Peregrine Capital Management LLC Buys Shares of 264,620 Alkermes plc $ALKS

Peregrine Capital Management LLC purchased a new stake in Alkermes plc (NASDAQ:ALKS) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 264,620 shares of the company’s stock, valued at approximately $7,571,000. Peregrine Capital Management LLC owned approximately 0.16% of Alkermes as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in Alkermes by 31.9% in the 1st quarter. GAMMA Investing LLC now owns 5,396 shares of the company’s stock valued at $178,000 after buying an additional 1,305 shares during the period. Illinois Municipal Retirement Fund lifted its position in Alkermes by 0.9% during the 1st quarter. Illinois Municipal Retirement Fund now owns 82,680 shares of the company’s stock worth $2,730,000 after acquiring an additional 702 shares in the last quarter. New York State Teachers Retirement System boosted its position in Alkermes by 2.8% during the 1st quarter. New York State Teachers Retirement System now owns 89,703 shares of the company’s stock worth $2,962,000 after acquiring an additional 2,425 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Alkermes by 3.2% in the first quarter. Principal Financial Group Inc. now owns 928,865 shares of the company’s stock valued at $30,671,000 after buying an additional 29,101 shares during the period. Finally, GF Fund Management CO. LTD. lifted its holdings in shares of Alkermes by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 4,143 shares of the company’s stock valued at $137,000 after purchasing an additional 746 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on ALKS shares. Wells Fargo & Company upgraded Alkermes to a “strong-buy” rating in a research note on Wednesday, September 3rd. HC Wainwright restated a “neutral” rating on shares of Alkermes in a research report on Wednesday, October 22nd. JPMorgan Chase & Co. raised their target price on Alkermes from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 9th. Weiss Ratings restated a “hold (c+)” rating on shares of Alkermes in a research report on Tuesday, October 14th. Finally, Royal Bank Of Canada lifted their price target on Alkermes from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Alkermes presently has a consensus rating of “Buy” and a consensus price target of $43.25.

Insider Activity

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $31.53, for a total value of $283,770.00. Following the completion of the sale, the executive vice president owned 73,740 shares of the company’s stock, valued at approximately $2,325,022.20. This represents a 10.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 4.40% of the stock is owned by insiders.

Alkermes Trading Down 0.3%

Alkermes stock opened at $29.72 on Tuesday. Alkermes plc has a 12-month low of $25.17 and a 12-month high of $36.45. The firm has a 50-day moving average price of $29.44 and a 200-day moving average price of $29.16. The firm has a market capitalization of $4.91 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.61 and a beta of 0.54.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.10. The firm had revenue of $390.66 million for the quarter, compared to the consensus estimate of $343.20 million. Alkermes had a net margin of 23.15% and a return on equity of 24.86%. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 EPS. As a group, sell-side analysts predict that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

About Alkermes

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.