Bank of America Corp DE Trims Position in Alkermes plc $ALKS

Key Points

• Bank of America reduced its Alkermes stake by 9.2% in the first quarter, selling 122,254 shares and retaining 1.21 million shares worth approximately $42.8 million. Institutional investors collectively own 95.21% of the company, with several major firms—including Baker Bros., UBS, First Trust and JPMorgan—adding shares.
• Alkermes shares rose 2.2% to $50.28, near the upper end of their 52-week range. Analysts largely remain positive, with a consensus “Moderate Buy” rating and an average price target of $54.56.
• Insiders have sold 79,574 shares worth approximately $3.9 million over the past three months, including substantial sales by a director and an executive vice president. Insiders own 4.59% of Alkermes.

Bank of America Corp DE decreased its stake in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 9.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,210,851 shares of the company's stock after selling 122,254 shares during the quarter. Bank of America Corp DE owned approximately 0.73% of Alkermes worth $42,816,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ALKS. Norges Bank bought a new stake in shares of Alkermes during the fourth quarter valued at approximately $54,442,000. Baker BROS. Advisors LP increased its holdings in Alkermes by 23.7% during the 4th quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company's stock worth $280,143,000 after purchasing an additional 1,920,916 shares during the period. UBS Group AG raised its position in Alkermes by 237.4% during the 4th quarter. UBS Group AG now owns 2,544,895 shares of the company's stock valued at $71,206,000 after purchasing an additional 1,790,729 shares in the last quarter. First Trust Advisors LP raised its position in Alkermes by 104.2% during the 1st quarter. First Trust Advisors LP now owns 2,968,785 shares of the company's stock valued at $104,976,000 after purchasing an additional 1,514,783 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Alkermes by 32.0% in the 4th quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company's stock worth $145,064,000 after buying an additional 1,256,377 shares during the period. 95.21% of the stock is owned by hedge funds and other institutional investors.

Alkermes Trading Up 2.2%

NASDAQ:ALKS opened at $50.28 on Thursday. The stock has a market capitalization of $8.44 billion, a price-to-earnings ratio of 132.32 and a beta of 0.34. Alkermes plc has a 52 week low of $25.17 and a 52 week high of $55.67. The company has a quick ratio of 1.85, a current ratio of 2.30 and a debt-to-equity ratio of 0.82. The firm has a 50 day moving average of $49.73 and a 200 day moving average of $39.23.

Insider Activity at Alkermes

In related news, Director Nancy Lynn Md Snyderman sold 44,472 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $50.35, for a total value of $2,239,165.20. Following the completion of the transaction, the director directly owned 15,395 shares of the company's stock, valued at $775,138.25. This trade represents a 74.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $51.51, for a total transaction of $463,590.00. Following the completion of the sale, the executive vice president owned 73,389 shares of the company's stock, valued at $3,780,267.39. This trade represents a 10.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 79,574 shares of company stock worth $3,901,478. 4.59% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Royal Bank Of Canada increased their target price on shares of Alkermes from $45.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, June 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Alkermes in a research report on Friday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Alkermes from $60.00 to $61.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Piper Sandler reissued an "overweight" rating and set a $65.00 price objective (up from $43.00) on shares of Alkermes in a report on Tuesday, July 28th. Finally, Mizuho lifted their price objective on shares of Alkermes from $53.00 to $65.00 and gave the company an "outperform" rating in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Alkermes currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.56.

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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