Spruce Street Capital LP Makes New Investment in Alkermes plc $ALKS

Spruce Street Capital LP purchased a new stake in Alkermes plc (NASDAQ:ALKS) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 317,992 shares of the company’s stock, valued at approximately $11,244,000. Alkermes comprises approximately 2.7% of Spruce Street Capital LP’s investment portfolio, making the stock its 14th largest position.

Several other large investors have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Alkermes in the 4th quarter valued at $54,442,000. Baker BROS. Advisors LP boosted its holdings in Alkermes by 23.7% during the 4th quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock valued at $280,143,000 after acquiring an additional 1,920,916 shares during the period. UBS Group AG grew its position in Alkermes by 237.4% in the 4th quarter. UBS Group AG now owns 2,544,895 shares of the company’s stock valued at $71,206,000 after acquiring an additional 1,790,729 shares in the last quarter. First Trust Advisors LP grew its position in Alkermes by 104.2% in the 1st quarter. First Trust Advisors LP now owns 2,968,785 shares of the company’s stock valued at $104,976,000 after acquiring an additional 1,514,783 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Alkermes by 32.0% during the fourth quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock worth $145,064,000 after purchasing an additional 1,256,377 shares during the period. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Alkermes Stock Performance

Shares of ALKS opened at $52.89 on Friday. Alkermes plc has a 1 year low of $25.17 and a 1 year high of $55.67. The stock has a market capitalization of $8.82 billion, a P/E ratio of 58.77 and a beta of 0.34. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27. The company’s fifty day moving average is $46.92 and its two-hundred day moving average is $37.44.

Insiders Place Their Bets

In other news, Director Christopher I. Wright sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $45.10, for a total transaction of $90,200.00. Following the completion of the transaction, the director directly owned 25,680 shares of the company’s stock, valued at $1,158,168. This trade represents a 7.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $54.03, for a total value of $109,897.02. Following the completion of the transaction, the executive vice president directly owned 227,490 shares of the company’s stock, valued at approximately $12,291,284.70. This trade represents a 0.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 35,102 shares of company stock worth $1,494,410. Corporate insiders own 4.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. HC Wainwright reissued a “neutral” rating on shares of Alkermes in a research report on Thursday, June 18th. Royal Bank Of Canada upped their price target on Alkermes from $45.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, June 9th. UBS Group upped their target price on shares of Alkermes from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Needham & Company LLC boosted their target price on shares of Alkermes from $61.00 to $62.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Finally, TD Cowen upped their price objective on Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.50.

Alkermes Company Profile

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.