Alkermes plc $ALKS Stock: Pictet Asset Management Holding SA Boosts Holdings

Pictet Asset Management Holding SA grew its position in shares of Alkermes plc (NASDAQ:ALKS) by 20.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,009,318 shares of the company’s stock after buying an additional 171,292 shares during the period. Pictet Asset Management Holding SA owned about 0.60% of Alkermes worth $41,012,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ALKS. Dimensional Fund Advisors LP raised its position in shares of Alkermes by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,522,378 shares of the company’s stock valued at $159,850,000 after acquiring an additional 109,595 shares in the last quarter. Commodore Capital LP lifted its stake in Alkermes by 18.3% during the first quarter. Commodore Capital LP now owns 4,200,000 shares of the company’s stock worth $148,512,000 after purchasing an additional 650,000 shares during the last quarter. First Trust Advisors LP boosted its holdings in Alkermes by 104.2% in the first quarter. First Trust Advisors LP now owns 2,968,785 shares of the company’s stock worth $104,976,000 after purchasing an additional 1,514,783 shares during the period. Affinity Asset Advisors LLC boosted its holdings in Alkermes by 35.0% in the first quarter. Affinity Asset Advisors LLC now owns 1,350,000 shares of the company’s stock worth $47,736,000 after purchasing an additional 350,000 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Alkermes by 1.1% in the first quarter. Principal Financial Group Inc. now owns 958,016 shares of the company’s stock worth $33,875,000 after purchasing an additional 10,393 shares during the period. Institutional investors and hedge funds own 95.21% of the company’s stock.

Insider Activity

In related news, SVP Christian Nichols sold 7,576 shares of Alkermes stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $49.23, for a total value of $372,966.48. Following the sale, the senior vice president directly owned 102,193 shares in the company, valued at $5,030,961.39. This trade represents a 6.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig Hopkinson sold 9,000 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $46.99, for a total transaction of $422,910.00. Following the completion of the transaction, the executive vice president owned 65,389 shares of the company’s stock, valued at approximately $3,072,629.11. This trade represents a 12.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 22,679 shares of company stock valued at $1,070,940. 4.59% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ALKS has been the subject of several recent research reports. Truist Financial started coverage on shares of Alkermes in a research note on Friday, October 16th. They set a “buy” rating and a $55.00 target price for the company. Robert W. Baird set a $61.00 price target on shares of Alkermes in a research report on Wednesday, November 4th. The Goldman Sachs Group assumed coverage on shares of Alkermes in a report on Thursday, September 24th. They issued a “neutral” rating and a $50.00 price target for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Alkermes in a research report on Wednesday, November 4th. Finally, Wells Fargo & Company boosted their price objective on shares of Alkermes from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Wednesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.06.

Alkermes Trading Up 0.6%

Shares of NASDAQ ALKS opened at $46.47 on Wednesday. Alkermes plc has a 12-month low of $27.00 and a 12-month high of $55.67. The company has a market cap of $7.81 billion, a price-to-earnings ratio of -2,322.34 and a beta of 0.32. The company has a current ratio of 2.42, a quick ratio of 2.02 and a debt-to-equity ratio of 0.79. The stock’s 50 day simple moving average is $43.67 and its 200 day simple moving average is $40.92.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.17. Alkermes had a positive return on equity of 0.40% and a negative net margin of 0.02%. The firm had revenue of $480.13 million during the quarter, compared to the consensus estimate of $463.48 million. During the same period in the prior year, the business earned $0.49 EPS. The firm’s revenue was up 21.8% on a year-over-year basis. Equities research analysts expect that Alkermes plc will post -0.56 EPS for the current year.

Alkermes Company Profile

Alkermes plc is a biopharmaceutical company focused on developing and commercializing medicines for neuroscience-related conditions, including serious mental illness and addiction. Founded in 1987, the company has operations in the United States and Ireland, with its corporate headquarters in Dublin and major U.S. operations in Massachusetts. Its marketed medicines include Vivitrol, an extended-release injectable formulation of naltrexone used to treat alcohol dependence and to prevent relapse to opioid dependence after detoxification; Aristada, an injectable treatment for schizophrenia in adults; and Lybalvi, a medicine for schizophrenia and bipolar I disorder in adults.