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

Alkermes plc (NASDAQ:ALKS) EVP Craig Hopkinson sold 9,000 shares of the stock in a transaction on 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 sale, the executive vice president owned 65,389 shares of the company’s stock, valued at $3,072,629.11. The trade was a 12.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Alkermes Trading Up 1.1%

Shares of NASDAQ ALKS opened at $47.72 on Thursday. The firm has a market capitalization of $8.01 billion, a PE ratio of 125.58 and a beta of 0.31. Alkermes plc has a one year low of $25.17 and a one year high of $55.67. 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 business has a 50-day moving average price of $50.86 and a two-hundred day moving average price of $40.76.

Institutional Investors Weigh In On Alkermes

Several hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System grew its holdings in shares of Alkermes by 5,527.7% during the 2nd quarter. California State Teachers Retirement System now owns 10,343,402 shares of the company’s stock worth $541,994,000 after purchasing an additional 10,159,607 shares in the last quarter. Baker BROS. Advisors LP lifted its holdings in shares of Alkermes by 23.7% during the 4th quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock worth $280,143,000 after acquiring an additional 1,920,916 shares during the period. State Street Corp increased its stake in Alkermes by 10.9% in the fourth quarter. State Street Corp now owns 9,472,858 shares of the company’s stock valued at $265,051,000 after acquiring an additional 932,507 shares during the period. Renaissance Technologies LLC lifted its stake in Alkermes by 6.0% during the fourth quarter. Renaissance Technologies LLC now owns 6,668,028 shares of the company’s stock worth $186,571,000 after purchasing an additional 375,500 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Alkermes by 32.0% in the 4th quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock valued at $145,064,000 after purchasing an additional 1,256,377 shares during the period. Institutional investors own 95.21% of the company’s stock.

Analysts Set New Price Targets

ALKS has been the subject of several research reports. Robert W. Baird lifted their price target on Alkermes from $48.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their target price on Alkermes from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Mizuho raised their price objective on Alkermes from $53.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, July 2nd. Piper Sandler reiterated an “overweight” rating and set a $65.00 price target (up from $43.00) on shares of Alkermes in a report on Tuesday, July 28th. Finally, Needham & Company LLC raised their target price on shares of Alkermes from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.56.

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.