California State Teachers Retirement System Grows Position in Alkermes plc $ALKS

Key Points

• California State Teachers Retirement System increased its Alkermes stake by 7.4% in the second quarter, bringing its holdings to 197,412 shares worth approximately $10.3 million. Institutional investors collectively own 95.21% of ALKS.
• Alkermes shares recently traded at $45.20, down $0.63, with a market capitalization of $7.58 billion. The stock has ranged from $26.50 to $55.67 over the past year.
• Analysts maintain a generally positive outlook, with Alkermes carrying a “Moderate Buy” consensus rating and an average price target of $54.56; however, insiders sold 85,150 shares worth about $4.24 million over the past 90 days.

California State Teachers Retirement System increased its position in Alkermes plc (NASDAQ:ALKS - Free Report) by 7.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,412 shares of the company's stock after purchasing an additional 13,617 shares during the period. California State Teachers Retirement System owned approximately 0.12% of Alkermes worth $10,343,402 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its stake in shares of Alkermes by 3.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 10,326 shares of the company's stock worth $289,000 after purchasing an additional 351 shares during the period. Versant Capital Management Inc grew its stake in shares of Alkermes by 33.9% during the 2nd quarter. Versant Capital Management Inc now owns 1,445 shares of the company's stock valued at $76,000 after buying an additional 366 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of Alkermes by 4.8% in the first quarter. Sequoia Financial Advisors LLC now owns 9,272 shares of the company's stock worth $328,000 after buying an additional 422 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Alkermes by 4.0% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 13,900 shares of the company's stock valued at $492,000 after buying an additional 530 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in Alkermes by 1.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 37,782 shares of the company's stock worth $1,057,000 after purchasing an additional 622 shares in the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Alkermes Price Performance

Shares of Alkermes stock traded down $0.63 during trading on Tuesday, hitting $45.20. 804,454 shares of the company's stock traded hands, compared to its average volume of 2,096,337. The company has a market cap of $7.58 billion, a PE ratio of 118.95 and a beta of 0.31. Alkermes plc has a twelve month low of $26.50 and a twelve month high of $55.67. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.30 and a quick ratio of 1.85. The firm's fifty day moving average price is $49.64 and its 200 day moving average price is $41.51.

Insider Transactions at Alkermes

In related news, EVP David Gaffin sold 2,034 shares of Alkermes stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $48.01, for a total transaction of $97,652.34. Following the sale, the executive vice president owned 223,422 shares of the company's stock, valued at approximately $10,726,490.22. This trade represents a 0.90% decrease in their position. The sale 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 Craig Hopkinson sold 9,000 shares of the firm's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $46.99, for a total transaction of $422,910.00. Following the completion of the sale, the executive vice president owned 65,389 shares in the company, valued at $3,072,629.11. This represents a 12.10% 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. Over the last ninety days, insiders sold 85,150 shares of company stock worth $4,242,213. 4.59% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ALKS has been the topic of a number of research reports. Mizuho boosted their price target on Alkermes from $53.00 to $65.00 and gave the company an "outperform" rating in a report on Thursday, July 2nd. HC Wainwright reaffirmed a "neutral" rating on shares of Alkermes in a research note on Thursday, July 30th. Robert W. Baird increased their price objective on Alkermes from $48.00 to $58.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. Wells Fargo & Company boosted their target price on Alkermes from $44.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Alkermes in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Alkermes currently has an average rating of "Moderate Buy" and an average target price of $54.56.

Alkermes Company Profile

Alkermes plc NASDAQ: ALKS is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities include treatments for schizophrenia, bipolar disorder, addiction and other serious neurological or psychiatric conditions, with an emphasis on long-acting injectable and extended-release formulations.

The company's marketed products include VIVITROL, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence after detoxification; ARISTADA, an extended-release injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; and LYBALVI, an oral combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in Ireland in 1987, Alkermes has developed drug-delivery technologies intended to help extend dosing intervals and support medication adherence.

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