What worked for me to convert a JPG source file to a semi-transparent PNG.
<?php
    $srcImagick = new Imagick($srcPath);
    
    $pathTo50Perc = 'transparent1.png';
    
    $srcImagick->setImageAlphaChannel(Imagick::ALPHACHANNEL_OPAQUE);
    
    $srcImagick->evaluateImage(Imagick::EVALUATE_DIVIDE, 2, Imagick::CHANNEL_ALPHA);
    $srcImagick->writeImage($pathTo50Perc);
?>