Axxcess Wealth Management LLC Raises Stock Holdings in Alkermes plc (NASDAQ:ALKS)

Axxcess Wealth Management LLC lifted its holdings in shares of Alkermes plc (NASDAQ:ALKS) by 10.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 22,567 shares of the company’s stock after acquiring an additional 2,142 shares during the period. Axxcess Wealth Management LLC’s holdings in Alkermes were worth $626,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Personalized Indexing Management LLC grew its holdings in Alkermes by 6.1% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 7,830 shares of the company’s stock valued at $219,000 after purchasing an additional 452 shares during the period. Victory Capital Management Inc. grew its holdings in Alkermes by 0.6% during the third quarter. Victory Capital Management Inc. now owns 76,043 shares of the company’s stock valued at $2,130,000 after purchasing an additional 481 shares during the period. Alps Advisors Inc. grew its holdings in Alkermes by 0.4% during the third quarter. Alps Advisors Inc. now owns 122,916 shares of the company’s stock valued at $3,443,000 after purchasing an additional 529 shares during the period. Fisher Asset Management LLC grew its holdings in Alkermes by 1.0% during the fourth quarter. Fisher Asset Management LLC now owns 59,942 shares of the company’s stock valued at $1,663,000 after purchasing an additional 572 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in Alkermes by 0.4% during the third quarter. New York State Common Retirement Fund now owns 143,223 shares of the company’s stock valued at $4,012,000 after purchasing an additional 605 shares during the period. 95.21% of the stock is owned by institutional investors.

Insider Activity at Alkermes

In related news, SVP Christian Todd Nichols sold 10,417 shares of Alkermes stock in a transaction on Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the completion of the sale, the senior vice president now owns 65,911 shares of the company’s stock, valued at $1,852,099.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.76% of the stock is owned by corporate insiders.

Alkermes Price Performance

Alkermes stock opened at $24.59 on Wednesday. The firm has a market capitalization of $4.16 billion, a P/E ratio of 9.72, a PEG ratio of 0.64 and a beta of 0.61. Alkermes plc has a one year low of $22.01 and a one year high of $33.71. The business has a fifty day moving average price of $26.50 and a 200-day moving average price of $26.70. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.20 and a quick ratio of 2.77.

Alkermes (NASDAQ:ALKS) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.15). The business had revenue of $350.37 million for the quarter, compared to the consensus estimate of $360.26 million. Alkermes had a net margin of 25.17% and a return on equity of 20.31%. Alkermes’s quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.10) EPS. As a group, equities research analysts forecast that Alkermes plc will post 2.39 EPS for the current year.

Alkermes announced that its board has authorized a share buyback plan on Thursday, February 15th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

ALKS has been the subject of several research reports. Piper Sandler reissued an “overweight” rating and set a $39.00 price objective on shares of Alkermes in a report on Monday, April 1st. HC Wainwright reissued a “neutral” rating and set a $35.00 price objective on shares of Alkermes in a report on Thursday, May 2nd. TheStreet raised Alkermes from a “c+” rating to a “b” rating in a report on Thursday, February 15th. UBS Group lowered Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 price target for the company. in a report on Tuesday, February 20th. Finally, Robert W. Baird began coverage on Alkermes in a report on Tuesday, March 19th. They issued an “outperform” rating and a $37.00 price target for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $35.38.

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.