Maryland State Retirement & Pension System Reduces Position in Alkermes plc (NASDAQ:ALKS)

Maryland State Retirement & Pension System lowered its stake in Alkermes plc (NASDAQ:ALKS) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,134 shares of the company’s stock after selling 518 shares during the period. Maryland State Retirement & Pension System’s holdings in Alkermes were worth $1,628,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP boosted its position in Alkermes by 52.7% in the third quarter. Wellington Management Group LLP now owns 11,746,792 shares of the company’s stock valued at $329,028,000 after buying an additional 4,055,926 shares during the last quarter. RTW Investments LP raised its holdings in shares of Alkermes by 338.8% during the fourth quarter. RTW Investments LP now owns 3,901,523 shares of the company’s stock worth $108,228,000 after purchasing an additional 3,012,450 shares during the last quarter. Vanguard Group Inc. lifted its position in Alkermes by 12.3% during the fourth quarter. Vanguard Group Inc. now owns 20,955,454 shares of the company’s stock valued at $581,304,000 after purchasing an additional 2,288,185 shares during the period. Norges Bank purchased a new stake in Alkermes in the fourth quarter valued at $55,548,000. Finally, Principal Financial Group Inc. grew its position in Alkermes by 1,150.2% during the 4th quarter. Principal Financial Group Inc. now owns 939,542 shares of the company’s stock worth $26,063,000 after purchasing an additional 864,389 shares during the period. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Cantor Fitzgerald upped their target price on Alkermes from $43.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. HC Wainwright reaffirmed a “neutral” rating and set a $35.00 price objective on shares of Alkermes in a research note on Tuesday, June 4th. TD Cowen initiated coverage on shares of Alkermes in a report on Monday, June 17th. They set a “buy” rating and a $34.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $39.00 price objective on shares of Alkermes in a report on Monday, April 1st. Finally, StockNews.com lowered shares of Alkermes from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.50.

Alkermes Trading Up 0.4 %

ALKS stock traded up $0.09 during midday trading on Friday, hitting $24.32. 79,634 shares of the company’s stock were exchanged, compared to its average volume of 1,851,717. Alkermes plc has a 1-year low of $22.01 and a 1-year high of $32.88. The company has a current ratio of 3.20, a quick ratio of 2.77 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $4.12 billion, a PE ratio of 9.58, a P/E/G ratio of 0.49 and a beta of 0.47. The business has a 50-day simple moving average of $24.27 and a two-hundred day simple moving average of $26.50.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.15). Alkermes had a return on equity of 20.31% and a net margin of 25.17%. The business had revenue of $350.37 million for the quarter, compared to analyst estimates of $360.26 million. During the same period in the previous year, the business posted ($0.10) earnings per share. The firm’s revenue for the quarter was up 21.8% compared to the same quarter last year. On average, sell-side analysts predict that Alkermes plc will post 2.27 EPS for the current fiscal year.

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.