GC Wealth Management RIA LLC Trims Holdings in Alkermes plc $ALKS

Key Points

• GC Wealth Management RIA LLC cut its Alkermes stake by 54.6% in the first quarter, selling 20,438 shares and ending with 16,980 shares worth about $600,000.
• Several insiders sold shares recently, including EVP David Joseph Gaffin and Director Christopher I. Wright; insiders sold a total of 35,102 shares worth $1.49 million over the past three months.
• Wall Street sentiment is mostly positive, with a consensus rating of “Moderate Buy” and an average target price of $52.50, though Bank of America still rates the stock underperform.

GC Wealth Management RIA LLC decreased its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 54.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,980 shares of the company's stock after selling 20,438 shares during the quarter. GC Wealth Management RIA LLC's holdings in Alkermes were worth $600,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new position in Alkermes during the 4th quarter worth approximately $28,000. Johnson Financial Group Inc. acquired a new stake in Alkermes during the 3rd quarter valued at approximately $31,000. UMB Bank n.a. boosted its holdings in shares of Alkermes by 57.6% in the 4th 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 during the last quarter. Salomon & Ludwin LLC boosted its holdings in shares of Alkermes by 115.6% in the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company's stock valued at $35,000 after acquiring an additional 667 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Alkermes by 1,041.4% in the 4th 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. Hedge funds and other institutional investors own 95.21% of the company's stock.

Insider Activity at Alkermes

In related news, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $43.05, for a total transaction of $87,563.70. Following the sale, the executive vice president directly owned 229,524 shares of the company's stock, valued at approximately $9,881,008.20. This represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of the firm'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 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. Insiders sold a total of 35,102 shares of company stock worth $1,494,410 in the last three months. Company insiders own 4.59% of the company's stock.

Alkermes Price Performance

Shares of NASDAQ ALKS opened at $52.89 on Friday. The stock has a market capitalization of $8.82 billion, a price-to-earnings ratio of 58.77 and a beta of 0.34. Alkermes plc has a 12 month low of $25.17 and a 12 month high of $55.67. The firm's 50 day simple moving average is $46.92 and its 200-day simple moving average is $37.44. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.27 and a quick ratio of 1.70.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ALKS. Bank of America reissued an "underperform" rating on shares of Alkermes in a report on Monday, June 29th. UBS Group upped their price target on shares of Alkermes from $42.00 to $48.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Robert W. Baird increased their price target on Alkermes from $45.00 to $48.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Wells Fargo & Company increased their price target on Alkermes from $44.00 to $65.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. Finally, Royal Bank Of Canada lifted their price objective on Alkermes from $45.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, June 9th. One investment 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 company's stock. According to data from MarketBeat.com, Alkermes has a consensus rating of "Moderate Buy" and an average target price of $52.50.

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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