Summit Global Investments Invests $598,000 in Alkermes plc $ALKS

Summit Global Investments acquired a new position in shares of Alkermes plc (NASDAQ:ALKS) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 19,938 shares of the company’s stock, valued at approximately $598,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp raised its position in Alkermes by 2.3% during the second quarter. State Street Corp now owns 8,208,256 shares of the company’s stock valued at $234,838,000 after purchasing an additional 185,586 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Alkermes by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 4,023,552 shares of the company’s stock valued at $115,128,000 after purchasing an additional 83,858 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Alkermes by 5.5% during the 2nd quarter. American Century Companies Inc. now owns 3,657,223 shares of the company’s stock valued at $104,633,000 after buying an additional 191,549 shares in the last quarter. Holocene Advisors LP lifted its position in Alkermes by 31.2% in the 2nd quarter. Holocene Advisors LP now owns 2,853,768 shares of the company’s stock worth $81,646,000 after buying an additional 679,166 shares during the last quarter. Finally, Commodore Capital LP boosted its stake in Alkermes by 25.6% in the second quarter. Commodore Capital LP now owns 2,450,000 shares of the company’s stock worth $70,094,000 after buying an additional 500,000 shares in the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $30.38, for a total transaction of $273,420.00. Following the completion of the transaction, the executive vice president owned 69,740 shares in the company, valued at $2,118,701.20. This represents a 11.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 25,748 shares of company stock worth $765,060 in the last ninety days. 4.40% of the stock is owned by corporate insiders.

Alkermes Price Performance

Shares of NASDAQ:ALKS opened at $33.89 on Friday. The stock’s 50-day moving average is $29.82 and its 200 day moving average is $29.38. The company has a market cap of $5.60 billion, a PE ratio of 16.78 and a beta of 0.48. Alkermes plc has a 1 year low of $25.17 and a 1 year high of $36.45.

Wall Street Analysts Forecast Growth

ALKS has been the topic of several research reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Alkermes from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Alkermes in a research report on Monday, December 29th. HC Wainwright restated a “neutral” rating on shares of Alkermes in a research report on Wednesday, October 22nd. Wall Street Zen cut Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. Finally, Mizuho lifted their price objective on Alkermes from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.69.

Alkermes Company 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.