Alkermes plc $ALKS Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Alkermes stake by 23.5% in the first quarter, acquiring 35,002 additional shares and bringing its holdings to 183,795 shares valued at approximately $6.5 million.
• Institutional investors own 95.21% of Alkermes, while analyst sentiment remains broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $54.56.
• Alkermes shares opened at $49.61, near their 50-day moving average of $48.97, while insiders have sold 79,574 shares worth about $3.9 million over the past 90 days.

California State Teachers Retirement System increased its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 23.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 183,795 shares of the company's stock after buying an additional 35,002 shares during the period. California State Teachers Retirement System owned about 0.11% of Alkermes worth $6,499,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. purchased a new stake in shares of Alkermes during the fourth quarter worth about $28,000. Johnson Financial Group Inc. purchased a new position in Alkermes in the third quarter valued at about $31,000. UMB Bank n.a. boosted its holdings in Alkermes by 57.6% in 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 during the last quarter. Salomon & Ludwin LLC grew its stake in Alkermes by 115.6% during the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company's stock valued at $35,000 after purchasing an additional 667 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Alkermes by 1,041.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company's stock valued at $37,000 after purchasing an additional 1,208 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company's stock.

Analyst Upgrades and Downgrades

ALKS has been the topic of several analyst reports. HC Wainwright restated a "neutral" rating on shares of Alkermes in a report on Thursday, July 30th. Bank of America reiterated an "underperform" rating on shares of Alkermes in a research note on Monday, June 29th. Stifel Nicolaus reissued a "buy" rating and set a $63.00 price target (up from $45.00) on shares of Alkermes in a research report on Monday, July 20th. UBS Group lifted their price target on shares of Alkermes from $42.00 to $48.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of Alkermes from $60.00 to $61.00 and gave the company a "neutral" rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Alkermes currently has an average rating of "Moderate Buy" and an average target price of $54.56.

Insiders Place Their Bets

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $48.58, for a total transaction of $98,811.72. Following the completion of the transaction, the executive vice president owned 225,456 shares in the company, valued at approximately $10,952,652.48. The trade was a 0.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $51.51, for a total value of $463,590.00. Following the completion of the transaction, the executive vice president directly owned 73,389 shares of the company's stock, valued at approximately $3,780,267.39. The trade was a 10.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 79,574 shares of company stock valued at $3,901,478. Corporate insiders own 4.59% of the company's stock.

Alkermes Stock Down 0.1%

Shares of Alkermes stock opened at $49.61 on Thursday. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82. The business's 50 day simple moving average is $48.97 and its 200-day simple moving average is $38.64. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of 130.56 and a beta of 0.34. Alkermes plc has a twelve month low of $25.17 and a twelve month high of $55.67.

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.

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