Alkermes plc (NASDAQ:ALKS) Position Lessened by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp decreased its stake in Alkermes plc (NASDAQ:ALKS) by 14.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 124,906 shares of the company’s stock after selling 21,146 shares during the period. Texas Permanent School Fund Corp’s holdings in Alkermes were worth $3,010,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. United Services Automobile Association lifted its holdings in shares of Alkermes by 3.1% in the 2nd quarter. United Services Automobile Association now owns 13,208 shares of the company’s stock worth $318,000 after purchasing an additional 400 shares during the last quarter. Choreo LLC bought a new stake in Alkermes during the 2nd quarter valued at $441,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Alkermes during the 2nd quarter valued at $116,000. LSV Asset Management increased its position in shares of Alkermes by 54.3% during the 2nd quarter. LSV Asset Management now owns 327,700 shares of the company’s stock valued at $7,898,000 after purchasing an additional 115,300 shares during the period. Finally, Savant Capital LLC increased its position in shares of Alkermes by 116.2% during the 2nd quarter. Savant Capital LLC now owns 21,625 shares of the company’s stock valued at $521,000 after purchasing an additional 11,624 shares during the period. Institutional investors own 95.21% of the company’s stock.

Alkermes Stock Performance

Shares of ALKS stock opened at $27.66 on Monday. Alkermes plc has a 1-year low of $22.01 and a 1-year high of $32.88. The company has a current ratio of 2.99, a quick ratio of 2.61 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of 10.93, a P/E/G ratio of 0.56 and a beta of 0.46. The stock’s fifty day simple moving average is $26.66 and its 200-day simple moving average is $25.85.

Alkermes (NASDAQ:ALKS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.70 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.70. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. The business had revenue of $399.13 million for the quarter, compared to the consensus estimate of $393.30 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. Alkermes’s revenue for the quarter was down 35.4% compared to the same quarter last year. On average, sell-side analysts predict that Alkermes plc will post 2.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ALKS. StockNews.com upgraded Alkermes from a “hold” rating to a “buy” rating in a research report on Sunday, July 28th. JPMorgan Chase & Co. lifted their price target on Alkermes from $31.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. HC Wainwright lifted their price target on Alkermes from $35.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Robert W. Baird lifted their price target on Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, TD Cowen initiated coverage on Alkermes in a report on Monday, June 17th. They issued a “buy” rating and a $34.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.70.

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.