State of Alaska Department of Revenue Takes $2.85 Million Position in Alkermes plc (NASDAQ:ALKS)

State of Alaska Department of Revenue purchased a new position in shares of Alkermes plc (NASDAQ:ALKSFree Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 102,665 shares of the company’s stock, valued at approximately $2,847,000. State of Alaska Department of Revenue owned about 0.06% of Alkermes at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Neo Ivy Capital Management purchased a new stake in shares of Alkermes during the second quarter worth approximately $27,000. Emerald Advisers LLC purchased a new stake in shares of Alkermes during the third quarter worth approximately $27,000. CWM LLC raised its stake in shares of Alkermes by 147.5% during the third 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 fourth quarter worth approximately $30,000. Finally, Castleview Partners LLC purchased a new stake in shares of Alkermes during the second quarter worth approximately $38,000. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. StockNews.com cut Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 23rd. Piper Sandler reiterated an “overweight” rating and issued a $39.00 price objective on shares of Alkermes in a research report on Monday. Robert W. Baird started coverage on Alkermes in a research report on Tuesday, March 19th. They issued an “outperform” rating and a $37.00 price objective for the company. 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 report on Tuesday, February 20th. Finally, Bank of America increased their price objective on Alkermes from $27.00 to $29.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $33.14.

Get Our Latest Stock Analysis on ALKS

Insider Activity

In other news, SVP Christian Todd Nichols sold 10,417 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $28.10, for a total value of $292,717.70. Following the completion of the transaction, the senior vice president now owns 65,911 shares in the company, valued at $1,852,099.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 4.76% of the company’s stock.

Alkermes Trading Down 1.6 %

Shares of ALKS stock opened at $26.33 on Thursday. Alkermes plc has a fifty-two week low of $22.01 and a fifty-two week high of $33.71. The stock has a market cap of $4.40 billion, a P/E ratio of 12.72 and a beta of 0.55. The business has a fifty day simple moving average of $28.37 and a 200-day simple moving average of $27.33. The company has a quick ratio of 2.50, a current ratio of 2.86 and a debt-to-equity ratio of 0.24.

Alkermes (NASDAQ:ALKSGet Free Report) last announced its quarterly earnings results on Thursday, February 15th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.29). Alkermes had a net margin of 21.39% and a return on equity of 16.10%. 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 prior year, the business earned ($0.02) EPS. The company’s quarterly revenue was up 23.9% compared to the same quarter last year. On average, analysts forecast that Alkermes plc will post 2.24 earnings per share for the current fiscal year.

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

Alkermes Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Alkermes (NASDAQ:ALKS)

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