Alkermes plc $ALKS Shares Sold by Ritholtz Wealth Management

Key Points

• Ritholtz Wealth Management cut its Alkermes stake by 28.5% in the first quarter, selling 18,264 shares and leaving it with 45,844 shares worth about $1.62 million.
• Insider selling continued, with EVP Craig C. Hopkinson and EVP David Joseph Gaffin both selling shares in recent months; insiders have sold 35,102 shares over the past three months.
• Wall Street sentiment is mostly positive, with UBS and RBC raising price targets and the stock carrying a consensus “Moderate Buy” rating and average target price of $47.06.

Ritholtz Wealth Management lowered its stake in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 28.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,844 shares of the company's stock after selling 18,264 shares during the quarter. Ritholtz Wealth Management's holdings in Alkermes were worth $1,621,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ALKS. Assenagon Asset Management S.A. lifted its position in Alkermes by 10.7% during the 1st quarter. Assenagon Asset Management S.A. now owns 122,127 shares of the company's stock worth $4,318,000 after acquiring an additional 11,845 shares during the period. SG Americas Securities LLC increased its holdings in shares of Alkermes by 399.0% in the first quarter. SG Americas Securities LLC now owns 178,993 shares of the company's stock valued at $6,329,000 after purchasing an additional 143,121 shares during the period. Evolve Private Wealth LLC increased its holdings in shares of Alkermes by 3.3% in the first quarter. Evolve Private Wealth LLC now owns 20,401 shares of the company's stock valued at $721,000 after purchasing an additional 652 shares during the period. Diversified Trust Co raised its stake in shares of Alkermes by 11.9% during the first quarter. Diversified Trust Co now owns 54,913 shares of the company's stock worth $1,942,000 after purchasing an additional 5,855 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of Alkermes by 20.4% during the fourth quarter. Hsbc Holdings PLC now owns 42,817 shares of the company's stock worth $1,202,000 after purchasing an additional 7,269 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company's stock.

Insider Buying and Selling at Alkermes

In other news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $35.51, for a total transaction of $319,590.00. Following the completion of the sale, the executive vice president directly owned 85,389 shares in the company, valued at approximately $3,032,163.39. This trade represents a 9.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Joseph Gaffin sold 2,034 shares of the business's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $33.20, for a total value of $67,528.80. Following the sale, the executive vice president directly owned 231,558 shares in the company, valued at $7,687,725.60. This trade represents a 0.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 35,102 shares of company stock valued at $1,310,828. Corporate insiders own 4.59% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on ALKS. UBS Group lifted their price objective on shares of Alkermes from $42.00 to $48.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Truist Financial upgraded shares of Alkermes to a "strong-buy" rating in a research report on Wednesday, March 25th. HC Wainwright reaffirmed a "neutral" rating on shares of Alkermes in a report on Thursday, June 18th. Royal Bank Of Canada boosted their price target on shares of Alkermes from $45.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 9th. Finally, Zacks Research raised shares of Alkermes from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.06.

Alkermes Price Performance

Shares of NASDAQ ALKS opened at $55.08 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27. Alkermes plc has a one year low of $25.17 and a one year high of $55.28. The firm has a market capitalization of $9.18 billion, a P/E ratio of 61.20 and a beta of 0.38. The company's fifty day moving average is $39.79 and its two-hundred day moving average is $34.00.

Alkermes (NASDAQ:ALKS - Get Free Report) last announced its quarterly earnings results on Saturday, February 14th. The company reported $0.29 earnings per share (EPS) for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. The business had revenue of $384.55 million during the quarter. Analysts forecast that Alkermes plc will post -0.43 EPS for the current fiscal year.

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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