First Trust Advisors LP Has $39.98 Million Stock Holdings in Alkermes plc $ALKS

First Trust Advisors LP decreased its holdings in shares of Alkermes plc (NASDAQ:ALKS) by 13.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,397,281 shares of the company’s stock after selling 223,765 shares during the period. First Trust Advisors LP owned 0.85% of Alkermes worth $39,976,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ALKS. Intech Investment Management LLC boosted its holdings in Alkermes by 25.6% in the first quarter. Intech Investment Management LLC now owns 85,564 shares of the company’s stock worth $2,825,000 after acquiring an additional 17,413 shares in the last quarter. Baird Financial Group Inc. bought a new position in shares of Alkermes in the 1st quarter worth $587,000. Capital Fund Management S.A. acquired a new stake in Alkermes in the 2nd quarter valued at $1,142,000. Acadian Asset Management LLC increased its stake in Alkermes by 2,422.0% during the 1st quarter. Acadian Asset Management LLC now owns 881,827 shares of the company’s stock valued at $29,100,000 after purchasing an additional 846,861 shares in the last quarter. Finally, Atle Fund Management AB raised its holdings in Alkermes by 5.8% during the second quarter. Atle Fund Management AB now owns 227,224 shares of the company’s stock worth $6,501,000 after buying an additional 12,446 shares during the last quarter. 95.21% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Alkermes from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, December 4th. Needham & Company LLC lifted their price target on Alkermes from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Jefferies Financial Group set a $56.00 price objective on Alkermes and gave the stock a “buy” rating in a report on Tuesday, October 28th. Wells Fargo & Company lowered their price objective on Alkermes from $42.00 to $37.00 and set an “overweight” rating for the company in a research note on Thursday, November 13th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Alkermes from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.69.

Alkermes Stock Down 3.3%

Shares of NASDAQ ALKS opened at $28.44 on Wednesday. The company has a market capitalization of $4.70 billion, a PE ratio of 14.08 and a beta of 0.49. The stock’s 50 day moving average price is $30.43 and its 200-day moving average price is $29.33. Alkermes plc has a twelve month low of $25.17 and a twelve month high of $36.45.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.08. The company had revenue of $394.19 million during the quarter, compared to the consensus estimate of $355.23 million. Alkermes had a return on equity of 21.81% and a net margin of 22.27%.Alkermes’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the business posted $0.73 earnings per share. Alkermes has set its FY 2025 guidance at 1.360-1.470 EPS. As a group, research analysts expect that Alkermes plc will post 1.31 EPS for the current fiscal year.

Insider Activity

In other news, EVP Craig C. Hopkinson sold 3,748 shares of Alkermes stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $30.00, for a total transaction of $112,440.00. Following the sale, the executive vice president directly owned 65,740 shares in the company, valued at $1,972,200. The trade was a 5.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 25,748 shares of company stock worth $786,830. Company insiders own 4.40% of the company’s stock.

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.