First Trust Advisors LP Raises Stake in Alkermes plc $ALKS

First Trust Advisors LP lifted its position in shares of Alkermes plc (NASDAQ:ALKS) by 104.2% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,968,785 shares of the company’s stock after buying an additional 1,514,783 shares during the period. First Trust Advisors LP’s holdings in Alkermes were worth $104,976,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Alkermes during the 4th quarter worth $54,442,000. Baker BROS. Advisors LP increased its stake in Alkermes by 23.7% in the fourth quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock valued at $280,143,000 after purchasing an additional 1,920,916 shares during the last quarter. UBS Group AG lifted its position in Alkermes by 237.4% during the fourth quarter. UBS Group AG now owns 2,544,895 shares of the company’s stock worth $71,206,000 after buying an additional 1,790,729 shares during the period. JPMorgan Chase & Co. lifted its position in Alkermes by 32.0% during the fourth quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock worth $145,064,000 after buying an additional 1,256,377 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Alkermes by 1,070.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,208,944 shares of the company’s stock worth $36,268,000 after buying an additional 1,105,666 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Alkermes Stock Down 0.2%

NASDAQ ALKS opened at $52.89 on Friday. The company has a quick ratio of 1.70, a current ratio of 2.27 and a debt-to-equity ratio of 0.85. Alkermes plc has a fifty-two week low of $25.17 and a fifty-two week high of $55.67. The business has a 50 day moving average price of $46.92 and a two-hundred day moving average price of $37.44. The stock has a market cap of $8.82 billion, a PE ratio of 58.77 and a beta of 0.34.

Insider Activity

In other news, Director Christopher I. Wright sold 2,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $45.10, for a total value of $90,200.00. Following the completion of the transaction, the director directly owned 25,680 shares in the company, valued at approximately $1,158,168. This represents a 7.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the firm’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $43.05, for a total transaction of $87,563.70. Following the sale, the executive vice president directly owned 229,524 shares of the company’s stock, valued at approximately $9,881,008.20. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 35,102 shares of company stock worth $1,494,410. 4.59% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ALKS. Robert W. Baird boosted their price objective on shares of Alkermes from $45.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Mizuho boosted their price target on Alkermes from $53.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, July 2nd. Wells Fargo & Company upped their price target on Alkermes from $44.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Royal Bank Of Canada raised their price objective on Alkermes from $45.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, June 9th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Alkermes in a report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $52.50.

Alkermes Company Profile

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.