Paradiem LLC Cuts Stock Holdings in Alkermes plc (NASDAQ:ALKS)

Paradiem LLC trimmed its holdings in shares of Alkermes plc (NASDAQ:ALKS) by 58.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,381 shares of the company’s stock after selling 29,247 shares during the period. Paradiem LLC’s holdings in Alkermes were worth $565,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Emerald Advisers LLC purchased a new stake in shares of Alkermes during the third quarter worth about $27,000. CWM LLC boosted its holdings in shares of Alkermes by 147.5% during the third quarter. CWM LLC now owns 1,037 shares of the company’s stock worth $29,000 after purchasing an additional 618 shares during the period. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Alkermes during the fourth quarter worth about $30,000. GAMMA Investing LLC purchased a new stake in shares of Alkermes during the fourth quarter worth about $35,000. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of Alkermes during the third quarter worth about $37,000. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Alkermes Stock Performance

ALKS stock traded up $0.24 on Friday, hitting $24.68. The company had a trading volume of 1,016,741 shares, compared to its average volume of 1,805,169. Alkermes plc has a 12-month low of $22.01 and a 12-month high of $33.71. The company has a current ratio of 2.86, a quick ratio of 2.50 and a debt-to-equity ratio of 0.24. The stock’s 50-day simple moving average is $27.30 and its 200 day simple moving average is $26.86. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 0.68 and a beta of 0.55.

Alkermes (NASDAQ:ALKS) last issued its earnings results on Thursday, February 15th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.29). The company had revenue of $377.50 million during the quarter, compared to analysts’ expectations of $362.78 million. Alkermes had a return on equity of 16.10% and a net margin of 21.39%. The company’s revenue for the quarter was up 23.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.02) EPS. As a group, equities research analysts expect that Alkermes plc will post 2.24 earnings per share for the current fiscal year.

Alkermes announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 15th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ALKS has been the subject of several research analyst reports. StockNews.com lowered shares of Alkermes from a “strong-buy” rating to a “buy” rating in a report on Friday, February 23rd. Piper Sandler restated an “overweight” rating and issued a $39.00 price objective on shares of Alkermes in a report on Monday, April 1st. UBS Group lowered shares of Alkermes from a “neutral” rating to a “sell” rating and set a $25.00 price objective for the company. in a report on Tuesday, February 20th. Robert W. Baird assumed coverage on shares of Alkermes in a research note on Tuesday, March 19th. They set an “outperform” rating and a $37.00 target price for the company. Finally, TheStreet raised shares of Alkermes from a “c+” rating to a “b” rating in a research note on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.38.

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 shares were sold at an average price of $28.10, for a total transaction of $292,717.70. Following the transaction, the senior vice president now owns 65,911 shares in the company, valued at approximately $1,852,099.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 4.76% of the stock is owned by corporate insiders.

Alkermes Company 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.