BNP Paribas Financial Markets Sells 330,873 Shares of Alkermes plc $ALKS

Key Points

• BNP Paribas Financial Markets cut its Alkermes stake by 43.5% in the fourth quarter, selling 330,873 shares and leaving it with 430,330 shares valued at about $12.0 million.
• Institutional ownership remains very high at 95.21%, and several other funds recently boosted positions, including Royal Bank of Canada and UBS AM.
• Analyst sentiment is generally positive: Alkermes has an average “Moderate Buy” rating with a $45.40 price target, while shares recently traded near $42.80 after hitting a 52-week high of $44.57.

BNP Paribas Financial Markets lessened its stake in Alkermes plc (NASDAQ:ALKS - Free Report) by 43.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 430,330 shares of the company's stock after selling 330,873 shares during the period. BNP Paribas Financial Markets owned about 0.26% of Alkermes worth $12,041,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of ALKS. Royal Bank of Canada raised its position in Alkermes by 117.2% during the 1st quarter. Royal Bank of Canada now owns 275,526 shares of the company's stock valued at $9,098,000 after purchasing an additional 148,696 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in Alkermes during the 1st quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Alkermes by 4.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 482,332 shares of the company's stock valued at $15,927,000 after purchasing an additional 20,091 shares during the last quarter. Cetera Investment Advisers raised its position in Alkermes by 32.3% during the 2nd quarter. Cetera Investment Advisers now owns 13,907 shares of the company's stock valued at $398,000 after purchasing an additional 3,394 shares during the last quarter. Finally, Quantbot Technologies LP raised its position in Alkermes by 539.4% during the 2nd quarter. Quantbot Technologies LP now owns 6,976 shares of the company's stock valued at $200,000 after purchasing an additional 5,885 shares during the last quarter. Institutional investors own 95.21% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on ALKS. HC Wainwright reiterated a "neutral" rating and set a $43.00 target price on shares of Alkermes in a report on Thursday, February 26th. Wells Fargo & Company upped their target price on Alkermes from $43.00 to $44.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Truist Financial upgraded Alkermes to a "strong-buy" rating in a report on Wednesday, March 25th. Royal Bank Of Canada reduced their target price on Alkermes from $47.00 to $45.00 and set an "outperform" rating on the stock in a report on Thursday, February 26th. Finally, Wall Street Zen downgraded Alkermes from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $45.40.

Insider Buying and Selling

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $33.40, for a total value of $300,600.00. Following the transaction, the executive vice president owned 81,389 shares of the company's stock, valued at $2,718,392.60. This represents a 9.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 229,524 shares in the company, valued at approximately $9,881,008.20. This trade represents a 0.88% 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. In the last ninety days, insiders have sold 33,102 shares of company stock worth $1,220,628. Insiders own 4.59% of the company's stock.

Alkermes Stock Performance

Alkermes stock opened at $42.80 on Monday. The company has a quick ratio of 1.70, a current ratio of 2.27 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $7.13 billion, a P/E ratio of 47.56 and a beta of 0.38. The stock's 50 day moving average is $35.90 and its 200 day moving average is $32.21. Alkermes plc has a twelve month low of $25.17 and a twelve month high of $44.57.

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

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.

Want to see what other hedge funds are holding ALKS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alkermes plc (NASDAQ:ALKS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.