Avoro Capital Advisors LLC Makes New $70.46 Million Investment in Alkermes plc (NASDAQ:ALKS)

Avoro Capital Advisors LLC bought a new stake in Alkermes plc (NASDAQ:ALKS - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,450,000 shares of the company's stock, valued at approximately $70,462,000. Alkermes comprises 1.0% of Avoro Capital Advisors LLC's investment portfolio, making the stock its 22nd biggest position. Avoro Capital Advisors LLC owned 1.51% of Alkermes at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Venturi Wealth Management LLC purchased a new position in shares of Alkermes during the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC raised its position in Alkermes by 106.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,635 shares of the company's stock worth $47,000 after acquiring an additional 842 shares in the last quarter. Blue Trust Inc. lifted its holdings in Alkermes by 2,231.5% in the fourth quarter. Blue Trust Inc. now owns 1,702 shares of the company's stock valued at $49,000 after acquiring an additional 1,629 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Alkermes by 558.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,950 shares of the company's stock worth $85,000 after purchasing an additional 2,502 shares in the last quarter. Finally, Cornerstone Investment Partners LLC acquired a new position in shares of Alkermes during the 4th quarter worth $203,000. Institutional investors and hedge funds own 95.21% of the company's stock.

Insiders Place Their Bets

In other news, EVP Craig C. Hopkinson sold 144,419 shares of the firm's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $35.53, for a total transaction of $5,131,207.07. Following the sale, the executive vice president now owns 57,875 shares in the company, valued at $2,056,298.75. This trade represents a 71.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.89% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ALKS has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Alkermes from $40.00 to $52.00 and gave the stock a "buy" rating in a report on Thursday, March 27th. The Goldman Sachs Group boosted their price target on Alkermes from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Royal Bank of Canada began coverage on Alkermes in a research note on Thursday, March 13th. They issued a "sector perform" rating and a $40.00 price objective for the company. UBS Group raised Alkermes from a "sell" rating to a "neutral" rating and lifted their price objective for the stock from $21.00 to $38.00 in a report on Tuesday, March 4th. Finally, StockNews.com raised Alkermes from a "buy" rating to a "strong-buy" rating in a report on Thursday, February 13th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $38.50.

Alkermes Stock Performance

Alkermes stock traded up $0.17 during midday trading on Friday, reaching $27.84. 1,206,315 shares of the company were exchanged, compared to its average volume of 1,754,535. The firm's 50-day simple moving average is $32.08 and its 200-day simple moving average is $30.38. Alkermes plc has a 1 year low of $22.90 and a 1 year high of $36.45. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 2.20 and a beta of 0.39.

Alkermes (NASDAQ:ALKS - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.11. Alkermes had a net margin of 23.57% and a return on equity of 30.80%. On average, analysts forecast that Alkermes plc will post 1.31 EPS for the current fiscal year.

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.