Alkermes plc $ALKS Stock Position Trimmed by Empowered Funds LLC

Key Points

• Empowered Funds LLC cut its Alkermes position by 87.2% in the first quarter, leaving it with 7,817 shares valued at approximately $276,000.
• Other major institutional investors increased their holdings, including Baker BROS. Advisors, UBS Group, First Trust Advisors and JPMorgan Chase. Institutional investors collectively own 95.21% of Alkermes shares.
• Alkermes shares opened at $49.45, near the upper end of their 12-month range, while analysts maintained a “Moderate Buy” consensus with an average price target of $54.56. Insiders, however, sold 79,574 shares worth about $3.9 million during the latest quarter.

Empowered Funds LLC trimmed its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 87.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,817 shares of the company's stock after selling 53,381 shares during the period. Empowered Funds LLC's holdings in Alkermes were worth $276,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ALKS. Norges Bank bought a new stake in shares of Alkermes during the fourth quarter valued at approximately $54,442,000. Baker BROS. Advisors LP boosted its position in shares of Alkermes by 23.7% during the fourth quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company's stock worth $280,143,000 after buying an additional 1,920,916 shares during the period. UBS Group AG grew its holdings in Alkermes by 237.4% in the 4th quarter. UBS Group AG now owns 2,544,895 shares of the company's stock worth $71,206,000 after buying an additional 1,790,729 shares in the last quarter. First Trust Advisors LP grew its holdings in Alkermes by 104.2% in the 1st quarter. First Trust Advisors LP now owns 2,968,785 shares of the company's stock worth $104,976,000 after buying an additional 1,514,783 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Alkermes by 32.0% in the 4th quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company's stock valued at $145,064,000 after acquiring an additional 1,256,377 shares during the period. Institutional investors own 95.21% of the company's stock.

Insider Transactions at Alkermes

In related news, Director Nancy Lynn Md Snyderman sold 44,472 shares of the firm's stock in a transaction dated 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 completion of the transaction, the director owned 15,395 shares of the company's stock, valued at $775,138.25. This trade represents a 74.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Christopher I. Wright sold 2,000 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $45.10, for a total value of $90,200.00. Following the transaction, the director directly owned 25,680 shares of the company's stock, valued at $1,158,168. This represents a 7.23% 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. Insiders have sold a total of 79,574 shares of company stock valued at $3,901,478 in the last quarter. Company insiders own 4.59% of the company's stock.

Alkermes Price Performance

Shares of NASDAQ:ALKS opened at $49.45 on Friday. Alkermes plc has a 12 month low of $25.17 and a 12 month high of $55.67. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of 130.14 and a beta of 0.34. The stock's 50 day moving average price is $49.85 and its 200 day moving average price is $39.34. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.30 and a quick ratio of 1.85.

Wall Street Analyst Weigh In

Several analysts have weighed in on ALKS shares. Robert W. Baird lifted their target price on Alkermes from $48.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Mizuho increased their price target on Alkermes from $53.00 to $65.00 and gave the stock an "outperform" rating in a research note on Thursday, July 2nd. Bank of America reissued an "underperform" rating on shares of Alkermes in a report on Monday, June 29th. Zacks Research upgraded shares of Alkermes from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Finally, HC Wainwright reaffirmed a "neutral" rating on shares of Alkermes in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Alkermes presently has an average rating of "Moderate Buy" and a consensus target price of $54.56.

Alkermes 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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