Bank of New York Mellon Corp Sells 446,395 Shares of Alkermes plc (NASDAQ:ALKS)

Bank of New York Mellon Corp reduced its stake in Alkermes plc (NASDAQ:ALKS - Free Report) by 20.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,690,195 shares of the company's stock after selling 446,395 shares during the quarter. Bank of New York Mellon Corp owned about 1.03% of Alkermes worth $55,810,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ALKS. Avoro Capital Advisors LLC bought a new stake in Alkermes in the fourth quarter valued at $70,462,000. Norges Bank bought a new stake in Alkermes in the 4th quarter valued at about $56,684,000. RTW Investments LP raised its stake in Alkermes by 13.6% during the 4th quarter. RTW Investments LP now owns 7,557,835 shares of the company's stock worth $217,363,000 after buying an additional 903,802 shares during the period. Nuveen Asset Management LLC boosted its holdings in Alkermes by 109.5% in the fourth quarter. Nuveen Asset Management LLC now owns 1,659,821 shares of the company's stock worth $47,736,000 after acquiring an additional 867,492 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Alkermes by 147.4% in the fourth quarter. JPMorgan Chase & Co. now owns 889,472 shares of the company's stock valued at $25,581,000 after acquiring an additional 529,962 shares during the period. 95.21% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Alkermes news, SVP Christian Todd Nichols sold 3,334 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $31.09, for a total value of $103,654.06. Following the sale, the senior vice president owned 86,208 shares of the company's stock, valued at $2,680,206.72. This trade represents a 3.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on ALKS. Deutsche Bank Aktiengesellschaft increased their target price on Alkermes from $40.00 to $52.00 and gave the stock a "buy" rating in a report on Thursday, March 27th. UBS Group upgraded Alkermes from a "neutral" rating to a "buy" rating and raised their price objective for the company from $33.00 to $42.00 in a research note on Tuesday, June 17th. Wall Street Zen downgraded shares of Alkermes from a "strong-buy" rating to a "buy" rating in a report on Monday, May 5th. Cantor Fitzgerald upgraded shares of Alkermes to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, HC Wainwright reiterated a "neutral" rating on shares of Alkermes in a research note on Friday, May 2nd. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Alkermes has an average rating of "Moderate Buy" and an average price target of $40.92.

Alkermes Stock Up 1.2%

Shares of NASDAQ:ALKS traded up $0.35 during midday trading on Wednesday, reaching $29.20. 1,659,559 shares of the company traded hands, compared to its average volume of 1,732,155. The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 1.85 and a beta of 0.44. Alkermes plc has a 12 month low of $24.40 and a 12 month high of $36.45. The firm's fifty day moving average price is $30.09 and its two-hundred day moving average price is $30.89.

Alkermes (NASDAQ:ALKS - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.19). Alkermes had a net margin of 23.30% and a return on equity of 27.52%. The firm had revenue of $306.51 million for the quarter, compared to analysts' expectations of $307.53 million. During the same period in the prior year, the firm posted $0.43 EPS. Alkermes's revenue was down 12.6% on a year-over-year basis. Analysts forecast that Alkermes plc will post 1.31 earnings per share for the current year.

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.