Craig Hopkinson Sells 9,000 Shares of Alkermes (NASDAQ:ALKS) Stock

Key Points

• Alkermes EVP Craig Hopkinson sold 9,000 shares at an average price of $46.99, generating $422,910. The Rule 10b5-1 transaction reduced his direct holdings by 12.1% to 65,389 shares.
• Alkermes shares traded at $47.20, with a $7.92 billion market capitalization and a 52-week range of $25.17 to $55.67. The stock’s average analyst rating is “Moderate Buy”, with a consensus price target of $54.56.
• Institutional investors own approximately 95.21% of Alkermes; California State Teachers Retirement System significantly increased its position during the second quarter, adding more than 10.1 million shares.

Alkermes plc (NASDAQ:ALKS - Get Free Report) EVP Craig Hopkinson sold 9,000 shares of Alkermes stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $46.99, for a total value of $422,910.00. Following the completion of the transaction, the executive vice president directly owned 65,389 shares of the company's stock, valued at $3,072,629.11. This represents a 12.10% 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.

Alkermes Price Performance

Shares of ALKS traded up $0.21 during mid-day trading on Tuesday, hitting $47.20. 1,351,259 shares of the company traded hands, compared to its average volume of 1,338,062. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $7.92 billion, a price-to-earnings ratio of 124.21 and a beta of 0.31. The business has a 50-day moving average of $50.91 and a 200 day moving average of $40.66. Alkermes plc has a one year low of $25.17 and a one year high of $55.67.

Wall Street Analysts Forecast Growth

ALKS has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their target price on Alkermes from $44.00 to $65.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. Mizuho lifted their price objective on shares of Alkermes from $53.00 to $65.00 and gave the stock an "outperform" rating in a research note on Thursday, July 2nd. Needham & Company LLC boosted their price objective on shares of Alkermes from $61.00 to $62.00 and gave the company a "buy" rating in a report on Monday, July 13th. JPMorgan Chase & Co. upped their target price 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. Finally, Stifel Nicolaus reissued a "buy" rating and set a $63.00 price target (up from $45.00) on shares of Alkermes in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Alkermes presently has an average rating of "Moderate Buy" and an average target price of $54.56.

Hedge Funds Weigh In On Alkermes

Several hedge funds have recently modified their holdings of ALKS. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Alkermes during the second quarter worth $1,733,000. California State Teachers Retirement System raised its position in shares of Alkermes by 5,527.7% in the second quarter. California State Teachers Retirement System now owns 10,343,402 shares of the company's stock valued at $541,994,000 after buying an additional 10,159,607 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Alkermes in the second quarter valued at approximately $39,000. HB Wealth Management LLC bought a new position in Alkermes during the 2nd quarter worth $220,000. Finally, Concurrent Investment Advisors LLC acquired a new position in Alkermes in the 2nd quarter valued at $234,000. Institutional investors own 95.21% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source