Avoro Capital Advisors LLC Sells 840,000 Shares of Alkermes plc $ALKS

Key Points

• Avoro Capital Advisors cut its Alkermes stake by 37.5% in the fourth quarter, selling 840,000 shares and leaving it with 1.4 million shares valued at about $39.2 million.
• Other major institutional investors were generally buying more ALKS, and the stock remains heavily institutionally owned at 95.21%.
• Insiders also sold shares recently, while analysts remain upbeat overall: the stock has a consensus “Moderate Buy” rating with an average target price of $46.40, above its recent trading level.

Avoro Capital Advisors LLC reduced its holdings in Alkermes plc (NASDAQ:ALKS - Free Report) by 37.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (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 approximately 0.4% of Avoro Capital Advisors LLC's holdings, making the stock its 27th largest holding. Avoro Capital Advisors LLC owned about 0.84% of Alkermes worth $39,172,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of ALKS. Baker BROS. Advisors LP raised its position in Alkermes by 23.7% in the 4th quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company's stock valued at $280,143,000 after purchasing an additional 1,920,916 shares during the last quarter. State Street Corp increased its stake in shares of Alkermes by 10.9% in the fourth quarter. State Street Corp now owns 9,472,858 shares of the company's stock valued at $265,051,000 after buying an additional 932,507 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Alkermes by 6.0% in the fourth quarter. Renaissance Technologies LLC now owns 6,668,028 shares of the company's stock valued at $186,571,000 after buying an additional 375,500 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Alkermes by 32.0% in the fourth quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company's stock valued at $145,064,000 after buying an additional 1,256,377 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Alkermes by 19.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,412,783 shares of the company's stock worth $123,467,000 after buying an additional 714,787 shares in the last quarter. 95.21% of the stock is currently owned by institutional investors.

Insider Transactions at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $41.67, for a total transaction of $375,030.00. Following the completion of the sale, the executive vice president directly owned 77,389 shares of the company's stock, valued at approximately $3,224,799.63. This represents a 10.42% decrease in their position. The transaction was disclosed in a document filed 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, EVP David Joseph Gaffin sold 2,034 shares of Alkermes stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $43.05, for a total transaction of $87,563.70. Following the completion of the transaction, the executive vice president directly owned 229,524 shares in the company, valued at approximately $9,881,008.20. The trade was a 0.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 35,102 shares of company stock valued at $1,310,828 over the last 90 days. 4.59% of the stock is owned by company insiders.

Alkermes Stock Performance

Shares of NASDAQ ALKS opened at $44.99 on Friday. The company's fifty day moving average is $38.13 and its 200-day moving average is $33.25. The stock has a market cap of $7.50 billion, a price-to-earnings ratio of 49.99 and a beta of 0.38. Alkermes plc has a twelve month low of $25.17 and a twelve month high of $45.76. The company has a quick ratio of 1.70, a current ratio of 2.27 and a debt-to-equity ratio of 0.85.

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

Analyst Ratings Changes

A number of brokerages have weighed in on ALKS. Needham & Company LLC boosted their target price on shares of Alkermes from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday. Royal Bank Of Canada increased their price target on shares of Alkermes from $45.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, June 9th. Zacks Research raised shares of Alkermes from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. UBS Group boosted their price objective on shares of Alkermes from $42.00 to $48.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Finally, Bank of America upped their price objective on Alkermes from $34.00 to $36.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $46.40.

Alkermes Company 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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