Alkermes (NASDAQ:ALKS) Cut to “Hold” at Zacks Research

Alkermes (NASDAQ:ALKS) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other analysts also recently issued reports on the company. Truist Financial raised their price objective on Alkermes from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Wells Fargo & Company lowered their target price on shares of Alkermes from $42.00 to $37.00 and set an “overweight” rating for the company in a research note on Thursday, November 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of Alkermes in a research note on Monday, December 29th. Bank of America upped their price objective on shares of Alkermes from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Alkermes from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.93.

Alkermes Stock Performance

ALKS stock opened at $31.91 on Thursday. Alkermes has a one year low of $25.17 and a one year high of $36.32. The firm has a market cap of $5.27 billion, a PE ratio of 15.80 and a beta of 0.49. The firm’s 50 day moving average price is $31.20 and its 200-day moving average price is $30.03.

Insider Activity at Alkermes

In other Alkermes news, Director Shane Cooke sold 61,200 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $34.57, for a total value of $2,115,684.00. Following the completion of the transaction, the director owned 103,744 shares of the company’s stock, valued at $3,586,430.08. This trade represents a 37.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Craig C. Hopkinson sold 9,000 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $33.93, for a total transaction of $305,370.00. Following the completion of the transaction, the executive vice president owned 57,740 shares of the company’s stock, valued at approximately $1,959,118.20. This trade represents a 13.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 148,148 shares of company stock worth $5,028,378. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Alkermes

Large investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Alkermes in the 4th quarter valued at about $54,442,000. Baker BROS. Advisors LP raised its holdings in Alkermes by 23.7% in the fourth quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock valued at $280,143,000 after acquiring an additional 1,920,916 shares in the last quarter. UBS Group AG lifted its stake in Alkermes by 237.4% in the fourth quarter. UBS Group AG now owns 2,544,895 shares of the company’s stock worth $71,206,000 after acquiring an additional 1,790,729 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Alkermes by 32.0% during the 4th quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock worth $145,064,000 after acquiring an additional 1,256,377 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Alkermes by 1,070.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,208,944 shares of the company’s stock valued at $36,268,000 after purchasing an additional 1,105,666 shares during the last quarter. Hedge funds and other institutional investors own 95.21% 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.