Empowered Funds LLC Sells 53,381 Shares of Alkermes plc $ALKS

Key Points

• Empowered Funds LLC cut its Alkermes position by 87.2% in the first quarter, selling 53,381 shares and retaining 7,817 shares valued at approximately $276,000. Institutional investors collectively own 95.21% of the company.
• Analyst sentiment remains positive, with Alkermes carrying a consensus “Moderate Buy” rating and an average price target of $54.56. Piper Sandler raised its target to $65, while Needham and JPMorgan also lifted their targets.
• Insiders sold 87,150 shares worth about $4.27 million over the past 90 days, including significant sales by an executive vice president and a director. Alkermes shares opened at $49.48, compared with a 52-week range of $25.17 to $55.67.

Empowered Funds LLC reduced its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 87.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,817 shares of the company's stock after selling 53,381 shares during the period. Empowered Funds LLC's holdings in Alkermes were worth $276,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Cullen Frost Bankers Inc. bought a new position in shares of Alkermes during the 4th quarter worth approximately $28,000. Johnson Financial Group Inc. purchased a new position in shares of Alkermes in the 3rd quarter worth approximately $31,000. UMB Bank n.a. grew its holdings in shares of Alkermes by 57.6% in the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company's stock valued at $34,000 after acquiring an additional 446 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Alkermes by 115.6% in the fourth quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company's stock valued at $35,000 after acquiring an additional 667 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Alkermes by 1,041.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company's stock valued at $37,000 after acquiring an additional 1,208 shares during the last quarter. 95.21% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ALKS has been the topic of a number of research analyst reports. Piper Sandler reissued an "overweight" rating and issued a $65.00 price target (up from $43.00) on shares of Alkermes in a report on Tuesday, July 28th. Zacks Research upgraded shares of Alkermes from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. HC Wainwright reaffirmed a "neutral" rating on shares of Alkermes in a research report on Thursday, July 30th. Needham & Company LLC boosted their target price on shares of Alkermes from $61.00 to $62.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of Alkermes from $60.00 to $61.00 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Alkermes currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.56.

Insider Buying and Selling

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $48.58, for a total transaction of $437,220.00. Following the sale, the executive vice president owned 69,389 shares of the company's stock, valued at approximately $3,370,917.62. This represents a 11.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nancy Lynn Md Snyderman sold 44,472 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $50.35, for a total value of $2,239,165.20. Following the completion of the transaction, the director owned 15,395 shares of the company's stock, valued at approximately $775,138.25. This represents a 74.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 87,150 shares of company stock valued at $4,274,444 in the last 90 days. Corporate insiders own 4.59% of the company's stock.

Alkermes Stock Down 0.7%

Alkermes stock opened at $49.48 on Wednesday. Alkermes plc has a 1-year low of $25.17 and a 1-year high of $55.67. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 130.21 and a beta of 0.34. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82. The firm has a 50 day simple moving average of $50.23 and a 200 day simple moving average of $39.68.

Alkermes Company 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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