Magnetar Financial LLC Buys New Shares in Alkermes plc $ALKS

Magnetar Financial LLC purchased a new position in shares of Alkermes plc (NASDAQ:ALKS) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 123,678 shares of the company’s stock, valued at approximately $3,538,000.

Several other institutional investors also recently made changes to their positions in ALKS. Twin Tree Management LP purchased a new position in shares of Alkermes in the 1st quarter worth $29,000. Armstrong Advisory Group Inc. purchased a new stake in Alkermes during the second quarter valued at about $29,000. Brooklyn Investment Group increased its stake in Alkermes by 1,071.1% during the first quarter. Brooklyn Investment Group now owns 1,054 shares of the company’s stock worth $35,000 after acquiring an additional 964 shares during the last quarter. Quantbot Technologies LP raised its holdings in shares of Alkermes by 54.5% in the 1st quarter. Quantbot Technologies LP now owns 1,091 shares of the company’s stock worth $36,000 after purchasing an additional 385 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Alkermes in the 2nd quarter valued at about $49,000. 95.21% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alkermes

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $30.38, for a total transaction of $273,420.00. Following the sale, the executive vice president owned 69,740 shares of the company’s stock, valued at $2,118,701.20. The trade was a 11.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.40% of the company’s stock.

Analysts Set New Price Targets

ALKS has been the subject of a number of research analyst reports. Needham & Company LLC increased their target price on shares of Alkermes from $43.00 to $44.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Jefferies Financial Group set a $56.00 target price on shares of Alkermes and gave the company a “buy” rating in a research note on Tuesday, October 28th. Zacks Research upgraded shares of Alkermes from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 22nd. Wells Fargo & Company lowered their price target on Alkermes from $42.00 to $37.00 and set an “overweight” rating for the company in a report on Thursday, November 13th. Finally, Truist Financial boosted their price objective on Alkermes from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.69.

Alkermes Stock Performance

ALKS opened at $28.61 on Friday. The company has a market capitalization of $4.72 billion, a P/E ratio of 14.16, a PEG ratio of 1.70 and a beta of 0.53. The company has a 50-day moving average of $30.14 and a 200-day moving average of $29.48. Alkermes plc has a 1-year low of $25.17 and a 1-year high of $36.45.

Alkermes (NASDAQ:ALKS) last released its earnings results on Tuesday, October 28th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.08. The firm had revenue of $394.19 million during the quarter, compared to analyst estimates of $355.23 million. Alkermes had a net margin of 22.27% and a return on equity of 21.81%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.73 earnings per share. Alkermes has set its FY 2025 guidance at 1.360-1.470 EPS. As a group, sell-side analysts expect that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

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.