SummitTX Capital L.P. Invests $5.53 Million in Alkermes plc $ALKS

SummitTX Capital L.P. purchased a new position in Alkermes plc (NASDAQ:ALKS) during the first quarter, Holdings Channel.com reports. The fund purchased 156,259 shares of the company’s stock, valued at approximately $5,525,000.

Other institutional investors have also bought and sold shares of the company. Cullen Frost Bankers Inc. bought a new position in Alkermes during the fourth quarter valued at $28,000. Johnson Financial Group Inc. bought a new stake in shares of Alkermes in the third quarter valued at $31,000. UMB Bank n.a. raised its stake in shares of Alkermes by 57.6% in the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock valued at $34,000 after buying an additional 446 shares during the period. Salomon & Ludwin LLC lifted its position in shares of Alkermes by 115.6% during the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock valued at $35,000 after buying an additional 667 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Alkermes by 1,041.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company’s stock worth $37,000 after acquiring an additional 1,208 shares during the period. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ALKS shares. Wells Fargo & Company lifted their price objective on Alkermes from $44.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. HC Wainwright reaffirmed a “neutral” rating on shares of Alkermes in a report on Thursday, June 18th. UBS Group increased their target price on shares of Alkermes from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Bank of America reiterated an “underperform” rating on shares of Alkermes in a research note on Monday, June 29th. Finally, TD Cowen boosted their price target on shares of Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Alkermes has an average rating of “Moderate Buy” and an average price target of $52.50.

Insiders Place Their Bets

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $51.51, for a total transaction of $463,590.00. Following the completion of the transaction, the executive vice president owned 73,389 shares of the company’s stock, valued at $3,780,267.39. The trade was a 10.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $45.10, for a total value of $90,200.00. Following the sale, the director owned 25,680 shares in the company, valued at approximately $1,158,168. This represents a 7.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,102 shares of company stock worth $1,494,410 in the last quarter. 4.59% of the stock is owned by company insiders.

Alkermes Stock Performance

NASDAQ:ALKS opened at $52.73 on Tuesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27. Alkermes plc has a 52-week low of $25.17 and a 52-week high of $55.67. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of 58.59 and a beta of 0.34. The business’s fifty day moving average is $47.24 and its 200 day moving average is $37.67.

Alkermes 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.