Allspring Global Investments Holdings LLC Raises Stock Holdings in Alkermes plc (NASDAQ:ALKS)

Allspring Global Investments Holdings LLC grew its holdings in shares of Alkermes plc (NASDAQ:ALKS) by 81.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 377,489 shares of the company’s stock after purchasing an additional 169,385 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.23% of Alkermes worth $10,472,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ALKS. Emerald Advisers LLC purchased a new stake in shares of Alkermes during the 3rd quarter valued at about $27,000. Neo Ivy Capital Management purchased a new stake in shares of Alkermes during the 2nd quarter valued at about $27,000. CWM LLC increased its position in shares of Alkermes by 147.5% during the 3rd quarter. CWM LLC now owns 1,037 shares of the company’s stock valued at $29,000 after purchasing an additional 618 shares during the last quarter. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Alkermes during the 4th quarter valued at about $30,000. Finally, C M Bidwell & Associates Ltd. bought a new position in shares of Alkermes during the 3rd quarter valued at approximately $37,000. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Insider Activity at Alkermes

In related news, SVP Christian Todd Nichols sold 10,417 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $28.10, for a total value of $292,717.70. Following the completion of the transaction, the senior vice president now directly owns 65,911 shares of the company’s stock, valued at $1,852,099.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 4.76% of the stock is currently owned by insiders.

Alkermes Trading Down 1.0 %

Shares of ALKS opened at $23.77 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.86 and a quick ratio of 2.50. Alkermes plc has a 1 year low of $22.01 and a 1 year high of $33.71. The company has a 50 day simple moving average of $28.01 and a two-hundred day simple moving average of $27.08. The firm has a market cap of $4.02 billion, a P/E ratio of 11.48 and a beta of 0.56.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings data on Thursday, February 15th. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.29). Alkermes had a net margin of 21.39% and a return on equity of 16.10%. The company had revenue of $377.50 million for the quarter, compared to analysts’ expectations of $362.78 million. During the same period last year, the business earned ($0.02) earnings per share. The company’s quarterly revenue was up 23.9% compared to the same quarter last year. On average, equities analysts expect that Alkermes plc will post 2.23 earnings per share for the current fiscal year.

Alkermes declared that its board has authorized a share repurchase plan on Thursday, February 15th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the company to purchase up to 8.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ALKS has been the subject of a number of recent research reports. Bank of America boosted their price objective on Alkermes from $27.00 to $29.00 and gave the company a “neutral” rating in a research note on Tuesday, January 2nd. StockNews.com downgraded Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 23rd. Robert W. Baird initiated coverage on Alkermes in a research note on Tuesday, March 19th. They set an “outperform” rating and a $37.00 price objective for the company. UBS Group downgraded Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 price objective for the company. in a research note on Tuesday, February 20th. Finally, Jefferies Financial Group boosted their price objective on Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.25.

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.