Avoro Capital Advisors LLC Decreases Position in Alkermes plc $ALKS

Key Points

• Avoro Capital Advisors cut its Alkermes stake by 37.5% in the fourth quarter, selling 840,000 shares and ending with 1.4 million shares worth about $39.2 million.
• Several other hedge funds and institutions also adjusted holdings, and overall 95.21% of Alkermes stock is owned by institutional investors.
• Alkermes shares were trading near $44.09, close to their 52-week high, while analysts currently rate the stock a Moderate Buy with an average target price of $46.13.

Avoro Capital Advisors LLC trimmed its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 37.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,400,000 shares of the company's stock after selling 840,000 shares during the quarter. Alkermes makes up 0.4% of Avoro Capital Advisors LLC's portfolio, making the stock its 26th biggest holding. Avoro Capital Advisors LLC owned 0.85% of Alkermes worth $39,172,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ALKS. Assetmark Inc. lifted its position in shares of Alkermes by 933.8% in the third quarter. Assetmark Inc. now owns 827 shares of the company's stock valued at $25,000 after acquiring an additional 747 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in Alkermes during the fourth quarter worth about $28,000. Johnson Financial Group Inc. purchased a new position in Alkermes during the third quarter worth about $31,000. UMB Bank n.a. lifted its position in Alkermes by 57.6% during the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company's stock worth $34,000 after buying an additional 446 shares during the period. Finally, Salomon & Ludwin LLC lifted its position in Alkermes by 115.6% during the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company's stock worth $35,000 after buying an additional 667 shares during the period. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $43.05, for a total value of $87,563.70. Following the completion of the sale, the executive vice president owned 229,524 shares in the company, valued at approximately $9,881,008.20. This trade represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of the 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 completion of the sale, the director owned 25,680 shares of the company's stock, valued at approximately $1,158,168. This trade represents a 7.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 35,102 shares of company stock worth $1,310,828. 4.59% of the stock is currently owned by corporate insiders.

Alkermes Price Performance

ALKS stock opened at $44.09 on Wednesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27. Alkermes plc has a 1 year low of $25.17 and a 1 year high of $45.76. The firm has a market cap of $7.35 billion, a P/E ratio of 48.99 and a beta of 0.38. The stock has a 50-day simple moving average of $37.47 and a 200-day simple moving average of $32.96.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its earnings results on Saturday, February 14th. The company reported $0.29 earnings per share (EPS) for the quarter. Alkermes had a return on equity of 9.26% and a net margin of 9.78%.The business had revenue of $384.55 million during the quarter. On average, equities analysts predict that Alkermes plc will post -0.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

ALKS has been the topic of several recent analyst reports. Truist Financial upgraded Alkermes to a "strong-buy" rating in a research report on Wednesday, March 25th. Weiss Ratings downgraded Alkermes from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Bank of America upped their price target on Alkermes from $34.00 to $36.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. UBS Group upped their price target on Alkermes from $42.00 to $48.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen lowered Alkermes from a "buy" rating to a "hold" rating in a research note on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $46.13.

About Alkermes

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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