Corient Private Wealth LLC Trims Position in Alkermes plc $ALKS

Key Points

• Corient Private Wealth LLC cut its Alkermes stake by 47% in the fourth quarter, leaving it with 21,932 shares valued at about $612,000.
• Institutional ownership remains dominant, with hedge funds and other investors holding 95.21% of Alkermes shares; several firms, including Norges Bank, Baker Bros., UBS, and JPMorgan, also boosted or initiated positions.
• Wall Street sentiment is broadly positive, with multiple analysts raising price targets and the consensus rating at Moderate Buy with an average target price of $49.62, even as insiders recently sold shares.

Corient Private Wealth LLC cut its stake in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 47.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,932 shares of the company's stock after selling 19,431 shares during the period. Corient Private Wealth LLC's holdings in Alkermes were worth $612,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ALKS. Norges Bank bought a new position in shares of Alkermes in 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 acquiring an additional 1,920,916 shares during the period. UBS Group AG increased its holdings in Alkermes by 237.4% during the 4th quarter. UBS Group AG now owns 2,544,895 shares of the company's stock worth $71,206,000 after acquiring an additional 1,790,729 shares during the period. JPMorgan Chase & Co. lifted its stake in 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 purchasing an additional 1,256,377 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Alkermes by 1,070.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,208,944 shares of the company's stock worth $36,268,000 after purchasing an additional 1,105,666 shares in the last quarter. 95.21% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on ALKS. TD Cowen raised their price target on shares of Alkermes from $42.00 to $50.00 and gave the company a "buy" rating in a report on Monday, June 22nd. Royal Bank Of Canada upped their price target on shares of Alkermes from $45.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, June 9th. Robert W. Baird increased their price objective on Alkermes from $45.00 to $48.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Mizuho lifted their price objective on Alkermes from $53.00 to $65.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, Zacks Research raised Alkermes from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $49.62.

Insider Transactions at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $51.51, for a total transaction of $463,590.00. Following the transaction, the executive vice president directly owned 73,389 shares of the company's stock, valued at approximately $3,780,267.39. This trade represents a 10.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $45.10, for a total value of $90,200.00. Following the completion of the sale, the director owned 25,680 shares of the company's stock, valued at $1,158,168. The trade was a 7.23% 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 three months, insiders sold 35,102 shares of company stock worth $1,454,828. 4.59% of the stock is currently owned by corporate insiders.

Alkermes Stock Performance

NASDAQ ALKS opened at $54.58 on Friday. Alkermes plc has a 52-week low of $25.17 and a 52-week high of $55.28. The company has a fifty day moving average of $41.71 and a 200-day moving average of $34.85. The company has a market capitalization of $9.10 billion, a P/E ratio of 60.65 and a beta of 0.34. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27.

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

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