Peregrine Capital Management LLC Lowers Position in Alkermes plc $ALKS

Peregrine Capital Management LLC trimmed its holdings in shares of Alkermes plc (NASDAQ:ALKS) by 4.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,007 shares of the company’s stock after selling 10,326 shares during the period. Peregrine Capital Management LLC’s holdings in Alkermes were worth $8,628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in ALKS. Sanctuary Advisors LLC raised its holdings in shares of Alkermes by 2.7% in the 4th quarter. Sanctuary Advisors LLC now owns 12,141 shares of the company’s stock valued at $340,000 after purchasing an additional 315 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Alkermes by 3.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,326 shares of the company’s stock valued at $289,000 after purchasing an additional 351 shares in the last quarter. Orion Porfolio Solutions LLC boosted its stake in shares of Alkermes by 4.5% during the third quarter. Orion Porfolio Solutions LLC now owns 8,762 shares of the company’s stock valued at $263,000 after purchasing an additional 376 shares in the last quarter. Horizon Investments LLC increased its holdings in Alkermes by 0.9% during the third quarter. Horizon Investments LLC now owns 43,002 shares of the company’s stock valued at $1,290,000 after buying an additional 387 shares during the period. Finally, Tidal Investments LLC increased its holdings in Alkermes by 1.1% during the second quarter. Tidal Investments LLC now owns 35,130 shares of the company’s stock valued at $1,005,000 after buying an additional 395 shares during the period. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Insider Transactions at Alkermes

In related news, EVP David Joseph Gaffin sold 2,034 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $33.20, for a total transaction of $67,528.80. Following the transaction, the executive vice president directly owned 231,558 shares in the company, valued at $7,687,725.60. The trade was a 0.87% decrease in their position. The sale 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 transaction, the director directly owned 25,680 shares in the company, valued at $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. Over the last three months, insiders have sold 26,102 shares of company stock valued at $991,238. Corporate insiders own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ALKS shares. TD Cowen upped their target price on Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. Royal Bank Of Canada lifted their price target on Alkermes from $45.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, June 9th. Truist Financial raised Alkermes to a “strong-buy” rating in a research report on Wednesday, March 25th. Bank of America restated an “underperform” rating on shares of Alkermes in a research note on Monday. Finally, Robert W. Baird raised their price objective on Alkermes from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. One investment 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 company’s stock. According to MarketBeat, Alkermes currently has an average rating of “Moderate Buy” and an average target price of $48.38.

Alkermes Trading Down 0.2%

NASDAQ ALKS opened at $52.40 on Wednesday. The company has a quick ratio of 1.70, a current ratio of 2.27 and a debt-to-equity ratio of 0.85. The firm has a market cap of $8.73 billion, a PE ratio of 58.22 and a beta of 0.38. The company has a 50 day moving average price of $40.53 and a 200 day moving average price of $34.37. Alkermes plc has a 52 week low of $25.17 and a 52 week high of $55.28.

Alkermes (NASDAQ:ALKS) last posted its earnings results on Saturday, February 14th. The company reported $0.29 EPS for the quarter. The company had revenue of $384.55 million during the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. As a group, sell-side analysts forecast that Alkermes plc will post -0.43 EPS for the current fiscal year.

About Alkermes

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.