Simplicity Solutions LLC Acquires 11,609 Shares of Alkermes plc (NASDAQ:ALKS)

Simplicity Solutions LLC lifted its position in shares of Alkermes plc (NASDAQ:ALKS) by 88.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,669 shares of the company’s stock after buying an additional 11,609 shares during the quarter. Simplicity Solutions LLC’s holdings in Alkermes were worth $684,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Neo Ivy Capital Management purchased a new stake in shares of Alkermes during the 2nd quarter worth $27,000. Emerald Advisers LLC purchased a new stake in shares of Alkermes during the 3rd quarter worth $27,000. CWM LLC lifted its stake in shares of Alkermes by 147.5% during the 3rd quarter. CWM LLC now owns 1,037 shares of the company’s stock worth $29,000 after purchasing an additional 618 shares during the last quarter. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Alkermes during the 4th quarter worth $30,000. Finally, Castleview Partners LLC purchased a new stake in shares of Alkermes during the 2nd quarter worth $38,000. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ALKS has been the subject of a number of analyst reports. UBS Group cut Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 price objective for the company. in a research note on Tuesday, February 20th. Piper Sandler reiterated an “overweight” rating and issued a $39.00 price target on shares of Alkermes in a research note on Monday, April 1st. StockNews.com cut Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 23rd. TheStreet upgraded Alkermes from a “c+” rating to a “b” rating in a research note on Thursday, February 15th. Finally, Robert W. Baird initiated coverage on Alkermes in a research note on Tuesday, March 19th. They issued an “outperform” rating and a $37.00 price target for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $35.25.

Insider Transactions at Alkermes

In related news, SVP Christian Todd Nichols sold 10,417 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the sale, the senior vice president now directly owns 65,911 shares of the company’s stock, valued at $1,852,099.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.76% of the company’s stock.

Alkermes Trading Up 1.0 %

Shares of NASDAQ:ALKS opened at $24.01 on Thursday. Alkermes plc has a 52-week low of $22.01 and a 52-week high of $33.71. The stock has a market cap of $4.06 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 0.66 and a beta of 0.55. The company has a quick ratio of 2.50, a current ratio of 2.86 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $27.96 and a 200-day moving average price of $27.05.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings data on Thursday, February 15th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.29). Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The firm had revenue of $377.50 million during the quarter, compared to analysts’ expectations of $362.78 million. During the same quarter in the previous year, the business earned ($0.02) earnings per share. The company’s revenue for the quarter was up 23.9% compared to the same quarter last year. Equities analysts predict that Alkermes plc will post 2.23 EPS for the current year.

Alkermes announced that its board has approved a stock repurchase program on Thursday, February 15th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 8.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Alkermes Company 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.