Allspring Global Investments Holdings LLC Sells 22,414 Shares of Alkermes plc (NASDAQ:ALKS)

Allspring Global Investments Holdings LLC lessened its position in Alkermes plc (NASDAQ:ALKS - Free Report) by 24.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 69,335 shares of the company's stock after selling 22,414 shares during the period. Allspring Global Investments Holdings LLC's holdings in Alkermes were worth $2,255,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Proficio Capital Partners LLC purchased a new position in shares of Alkermes in the 4th quarter valued at about $940,000. Raymond James Financial Inc. acquired a new stake in shares of Alkermes during the 4th quarter worth about $12,293,000. Inceptionr LLC acquired a new stake in shares of Alkermes during the 4th quarter worth about $317,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Alkermes by 13.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,336 shares of the company's stock worth $1,103,000 after acquiring an additional 4,444 shares during the last quarter. Finally, Moors & Cabot Inc. boosted its position in shares of Alkermes by 12.9% in the fourth quarter. Moors & Cabot Inc. now owns 8,997 shares of the company's stock worth $259,000 after acquiring an additional 1,028 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ALKS. Royal Bank Of Canada lifted their price target on shares of Alkermes from $39.00 to $40.00 and gave the company a "sector perform" rating in a research report on Friday, May 2nd. HC Wainwright reiterated a "neutral" rating on shares of Alkermes in a research note on Friday, May 2nd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Alkermes from $40.00 to $52.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. UBS Group upgraded Alkermes from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $33.00 to $42.00 in a research note on Tuesday, June 17th. Finally, Wall Street Zen downgraded shares of Alkermes from a "strong-buy" rating to a "buy" rating in a report on Monday, May 5th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $40.00.

Alkermes Stock Performance

NASDAQ ALKS traded up $0.15 on Tuesday, reaching $29.38. The company's stock had a trading volume of 1,591,609 shares, compared to its average volume of 1,738,548. The firm's 50 day moving average is $30.15 and its two-hundred day moving average is $30.89. The stock has a market cap of $4.84 billion, a PE ratio of 14.06, a PEG ratio of 1.79 and a beta of 0.44. Alkermes plc has a twelve month low of $22.90 and a twelve month high of $36.45.

Alkermes (NASDAQ:ALKS - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.19). The business had revenue of $306.51 million during the quarter, compared to analyst estimates of $307.53 million. Alkermes had a net margin of 23.30% and a return on equity of 27.52%. Alkermes's revenue for the quarter was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 EPS. Equities research analysts anticipate that Alkermes plc will post 1.31 EPS for the current fiscal year.

Insider Activity at Alkermes

In related news, SVP Christian Todd Nichols sold 3,334 shares of the business's stock in a transaction that occurred 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 sale, the senior vice president owned 86,208 shares of the company's stock, valued at approximately $2,680,206.72. The trade was a 3.72% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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.