TD Asset Management Inc Sells 16,088 Shares of Alkermes plc (NASDAQ:ALKS)

Key Points

• TD Asset Management Inc has reduced its stake in Alkermes plc by 7.3%, owning 205,642 shares valued at approximately $6.79 million after the sale.
• Alkermes' stock received a series of upgrades from analysts, with target prices ranging from $40.00 to $46.00, indicating a positive outlook from multiple investment firms.
• Despite a reported earnings per share of $0.52 for the last quarter, Alkermes experienced a 5.2% decline in its stock price recently, with shares opening at $26.49.

TD Asset Management Inc cut its stake in Alkermes plc (NASDAQ:ALKS - Free Report) by 7.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 205,642 shares of the company's stock after selling 16,088 shares during the period. TD Asset Management Inc owned 0.12% of Alkermes worth $6,790,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ALKS. Sei Investments Co. increased its holdings in shares of Alkermes by 1.1% during the fourth quarter. Sei Investments Co. now owns 75,394 shares of the company's stock valued at $2,168,000 after purchasing an additional 828 shares during the period. JPMorgan Chase & Co. boosted its stake in Alkermes by 147.4% during the fourth quarter. JPMorgan Chase & Co. now owns 889,472 shares of the company's stock valued at $25,581,000 after buying an additional 529,962 shares in the last quarter. Norges Bank bought a new position in Alkermes during the fourth quarter valued at about $56,684,000. Orion Portfolio Solutions LLC boosted its stake in Alkermes by 12.0% during the fourth quarter. Orion Portfolio Solutions LLC now owns 10,577 shares of the company's stock valued at $304,000 after buying an additional 1,133 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its stake in Alkermes by 3.9% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 14,203 shares of the company's stock valued at $408,000 after buying an additional 532 shares in the last quarter. 95.21% of the stock is owned by institutional investors and hedge funds.

Alkermes Stock Up 0.2%

Shares of ALKS traded up $0.06 during midday trading on Friday, reaching $26.55. 1,587,001 shares of the stock were exchanged, compared to its average volume of 2,172,861. The firm has a 50 day simple moving average of $29.21 and a 200-day simple moving average of $30.78. Alkermes plc has a 12-month low of $25.56 and a 12-month high of $36.45. The company has a market cap of $4.38 billion, a price-to-earnings ratio of 12.76, a P/E/G ratio of 1.63 and a beta of 0.47.

Alkermes (NASDAQ:ALKS - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.10. Alkermes had a return on equity of 24.86% and a net margin of 23.15%. The firm had revenue of $390.66 million for the quarter, compared to analyst estimates of $343.20 million. During the same quarter last year, the firm posted $1.16 EPS. The company's revenue was down 2.1% on a year-over-year basis. Research analysts expect that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on ALKS shares. Robert W. Baird raised their target price on Alkermes from $38.00 to $41.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. The Goldman Sachs Group started coverage on Alkermes in a research report on Tuesday, July 15th. They issued a "buy" rating and a $43.00 price target for the company. HC Wainwright reiterated a "neutral" rating and issued a $46.00 price target on shares of Alkermes in a research report on Monday, July 21st. Needham & Company LLC reiterated a "buy" rating and issued a $45.00 price target on shares of Alkermes in a research report on Tuesday, July 29th. Finally, Royal Bank Of Canada increased their price target on Alkermes from $40.00 to $42.00 and gave the company a "sector perform" rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $41.08.

Insider Buying and Selling at Alkermes

In other news, SVP Christian Todd Nichols sold 3,334 shares of Alkermes stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $31.09, for a total transaction of $103,654.06. Following the sale, the senior vice president owned 86,208 shares of the company's stock, valued at approximately $2,680,206.72. This trade represents a 3.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.40% of the company's stock.

Alkermes Profile

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.