Renaissance Technologies LLC Reduces Holdings in Alkermes plc $ALKS

Key Points

• Renaissance Technologies trimmed its Alkermes stake by 7.6% in the first quarter, selling 507,600 shares and ending with 6.16 million shares valued at about $217.8 million.
• Despite that reduction, institutional ownership remains very high, with hedge funds and other investors holding about 95.21% of Alkermes shares.
• Analyst sentiment is mostly positive: the stock carries a consensus rating of Moderate Buy and an average target price of $52.50, even as insiders have sold shares recently.

Renaissance Technologies LLC lowered its position in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 7.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,160,428 shares of the company's stock after selling 507,600 shares during the period. Renaissance Technologies LLC owned approximately 3.70% of Alkermes worth $217,833,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Alkermes Trading Down 0.2%

NASDAQ ALKS opened at $52.89 on Friday. 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 firm has a market cap of $8.82 billion, a price-to-earnings ratio of 58.77 and a beta of 0.34. The firm has a 50 day simple moving average of $46.92 and a 200-day simple moving average of $37.44. Alkermes plc has a one year low of $25.17 and a one year high of $55.67.

Insiders Place Their Bets

In other news, Director Christopher I. Wright sold 2,000 shares of the company's stock in a transaction on 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 owned 25,680 shares of the company's stock, valued at approximately $1,158,168. This represents a 7.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of Alkermes stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $43.05, for a total value of $87,563.70. Following the completion of the transaction, the executive vice president owned 229,524 shares of the company's stock, valued at approximately $9,881,008.20. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 over the last 90 days. Corporate insiders own 4.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ALKS shares. Needham & Company LLC upped their target price on shares of Alkermes from $61.00 to $62.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Bank of America reiterated an "underperform" rating on shares of Alkermes in a research report on Monday, June 29th. HC Wainwright reissued a "neutral" rating on shares of Alkermes in a research note on Thursday, June 18th. TD Cowen upped their price objective on shares of Alkermes from $42.00 to $50.00 and gave the stock a "buy" rating in a report on Monday, June 22nd. Finally, Robert W. Baird increased their price objective on shares of Alkermes from $45.00 to $48.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. One equities 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $52.50.

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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