Edgestream Partners L.P. Reduces Stock Position in Alkermes plc $ALKS

Key Points

• Edgestream Partners cut its Alkermes position by 81.9% in the first quarter, selling 238,473 shares and retaining 52,826 shares valued at $1.87 million. Despite the reduction, institutional investors collectively own 95.21% of the company.
• Alkermes shares opened at $48.99, with the stock trading between $25.17 and $55.67 over the past year. The company has an $8.22 billion market capitalization and a notably high price-to-earnings ratio of 128.92.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $54.56, although insiders have sold 24,068 shares worth approximately $1.13 million over the past 90 days.

Edgestream Partners L.P. cut its holdings in Alkermes plc (NASDAQ:ALKS - Free Report) by 81.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,826 shares of the company's stock after selling 238,473 shares during the quarter. Edgestream Partners L.P.'s holdings in Alkermes were worth $1,868,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in Alkermes by 117.2% in the 1st quarter. Royal Bank of Canada now owns 275,526 shares of the company's stock worth $9,098,000 after buying an additional 148,696 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in shares of Alkermes during the first quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Alkermes by 4.3% during the first 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 acquiring an additional 20,091 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Alkermes by 32.3% during the second quarter. Cetera Investment Advisers now owns 13,907 shares of the company's stock valued at $398,000 after acquiring an additional 3,394 shares in the last quarter. Finally, Quantbot Technologies LP lifted its stake in Alkermes by 539.4% in the second quarter. Quantbot Technologies LP now owns 6,976 shares of the company's stock worth $200,000 after acquiring an additional 5,885 shares during the period. Hedge funds and other institutional investors own 95.21% of the company's stock.

Alkermes Stock Performance

NASDAQ ALKS opened at $48.99 on Monday. The company has a quick ratio of 1.85, a current ratio of 2.30 and a debt-to-equity ratio of 0.82. Alkermes plc has a twelve month low of $25.17 and a twelve month high of $55.67. The firm has a market capitalization of $8.22 billion, a PE ratio of 128.92 and a beta of 0.34. The stock's 50 day moving average is $48.24 and its 200 day moving average is $38.23.

Insider Buying and Selling at Alkermes

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of the firm's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $54.03, for a total transaction of $109,897.02. Following the completion of the transaction, the executive vice president owned 227,490 shares of the company's stock, valued at approximately $12,291,284.70. This trade represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 on Friday, June 12th. The shares were sold at an average price of $45.10, for a total transaction of $90,200.00. Following the sale, the director owned 25,680 shares in the company, valued at approximately $1,158,168. This trade represents a 7.23% decrease in their position. 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 90 days, insiders sold 24,068 shares of company stock valued at $1,126,281. 4.59% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently weighed in on ALKS shares. Zacks Research upgraded shares of Alkermes from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. JPMorgan Chase & Co. upped their price objective on shares of Alkermes from $60.00 to $61.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Bank of America reaffirmed an "underperform" rating on shares of Alkermes in a research report on Monday, June 29th. Mizuho lifted their target price on shares of Alkermes from $53.00 to $65.00 and gave the company an "outperform" rating in a research note on Thursday, July 2nd. Finally, UBS Group boosted their price target on shares of Alkermes from $42.00 to $48.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Alkermes currently has an average rating of "Moderate Buy" and an average price target of $54.56.

Alkermes 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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