SummitTX Capital L.P. Takes Position in Alkermes plc $ALKS

SummitTX Capital L.P. bought a new position in shares of Alkermes plc (NASDAQ:ALKS) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 156,259 shares of the company’s stock, valued at approximately $5,525,000. SummitTX Capital L.P. owned approximately 0.09% of Alkermes at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ALKS. Cullen Frost Bankers Inc. bought a new stake in Alkermes during the 4th quarter worth approximately $28,000. Johnson Financial Group Inc. bought a new position in shares of Alkermes in the third quarter valued at approximately $31,000. UMB Bank n.a. lifted its holdings 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 purchasing an additional 446 shares in the last quarter. Salomon & Ludwin LLC boosted its position in shares of Alkermes by 115.6% during the fourth 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. boosted its position in shares of Alkermes by 1,041.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company’s stock valued at $37,000 after buying an additional 1,208 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Wall Street Analyst Weigh In

ALKS has been the subject of a number of analyst reports. Weiss Ratings lowered Alkermes from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. UBS Group lifted their price objective on shares of Alkermes from $42.00 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. HC Wainwright reiterated a “neutral” rating on shares of Alkermes in a report on Thursday, June 18th. Royal Bank Of Canada raised their price target on shares of Alkermes from $45.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, June 9th. Finally, Stifel Nicolaus restated a “buy” rating and set a $63.00 price target (up from $45.00) on shares of Alkermes in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.50.

Alkermes Stock Performance

Shares of Alkermes stock opened at $52.73 on Tuesday. The business’s fifty day simple moving average is $47.24 and its 200 day simple moving average is $37.67. The company has a current ratio of 2.27, a quick ratio of 1.70 and a debt-to-equity ratio of 0.85. Alkermes plc has a 12 month low of $25.17 and a 12 month high of $55.67. The firm has a market capitalization of $8.79 billion, a P/E ratio of 58.59 and a beta of 0.34.

Insider Activity

In related news, Director Christopher I. Wright sold 2,000 shares of the business’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 of the company’s stock, valued at approximately $1,158,168. The trade was a 7.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $54.03, for a total transaction of $109,897.02. Following the transaction, the executive vice president owned 227,490 shares of the company’s stock, valued at approximately $12,291,284.70. The trade was a 0.89% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,102 shares of company stock valued at $1,494,410 in the last ninety days. 4.59% of the stock is currently owned by insiders.

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.