Alkermes plc $ALKS Shares Sold by Glenmede Trust Co. NA

Key Points

• Glenmede Trust Co. NA cut its Alkermes stake by 8.4% in the first quarter, selling 34,830 shares and retaining 378,090 shares worth approximately $13.4 million. Institutional investors collectively own 95.21% of the company.
• Alkermes insiders sold 24,068 shares valued at approximately $1.13 million over the past three months, including sales by two executive vice presidents under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $54.56; several firms recently raised targets to $65. Shares opened at $48.99, compared with a 52-week range of $25.17 to $55.67.

Glenmede Trust Co. NA trimmed its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 8.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 378,090 shares of the company's stock after selling 34,830 shares during the period. Glenmede Trust Co. NA owned about 0.23% of Alkermes worth $13,369,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. acquired a new position in Alkermes during the 4th quarter worth approximately $28,000. Johnson Financial Group Inc. acquired a new stake in shares of Alkermes in the 3rd quarter valued at $31,000. UMB Bank n.a. lifted its position in shares of Alkermes by 57.6% during the 4th quarter. UMB Bank n.a. now owns 1,220 shares of the company's stock worth $34,000 after purchasing an additional 446 shares during the last quarter. Salomon & Ludwin LLC lifted its position in shares of Alkermes by 115.6% during the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company's stock worth $35,000 after purchasing an additional 667 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Alkermes by 1,041.4% during 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. Institutional investors and hedge funds own 95.21% of the company's stock.

Insider Activity at Alkermes

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of the business's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $54.03, for a total value of $109,897.02. Following the completion of the sale, the executive vice president owned 227,490 shares in the company, valued at approximately $12,291,284.70. The trade was a 0.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 that occurred on Wednesday, July 1st. The shares were sold at an average price of $51.51, for a total value of $463,590.00. Following the completion of the sale, the executive vice president directly owned 73,389 shares of the company's stock, valued at $3,780,267.39. The trade was a 10.92% decrease in their ownership of the stock. 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. Insiders sold a total of 24,068 shares of company stock valued at $1,126,281 in the last three months. 4.59% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on ALKS shares. Robert W. Baird raised their price target on Alkermes from $48.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Bank of America reiterated an "underperform" rating on shares of Alkermes in a report on Monday, June 29th. Mizuho raised their target price on Alkermes from $53.00 to $65.00 and gave the stock an "outperform" rating in a research report on Thursday, July 2nd. Wells Fargo & Company boosted their target price on Alkermes from $44.00 to $65.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $65.00 price target (up from $43.00) on shares of Alkermes in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Alkermes currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.56.

Alkermes Stock Performance

NASDAQ ALKS opened at $48.99 on Monday. 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 1 year low of $25.17 and a 1 year high of $55.67. The company has a market capitalization of $8.22 billion, a PE ratio of 128.92 and a beta of 0.34. The company has a fifty day moving average of $48.24 and a two-hundred day moving average of $38.23.

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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