Allianz Asset Management GmbH Acquires 511,702 Shares of Alkermes plc $ALKS

Allianz Asset Management GmbH raised its holdings in shares of Alkermes plc (NASDAQ:ALKS) by 3,908.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 524,795 shares of the company’s stock after buying an additional 511,702 shares during the quarter. Allianz Asset Management GmbH owned about 0.32% of Alkermes worth $15,744,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new position in Alkermes during the 2nd quarter valued at $53,326,000. BNP Paribas Financial Markets increased its holdings in shares of Alkermes by 787.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,135,478 shares of the company’s stock worth $32,486,000 after purchasing an additional 1,007,488 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Alkermes during the third quarter valued at about $27,040,000. Holocene Advisors LP lifted its stake in shares of Alkermes by 31.2% in the second quarter. Holocene Advisors LP now owns 2,853,768 shares of the company’s stock valued at $81,646,000 after buying an additional 679,166 shares during the period. Finally, Bank of America Corp DE grew its position in Alkermes by 43.0% during the second quarter. Bank of America Corp DE now owns 2,155,087 shares of the company’s stock worth $61,657,000 after buying an additional 647,905 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Piper Sandler reiterated an “overweight” rating and issued a $45.00 price objective (up previously from $38.00) on shares of Alkermes in a research report on Thursday, October 23rd. HC Wainwright reaffirmed a “neutral” rating on shares of Alkermes in a research report on Wednesday, October 22nd. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Alkermes from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Zacks Research upgraded shares of Alkermes from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 13th. Finally, Jefferies Financial Group set a $56.00 target price on shares of Alkermes and gave the company a “buy” rating in a research report on Tuesday, October 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Alkermes currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.69.

Alkermes Trading Up 4.1%

Shares of NASDAQ ALKS opened at $34.91 on Friday. Alkermes plc has a 1-year low of $25.17 and a 1-year high of $36.45. The company has a 50-day moving average of $30.35 and a two-hundred day moving average of $29.59. The company has a market cap of $5.76 billion, a PE ratio of 17.28 and a beta of 0.49.

Insiders Place Their Bets

In other news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $33.93, for a total value of $305,370.00. Following the completion of the sale, the executive vice president directly owned 57,740 shares of the company’s stock, valued at approximately $1,959,118.20. This trade represents a 13.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Shane Cooke sold 61,200 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $34.57, for a total value of $2,115,684.00. Following the sale, the director owned 103,744 shares of the company’s stock, valued at approximately $3,586,430.08. The trade was a 37.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 148,148 shares of company stock worth $5,028,378 over the last quarter. Corporate insiders own 4.40% of the company’s stock.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.