Bleakley Financial Group LLC Reduces Stock Position in Alkermes plc $ALKS

Bleakley Financial Group LLC cut its holdings in shares of Alkermes plc (NASDAQ:ALKS) by 10.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,061 shares of the company’s stock after selling 1,683 shares during the quarter. Bleakley Financial Group LLC’s holdings in Alkermes were worth $402,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ALKS. GAMMA Investing LLC increased its holdings in Alkermes by 31.9% during the 1st quarter. GAMMA Investing LLC now owns 5,396 shares of the company’s stock worth $178,000 after purchasing an additional 1,305 shares during the last quarter. Diversified Trust Co increased its holdings in shares of Alkermes by 3.2% in the 1st quarter. Diversified Trust Co now owns 43,860 shares of the company’s stock valued at $1,448,000 after acquiring an additional 1,351 shares during the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of Alkermes by 0.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 82,680 shares of the company’s stock valued at $2,730,000 after acquiring an additional 702 shares during the last quarter. New York State Teachers Retirement System increased its holdings in shares of Alkermes by 2.8% in the 1st quarter. New York State Teachers Retirement System now owns 89,703 shares of the company’s stock valued at $2,962,000 after acquiring an additional 2,425 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Alkermes by 3.2% in the 1st quarter. Principal Financial Group Inc. now owns 928,865 shares of the company’s stock valued at $30,671,000 after acquiring an additional 29,101 shares during the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Alkermes Price Performance

NASDAQ:ALKS opened at $29.80 on Monday. Alkermes plc has a 12-month low of $25.17 and a 12-month high of $36.45. The firm has a market capitalization of $4.92 billion, a P/E ratio of 14.33, a P/E/G ratio of 1.61 and a beta of 0.54. The business has a 50 day simple moving average of $29.40 and a 200 day simple moving average of $29.15.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.10. Alkermes had a return on equity of 24.86% and a net margin of 23.15%.The business had revenue of $390.66 million during the quarter, compared to analyst estimates of $343.20 million. During the same quarter in the previous year, the firm posted $1.16 EPS. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year. Alkermes has set its FY 2025 guidance at 1.030-1.210 EPS. Research analysts anticipate that Alkermes plc will post 1.31 EPS for the current fiscal year.

Insider Transactions at Alkermes

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of the business’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $31.53, for a total transaction of $283,770.00. Following the completion of the transaction, the executive vice president owned 73,740 shares in the company, valued at approximately $2,325,022.20. The trade was a 10.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

ALKS has been the subject of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $45.00 price target (up from $38.00) on shares of Alkermes in a report on Thursday. Royal Bank Of Canada boosted their price target on Alkermes from $45.00 to $47.00 and gave the company an “outperform” rating in a report on Wednesday. The Goldman Sachs Group initiated coverage on Alkermes in a report on Tuesday, July 15th. They issued a “buy” rating and a $43.00 price target for the company. Zacks Research upgraded Alkermes from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 22nd. Finally, HC Wainwright reiterated a “neutral” rating on shares of Alkermes in a report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $42.83.

About Alkermes

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.