Handelsbanken Fonder AB Cuts Stock Position in Alkermes plc $ALKS

Key Points

• Handelsbanken Fonder AB sharply reduced its Alkermes stake by 83.4% in the fourth quarter, selling 277,100 shares and leaving it with 55,000 shares worth about $1.54 million.
• Analysts remain generally positive on Alkermes: the stock currently carries an average "Moderate Buy" rating with a consensus target price of $45.40, though several firms recently adjusted their price targets.
• Insiders have also been selling shares recently, including EVP David Joseph Gaffin and EVP Craig C. Hopkinson, while the stock was trading around $36.80 and had a market cap of about $6.13 billion.

Handelsbanken Fonder AB reduced its position in Alkermes plc (NASDAQ:ALKS - Free Report) by 83.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,000 shares of the company's stock after selling 277,100 shares during the quarter. Handelsbanken Fonder AB's holdings in Alkermes were worth $1,539,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALKS. Royal Bank of Canada boosted its holdings in shares of 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 purchasing an additional 148,696 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of Alkermes in the 1st quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Alkermes by 4.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 482,332 shares of the company's stock worth $15,927,000 after purchasing an additional 20,091 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of Alkermes by 32.3% in the 2nd quarter. Cetera Investment Advisers now owns 13,907 shares of the company's stock worth $398,000 after purchasing an additional 3,394 shares in the last quarter. Finally, Quantbot Technologies LP boosted its holdings in shares of Alkermes by 539.4% in the 2nd quarter. Quantbot Technologies LP now owns 6,976 shares of the company's stock worth $200,000 after purchasing an additional 5,885 shares in the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ALKS. Wells Fargo & Company upped their price objective on Alkermes from $43.00 to $44.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Piper Sandler cut their price objective on Alkermes from $45.00 to $43.00 and set an "overweight" rating for the company in a report on Tuesday, March 24th. Wall Street Zen cut Alkermes from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Robert W. Baird upped their price objective on Alkermes from $45.00 to $48.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Finally, Royal Bank Of Canada cut their price objective on Alkermes from $47.00 to $45.00 and set an "outperform" rating for the company in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $45.40.

Insiders Place Their Bets

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $33.20, for a total value of $67,528.80. Following the completion of the sale, the executive vice president owned 231,558 shares in the company, valued at approximately $7,687,725.60. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $33.40, for a total value of $300,600.00. Following the completion of the sale, the executive vice president owned 81,389 shares of the company's stock, valued at approximately $2,718,392.60. This trade represents a 9.96% 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 90 days, insiders sold 39,102 shares of company stock worth $1,265,090. 4.59% of the stock is currently owned by company insiders.

Alkermes Stock Performance

NASDAQ ALKS opened at $36.80 on Tuesday. Alkermes plc has a fifty-two week low of $25.17 and a fifty-two week high of $39.56. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27. The stock has a 50 day simple moving average of $33.55 and a two-hundred day simple moving average of $31.59. The stock has a market cap of $6.13 billion, a P/E ratio of 40.89 and a beta of 0.31.

Alkermes (NASDAQ:ALKS - Get Free Report) last released its quarterly earnings data on Saturday, February 14th. The company reported $0.29 earnings per share 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 during the quarter. On average, analysts forecast that Alkermes plc will post -0.43 earnings per share for the current 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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