Price T Rowe Associates Inc. MD Boosts Stock Position in Alkermes plc (NASDAQ:ALKS)

Price T Rowe Associates Inc. MD increased its stake in Alkermes plc (NASDAQ:ALKS) by 421.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,326,256 shares of the company’s stock after purchasing an additional 6,730,671 shares during the quarter. Price T Rowe Associates Inc. MD owned about 4.92% of Alkermes worth $225,393,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in Alkermes by 3.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,403,195 shares of the company’s stock worth $66,666,000 after purchasing an additional 90,219 shares in the last quarter. S&CO Inc. boosted its stake in Alkermes by 13.2% during the fourth quarter. S&CO Inc. now owns 173,145 shares of the company’s stock valued at $4,803,000 after buying an additional 20,145 shares during the period. Handelsbanken Fonder AB boosted its stake in Alkermes by 521.3% during the fourth quarter. Handelsbanken Fonder AB now owns 175,200 shares of the company’s stock valued at $4,860,000 after buying an additional 147,000 shares during the period. Allspring Global Investments Holdings LLC grew its position in Alkermes by 81.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 377,489 shares of the company’s stock worth $10,472,000 after buying an additional 169,385 shares in the last quarter. Finally, RTW Investments LP increased its stake in Alkermes by 338.8% in the 4th quarter. RTW Investments LP now owns 3,901,523 shares of the company’s stock worth $108,228,000 after acquiring an additional 3,012,450 shares during the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ALKS has been the subject of a number of research analyst reports. StockNews.com upgraded Alkermes from a “hold” rating to a “buy” rating in a research report on Sunday. Cantor Fitzgerald reiterated an “overweight” rating and set a $48.00 target price on shares of Alkermes in a research report on Thursday. Piper Sandler reissued an “overweight” rating and issued a $39.00 price target on shares of Alkermes in a report on Monday, April 1st. Robert W. Baird lifted their price objective on shares of Alkermes from $37.00 to $38.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, JPMorgan Chase & Co. increased their target price on Alkermes from $31.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $36.70.

Alkermes Trading Down 0.6 %

ALKS stock traded down $0.16 during trading on Friday, hitting $27.88. 2,101,791 shares of the company traded hands, compared to its average volume of 1,999,875. The company has a 50-day moving average of $24.43 and a 200-day moving average of $26.12. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.77 and a current ratio of 2.99. Alkermes plc has a 1 year low of $22.01 and a 1 year high of $32.88. The firm has a market capitalization of $4.59 billion, a PE ratio of 11.02, a P/E/G ratio of 0.61 and a beta of 0.47.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.70 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.70. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. The firm had revenue of $399.13 million during the quarter, compared to analyst estimates of $393.30 million. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The business’s quarterly revenue was down 35.4% compared to the same quarter last year. Analysts predict that Alkermes plc will post 2.51 earnings per share for the current fiscal year.

Alkermes 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.