Alkermes plc (NASDAQ:ALKS) Shares Sold by TD Asset Management Inc

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 lessened its holdings in Alkermes plc (NASDAQ:ALKS - Free Report) by 7.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 205,642 shares of the company's stock after selling 16,088 shares during the quarter. TD Asset Management Inc owned 0.12% of Alkermes worth $6,790,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. USA Financial Formulas acquired a new stake in shares of Alkermes during the first quarter worth about $49,000. Fifth Third Bancorp lifted its holdings in Alkermes by 54.4% in the first quarter. Fifth Third Bancorp now owns 1,479 shares of the company's stock valued at $49,000 after acquiring an additional 521 shares during the period. GF Fund Management CO. LTD. acquired a new position in Alkermes in the fourth quarter valued at approximately $98,000. GAMMA Investing LLC lifted its holdings in Alkermes by 31.9% in the first quarter. GAMMA Investing LLC now owns 5,396 shares of the company's stock valued at $178,000 after acquiring an additional 1,305 shares during the period. Finally, Farringdon Capital Ltd. acquired a new position in Alkermes in the fourth quarter valued at approximately $204,000. Institutional investors and hedge funds own 95.21% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ALKS shares. Needham & Company LLC reissued a "buy" rating and issued a $45.00 price target on shares of Alkermes in a report on Tuesday, July 29th. Wall Street Zen cut Alkermes from a "strong-buy" rating to a "buy" rating in a research report on Monday, May 5th. Robert W. Baird boosted their price objective on Alkermes from $38.00 to $41.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. HC Wainwright restated a "neutral" rating and issued a $46.00 price objective on shares of Alkermes in a research report on Monday, July 21st. Finally, Royal Bank Of Canada boosted their price objective on Alkermes from $40.00 to $42.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Alkermes currently has a consensus rating of "Moderate Buy" and an average target price of $41.08.

Insider Buying and Selling at Alkermes

In related news, SVP Christian Todd Nichols sold 3,334 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $31.09, for a total value of $103,654.06. Following the completion of the transaction, the senior vice president directly owned 86,208 shares in the company, valued at approximately $2,680,206.72. This represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.40% of the stock is currently owned by company insiders.

Alkermes Stock Performance

Shares of Alkermes stock traded down $0.07 during trading hours on Tuesday, hitting $26.57. The company's stock had a trading volume of 743,963 shares, compared to its average volume of 1,791,924. The firm has a fifty day moving average of $29.16 and a 200-day moving average of $30.76. Alkermes plc has a twelve month low of $25.56 and a twelve month high of $36.45. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 12.76, a P/E/G ratio of 1.52 and a beta of 0.47.

Alkermes (NASDAQ:ALKS - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $343.20 million. During the same quarter last year, the business posted $1.16 EPS. The firm's quarterly revenue was down 2.1% compared to the same quarter last year. On average, sell-side analysts expect that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

About Alkermes

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.