Alkermes (NASDAQ:ALKS) Director Sells $2,239,165.20 in Stock

Key Points

• Alkermes director Nancy Lynn Md Snyderman sold 44,472 shares for approximately $2.24 million at an average price of $50.35, reducing her direct ownership by 74.28% to 15,395 shares.
• Alkermes shares rose 1.1% to $49.53, with the stock trading near its 52-week high and posting a market capitalization of $8.31 billion.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $54.56; several firms recently raised their targets to between $62 and $65.

Alkermes plc (NASDAQ:ALKS - Get Free Report) Director Nancy Lynn Md Snyderman sold 44,472 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $50.35, for a total value of $2,239,165.20. Following the transaction, the director directly owned 15,395 shares in the company, valued at $775,138.25. This trade represents a 74.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Alkermes Trading Up 1.1%

Alkermes stock traded up $0.54 during trading hours on Monday, reaching $49.53. The stock had a trading volume of 1,835,722 shares, compared to its average volume of 1,802,994. The company has a fifty day simple moving average of $48.49 and a 200-day simple moving average of $38.38. The stock has a market cap of $8.31 billion, a PE ratio of 130.35 and a beta of 0.34. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.30 and a quick ratio of 1.85. Alkermes plc has a 52 week low of $25.17 and a 52 week high of $55.67.

Analysts Set New Price Targets

ALKS has been the subject of several recent analyst reports. Needham & Company LLC lifted their price target on Alkermes from $61.00 to $62.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Weiss Ratings lowered shares of Alkermes from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Stifel Nicolaus restated a "buy" rating and issued a $63.00 price target (up from $45.00) on shares of Alkermes in a research note on Monday, July 20th. Piper Sandler reaffirmed an "overweight" rating and set a $65.00 price target (up from $43.00) on shares of Alkermes in a report on Tuesday, July 28th. Finally, UBS Group increased their target price on Alkermes from $42.00 to $48.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $54.56.

Institutional Trading of Alkermes

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cullen Frost Bankers Inc. purchased a new position in Alkermes during the 4th quarter valued at $28,000. Johnson Financial Group Inc. purchased a new stake in shares of Alkermes during the 3rd quarter worth $31,000. UMB Bank n.a. boosted its position in Alkermes by 57.6% during the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company's stock valued at $34,000 after purchasing an additional 446 shares in the last quarter. Salomon & Ludwin LLC grew its stake in Alkermes by 115.6% in the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company's stock valued at $35,000 after purchasing an additional 667 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Alkermes by 1,041.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company's stock worth $37,000 after purchasing an additional 1,208 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company's stock.

About Alkermes

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.

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