Alkermes plc $ALKS Shares Sold by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue cut its Alkermes stake by 43.6% in the third quarter, selling 27,857 shares and retaining 35,984 shares valued at approximately $1.46 million. Institutional investors collectively own 95.21% of the company.
• Alkermes insiders sold 76,150 shares worth about $3.75 million over the past 90 days, including significant sales by a senior vice president and a director.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $54.47, compared with the stock’s reported price of $42.97.

State of Alaska Department of Revenue lessened its holdings in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 43.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,984 shares of the company's stock after selling 27,857 shares during the period. State of Alaska Department of Revenue's holdings in Alkermes were worth $1,457,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its stake in Alkermes by 5.7% in the third quarter. GAMMA Investing LLC now owns 7,090 shares of the company's stock valued at $287,000 after purchasing an additional 385 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Alkermes during the 2nd quarter worth approximately $113,000. Baird Financial Group Inc. purchased a new stake in shares of Alkermes during the 2nd quarter worth approximately $2,791,000. Arizona State Retirement System boosted its holdings in shares of Alkermes by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 43,580 shares of the company's stock valued at $2,283,000 after buying an additional 494 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Alkermes in the 2nd quarter valued at $1,733,000. Hedge funds and other institutional investors own 95.21% of the company's stock.

Insider Buying and Selling at Alkermes

In related news, SVP Christian Nichols sold 7,576 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $49.23, for a total transaction of $372,966.48. Following the completion of the sale, the senior vice president owned 102,193 shares in the company, valued at $5,030,961.39. This represents a 6.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nancy Lynn Md Snyderman sold 44,472 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,239,165.20. Following the sale, the director owned 15,395 shares of the company's stock, valued at approximately $775,138.25. This represents a 74.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 76,150 shares of company stock worth $3,752,181 in the last 90 days. Company insiders own 4.59% of the company's stock.

Alkermes Stock Performance

Shares of ALKS opened at $42.97 on Tuesday. 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 firm has a market cap of $7.21 billion, a PE ratio of 95.86 and a beta of 0.32. The company's 50 day simple moving average is $44.89 and its 200-day simple moving average is $43.77. Alkermes plc has a 12-month low of $27.00 and a 12-month high of $55.67.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Alkermes in a research note on Friday, August 7th. Bank of America restated an "underperform" rating on shares of Alkermes in a research note on Monday, June 29th. Robert W. Baird upped their price objective on shares of Alkermes from $58.00 to $61.00 and gave the company an "outperform" rating in a research note on Tuesday, September 22nd. Piper Sandler reaffirmed an "overweight" rating and set a $65.00 price objective (up from $43.00) on shares of Alkermes in a report on Tuesday, July 28th. Finally, Mizuho raised Alkermes to a "strong-buy" rating in a report on Wednesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $54.47.

Alkermes Company Profile

Alkermes plc NASDAQ: ALKS is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities address conditions including schizophrenia, bipolar disorder, addiction, depression and other neuropsychiatric disorders.

The company's marketed products include Vivitrol, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence; Aristada and Aristada Initio, long-acting injectable formulations of aripiprazole lauroxil for the treatment of schizophrenia; and Lybalvi, a combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in 1987, Alkermes is incorporated in Ireland and maintains its corporate headquarters in Waltham, Massachusetts.

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