The Manufacturers Life Insurance Company Sells 42,319 Shares of Alkermes plc $ALKS

Key Points

• The Manufacturers Life Insurance Company cut its Alkermes stake by 37.2%, selling 42,319 shares and retaining 71,415 shares valued at approximately $2.53 million. Institutional investors still own 95.21% of the company.
• Alkermes shares opened at $49.17, near the midpoint of their 52-week range, with a market capitalization of $8.25 billion and a price-to-earnings ratio of 129.4.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $54.56 price target, while company insiders sold 79,574 shares worth roughly $3.90 million over the last quarter.

The Manufacturers Life Insurance Company reduced its stake in Alkermes plc (NASDAQ:ALKS - Free Report) by 37.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 71,415 shares of the company's stock after selling 42,319 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Alkermes were worth $2,525,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Sanctuary Advisors LLC boosted its holdings in Alkermes by 2.7% during the 4th quarter. Sanctuary Advisors LLC now owns 12,141 shares of the company's stock worth $340,000 after acquiring an additional 315 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Alkermes by 3.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,326 shares of the company's stock valued at $289,000 after purchasing an additional 351 shares during the last quarter. Orion Porfolio Solutions LLC lifted its position in shares of Alkermes by 4.5% during the third quarter. Orion Porfolio Solutions LLC now owns 8,762 shares of the company's stock valued at $263,000 after purchasing an additional 376 shares in the last quarter. Horizon Investments LLC lifted its position in shares of Alkermes by 0.9% during the third quarter. Horizon Investments LLC now owns 43,002 shares of the company's stock valued at $1,290,000 after purchasing an additional 387 shares in the last quarter. Finally, Tidal Investments LLC boosted its holdings in Alkermes by 1.1% during the second quarter. Tidal Investments LLC now owns 35,130 shares of the company's stock worth $1,005,000 after purchasing an additional 395 shares during the last quarter. 95.21% of the stock is currently owned by institutional investors.

Alkermes Stock Performance

Shares of ALKS stock opened at $49.17 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.85 and a current ratio of 2.30. The firm has a market cap of $8.25 billion, a price-to-earnings ratio of 129.40 and a beta of 0.34. Alkermes plc has a 52 week low of $25.17 and a 52 week high of $55.67. The firm's 50-day simple moving average is $49.28 and its two-hundred day simple moving average is $38.83.

Analysts Set New Price Targets

Several equities research analysts have commented on ALKS shares. JPMorgan Chase & Co. increased their price objective on shares of Alkermes from $60.00 to $61.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Mizuho boosted their target price on Alkermes from $53.00 to $65.00 and gave the stock an "outperform" rating in a research note on Thursday, July 2nd. Piper Sandler reaffirmed an "overweight" rating and set a $65.00 price target (up from $43.00) on shares of Alkermes in a research report on Tuesday, July 28th. Stifel Nicolaus reiterated a "buy" rating and set a $63.00 price target (up from $45.00) on shares of Alkermes in a report on Monday, July 20th. Finally, UBS Group boosted their price objective on Alkermes from $42.00 to $48.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Alkermes presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.56.

Insider Activity at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $48.58, for a total value of $437,220.00. Following the transaction, the executive vice president owned 69,389 shares in the company, valued at approximately $3,370,917.62. This represents a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 stock in a transaction on Friday, June 12th. The shares were sold at an average price of $45.10, for a total value of $90,200.00. Following the transaction, the director directly owned 25,680 shares of the company's stock, valued at approximately $1,158,168. This trade represents a 7.23% 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. Over the last quarter, insiders sold 79,574 shares of company stock worth $3,901,478. Company insiders own 4.59% of the company's stock.

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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