JPMorgan Chase 13F: Cuts Alkermes (ALKS) Stake by $57M

JPMorgan Chase has trimmed its holdings in Alkermes plc (NasdaqGS: ALKS), cutting its stake by 1,082,758 shares. This marks a 20.9% reduction, leaving the firm with 4,101,789 shares valued at approximately $189.7 million. The data comes from the latest 13F filing with the SEC, reflecting positions as of the end of the reporting period.

What Changed in JPMorgan Chase's Alkermes Position

JPMorgan Chase reduced its Alkermes stake by 1,082,758 shares, which is a 20.9% decrease from its previous holding of 5,184,547 shares. The firm now holds 4,101,789 shares, with the value of this position estimated at $189.7 million.

Other Institutional Activity in Alkermes

Several other institutional investors have adjusted their positions in Alkermes. BlackRock, Inc. increased its holdings by 41,998 shares, ending with 28,314,410 shares worth about $1.00 billion. Baker Bros. Advisors LP maintained its position with 10,012,267 shares valued at $354.0 million. Vanguard Portfolio Management LLC opened a new position with 9,511,112 shares valued at $336.3 million. State Street Corp slightly reduced its stake by 7,572 shares, holding 9,465,286 shares worth approximately $334.7 million. Renaissance Technologies LLC decreased its holdings by 507,600 shares, now holding 6,160,428 shares valued at $217.8 million.

Alkermes plc Stock Up 20.8%

On Tuesday, shares of Alkermes traded near $46.25. The company has a market cap of approximately $7.67 billion and a P/E ratio of 51.1. It has a forward P/E of 29.6 and a beta of 0.334, indicating lower volatility compared to the broader market. The stock's 52-week range is between $25.17 and $46.63, with a 50-day moving average of $37.84 and a 200-day moving average of $32.18. Alkermes maintains a strong current ratio of 2.27 and a quick ratio of 1.53, though it has a high debt-to-equity ratio of 90.3.

Recent Earnings

Alkermes reported revenue of $1.56 billion, reflecting a growth rate of 28.2%. The company's net margin stands at 9.8%, with a return on equity of 9.4%. Earnings per share were $0.90. The next earnings report is scheduled for July 28, 2026.

Insider Buying and Selling at Alkermes plc

Insider activity at Alkermes has been notable. On June 12, Christopher Wright sold 2,000 shares at an average price of $45.10 under a planned trading arrangement. David Joseph Gaffin, EVP, CLO of Alkermes, Inc., sold 2,034 shares on June 4 at $43.05, also as part of a planned sale. On June 1, Craig Hopkinson, EVP R&D and Chief Medical Officer, sold 9,000 shares at $41.67 as planned, but also purchased 5,000 shares without a plan at a price of $19.34. Samuel Joseph Parisi, VP of Finance, sold 16,217 shares on May 29.

Analysts Set New Price Targets

Analysts have maintained positive ratings for Alkermes. On June 22, TD Cowen maintained a 'buy' rating with a $50 price target. Needham also maintained a 'buy' rating, setting a target at $54 on June 18. RBC Capital continued with a 'buy' rating and a $56 target on June 9. The consensus among 16 analysts is a 'buy', with an average target price of $47.19.

About Alkermes

Alkermes plc is a biopharmaceutical company based in Dublin, Ireland. It focuses on the research, development, and commercialization of drugs that address unmet medical needs in areas such as opioid and alcohol dependence, schizophrenia, and bipolar I disorder. The company markets several proprietary products, including ARISTADA, VIVITROL, and LYBALVI, and collaborates with other pharmaceutical companies. Alkermes was founded in 1987 and employs approximately 2,050 people under the leadership of CEO Richard F. Pops.

Bottom Line

JPMorgan Chase's decision to cut its position in Alkermes by over 1 million shares reflects the dynamic nature of institutional investments. Investors closely monitor these changes for insights into market trends and institutional confidence. It's important to remember that 13F filings are historical snapshots and may not represent the current holdings of the investor.