Entropy Technologies LP Sells 40,839 Shares of Alkermes plc $ALKS

Key Points

• Entropy Technologies LP reduced its Alkermes stake by 64.1% in the first quarter, selling 40,839 shares and retaining 22,885 shares valued at approximately $809,000.
• Institutional ownership remains high at 95.21%, with UBS Group increasing its holdings by 237.4% and several other firms adding shares.
• Analysts maintain a generally positive outlook, with Alkermes receiving a consensus “Moderate Buy” rating and an average price target of $53.88; Piper Sandler and Stifel recently raised their targets to $65 and $63, respectively.

Entropy Technologies LP cut its stake in Alkermes plc (NASDAQ:ALKS - Free Report) by 64.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,885 shares of the company's stock after selling 40,839 shares during the period. Entropy Technologies LP's holdings in Alkermes were worth $809,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ALKS. Profund Advisors LLC increased its position in Alkermes by 80.9% during the 4th quarter. Profund Advisors LLC now owns 80,624 shares of the company's stock valued at $2,256,000 after purchasing an additional 36,067 shares during the period. Fisher Asset Management LLC grew its stake in Alkermes by 21.0% in the fourth quarter. Fisher Asset Management LLC now owns 390,493 shares of the company's stock valued at $10,926,000 after purchasing an additional 67,745 shares during the last quarter. Tudor Investment Corp ET AL bought a new position in shares of Alkermes during the 3rd quarter worth approximately $1,691,000. Abacus FCF Advisors LLC acquired a new position in Alkermes during the 4th quarter valued at about $6,141,000. Finally, UBS Group AG increased its holdings in shares of Alkermes by 237.4% during the fourth quarter. UBS Group AG now owns 2,544,895 shares of the company's stock valued at $71,206,000 after acquiring an additional 1,790,729 shares in the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Alkermes Trading Down 4.2%

Shares of Alkermes stock opened at $50.50 on Wednesday. The firm has a 50-day simple moving average of $47.51 and a two-hundred day simple moving average of $37.82. 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 plc has a fifty-two week low of $25.17 and a fifty-two week high of $55.67. The company has a market cap of $8.42 billion, a P/E ratio of 56.11 and a beta of 0.34.

Insiders Place Their Bets

In other news, EVP David Joseph Gaffin sold 2,034 shares of Alkermes stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $43.05, for a total value of $87,563.70. Following the sale, the executive vice president owned 229,524 shares in the company, valued at $9,881,008.20. This trade represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 dated Friday, June 12th. The stock was sold at an average price of $45.10, for a total transaction of $90,200.00. Following the sale, the director directly owned 25,680 shares of the company's stock, valued at $1,158,168. This represents a 7.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 35,102 shares of company stock worth $1,494,410. 4.59% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on ALKS. Weiss Ratings downgraded shares of Alkermes from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Piper Sandler reaffirmed an "overweight" rating and issued a $65.00 price target (up from $43.00) on shares of Alkermes in a report on Tuesday. Stifel Nicolaus reiterated a "buy" rating and set a $63.00 price objective (up from $45.00) on shares of Alkermes in a research note on Monday, July 20th. JPMorgan Chase & Co. started coverage on shares of Alkermes in a report on Monday, July 13th. They set a "neutral" rating and a $60.00 price objective on the stock. Finally, HC Wainwright reissued a "neutral" rating on shares of Alkermes in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Alkermes currently has an average rating of "Moderate Buy" and a consensus price target of $53.88.

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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