Management LLC boosted its holdings in Alkermes by 2,422.0% in the first quarter. Acadian Asset Management LLC now owns 881,827 shares of the company’s stock worth $29,100,000 after purchasing an additional 846,861 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in Alkermes in the first quarter worth approximately $26,179,000. Finally, MetLife Investment Management LLC boosted its holdings in Alkermes by 487.0% in the first quarter. MetLife Investment Management LLC now owns 567,621 shares of the company’s stock worth $18,743,000 after purchasing an additional 470,926 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Alkermes from $44.00 to $42.00 and set an “overweight” rating on the stock in a report on Wednesday. Mizuho raised their target price on shares of Alkermes from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Zacks Research upgraded shares of Alkermes from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of Alkermes in a report on Tuesday, October 14th. Finally, Jefferies Financial Group set a $56.00 target price on shares of Alkermes and gave the stock a “buy” rating in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Alkermes currently has an average rating of “Moderate Buy” and a consensus price target of $44.15.

Insider Activity at Alkermes

In other news, EVP Craig C. Hopkinson sold 9,000 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $31.53, for a total transaction of $283,770.00. Following the sale, the executive vice president directly owned 73,740 shares in the company, valued at $2,325,022.20. This trade represents a 10.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is owned by insiders.

Alkermes Price Performance

Shares of ALKS stock opened at $30.70 on Friday. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 1.70 and a beta of 0.54. Alkermes plc has a one year low of $25.17 and a one year high of $36.45. The company’s fifty day moving average price is $29.58 and its 200-day moving average price is $29.26.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.41 by $0.08. The firm had revenue of $394.19 million for the quarter, compared to the consensus estimate of $355.23 million. Alkermes had a net margin of 22.27% and a return on equity of 21.81%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.73 EPS. Alkermes has set its FY 2025 guidance at 1.360-1.470 EPS. Equities research analysts expect 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.