PNC Financial Services Group Inc. Raises Position in Alkermes plc (NASDAQ:ALKS)

PNC Financial Services Group Inc. raised its holdings in Alkermes plc (NASDAQ:ALKS) by 16.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 113,184 shares of the company’s stock after buying an additional 16,008 shares during the period. PNC Financial Services Group Inc. owned approximately 0.07% of Alkermes worth $3,140,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALKS. Wellington Management Group LLP boosted its position in Alkermes by 52.7% in the 3rd quarter. Wellington Management Group LLP now owns 11,746,792 shares of the company’s stock valued at $329,028,000 after buying an additional 4,055,926 shares during the period. RTW Investments LP lifted its position in shares of Alkermes by 338.8% during the 4th quarter. RTW Investments LP now owns 3,901,523 shares of the company’s stock worth $108,228,000 after purchasing an additional 3,012,450 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Alkermes by 12.3% during the 4th quarter. Vanguard Group Inc. now owns 20,955,454 shares of the company’s stock worth $581,304,000 after purchasing an additional 2,288,185 shares during the last quarter. Norges Bank purchased a new stake in shares of Alkermes during the 4th quarter worth $55,548,000. Finally, Principal Financial Group Inc. lifted its position in shares of Alkermes by 1,150.2% during the 4th quarter. Principal Financial Group Inc. now owns 939,542 shares of the company’s stock worth $26,063,000 after purchasing an additional 864,389 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Alkermes Trading Down 2.4 %

NASDAQ ALKS opened at $24.42 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.77 and a current ratio of 3.20. The firm has a market cap of $4.13 billion, a PE ratio of 9.65, a P/E/G ratio of 0.50 and a beta of 0.47. Alkermes plc has a one year low of $22.01 and a one year high of $33.71. The firm’s fifty day moving average is $24.22 and its two-hundred day moving average is $26.66.

Alkermes (NASDAQ:ALKS) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.15). The business had revenue of $350.37 million during the quarter, compared to analyst estimates of $360.26 million. Alkermes had a net margin of 25.17% and a return on equity of 20.31%. The company’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. Analysts expect that Alkermes plc will post 2.27 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ALKS shares. TD Cowen started coverage on shares of Alkermes in a research report on Monday. They set a “buy” rating and a $34.00 price objective for the company. Cantor Fitzgerald lifted their price objective on shares of Alkermes from $43.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Piper Sandler reiterated an “overweight” rating and set a $39.00 price target on shares of Alkermes in a research note on Monday, April 1st. HC Wainwright reiterated a “neutral” rating and set a $35.00 price target on shares of Alkermes in a research note on Tuesday, June 4th. Finally, Jefferies Financial Group lifted their price target on shares of Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.50.

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.