Renaissance Technologies LLC Sells 403,320 Shares of Alkermes plc (NASDAQ:ALKS)

Renaissance Technologies LLC lessened its stake in shares of Alkermes plc (NASDAQ:ALKS) by 6.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,483,831 shares of the company’s stock after selling 403,320 shares during the period. Renaissance Technologies LLC owned approximately 3.24% of Alkermes worth $132,160,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Signaturefd LLC lifted its stake in shares of Alkermes by 51.2% in the second quarter. Signaturefd LLC now owns 1,417 shares of the company’s stock worth $34,000 after buying an additional 480 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in Alkermes by 3,841.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,537 shares of the company’s stock valued at $37,000 after acquiring an additional 1,498 shares in the last quarter. GAMMA Investing LLC boosted its stake in Alkermes by 44.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,287 shares of the company’s stock valued at $55,000 after purchasing an additional 703 shares during the last quarter. CWM LLC raised its stake in shares of Alkermes by 36.7% in the first quarter. CWM LLC now owns 2,732 shares of the company’s stock worth $74,000 after purchasing an additional 733 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Alkermes during the second quarter valued at $116,000. 95.21% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ALKS shares. JPMorgan Chase & Co. lifted their price target on shares of Alkermes from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Robert W. Baird upped their price target on shares of Alkermes from $37.00 to $38.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. StockNews.com raised Alkermes from a “hold” rating to a “buy” rating in a report on Sunday, July 28th. Cantor Fitzgerald reissued an “overweight” rating and set a $48.00 price target on shares of Alkermes in a report on Thursday, July 25th. Finally, TD Cowen began coverage on Alkermes in a research report on Monday, June 17th. They set a “buy” rating and a $34.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.70.

Alkermes Price Performance

NASDAQ:ALKS opened at $27.66 on Monday. The business’s 50-day moving average is $26.66 and its 200 day moving average is $25.85. Alkermes plc has a 12 month low of $22.01 and a 12 month high of $32.88. The company has a market capitalization of $4.68 billion, a P/E ratio of 10.93, a P/E/G ratio of 0.56 and a beta of 0.46. The company has a current ratio of 2.99, a quick ratio of 2.61 and a debt-to-equity ratio of 0.22.

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