Alkermes (NASDAQ:ALKS) Stock Sees Unusually High Put Option Buying

Alkermes plc (NASDAQ:ALKS) saw unusually large options trading on Friday. Investors bought 3,253 put options on the company. This is an increase of approximately 332% compared to the average daily volume of 753 put options.

Insider Transactions at Alkermes

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $46.99, for a total value of $422,910.00. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Gaffin sold 2,034 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $41.03, for a total transaction of $83,455.02. Following the sale, the executive vice president owned 221,388 shares in the company, valued at approximately $9,083,549.64. The trade was a 0.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 76,150 shares of company stock valued at $3,752,181. Company insiders own 4.59% of the company’s stock.

Institutional Trading of Alkermes

A number of large investors have recently bought and sold shares of the business. Baker BROS. Advisors LP increased its stake in shares of Alkermes by 23.7% during the fourth 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. Dimensional Fund Advisors LP boosted its stake in Alkermes by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,522,378 shares of the company’s stock worth $159,850,000 after buying an additional 109,595 shares during the last quarter. Commodore Capital LP grew its stake in shares of Alkermes by 18.3% during the 1st quarter. Commodore Capital LP now owns 4,200,000 shares of the company’s stock valued at $148,512,000 after buying an additional 650,000 shares during the period. First Trust Advisors LP increased its position in Alkermes by 104.2% during the 1st quarter. First Trust Advisors LP now owns 2,968,785 shares of the company’s stock worth $104,976,000 after purchasing an additional 1,514,783 shares in the last quarter. Finally, Affinity Asset Advisors LLC raised its position in Alkermes by 35.0% in the first quarter. Affinity Asset Advisors LLC now owns 1,350,000 shares of the company’s stock valued at $47,736,000 after purchasing an additional 350,000 shares during the period. Institutional investors and hedge funds own 95.21% of the company’s stock.

Alkermes Trading Up 1.4%

NASDAQ ALKS traded up $0.55 on Friday, reaching $40.65. 268,671 shares of the company were exchanged, compared to its average volume of 2,137,971. The stock has a market capitalization of $6.82 billion, a P/E ratio of 106.93 and a beta of 0.32. Alkermes has a fifty-two week low of $27.00 and a fifty-two week 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’s fifty day moving average price is $45.17 and its 200 day moving average price is $43.64.

Analyst Ratings Changes

A number of research analysts recently commented on the company. HC Wainwright reissued a “neutral” rating on shares of Alkermes in a report on Monday, September 21st. Piper Sandler reissued an “overweight” rating and issued a $65.00 price objective (up from $43.00) on shares of Alkermes in a research note on Tuesday, July 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $62.00 target price on shares of Alkermes in a research report on Monday, September 21st. Bank of America restated an “underperform” rating on shares of Alkermes in a report on Monday, June 29th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $56.00 target price on shares of Alkermes in a research report on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Alkermes has an average rating of “Moderate Buy” and an average target price of $54.47.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. The company’s portfolio addresses conditions including addiction, schizophrenia, bipolar disorder and amyotrophic lateral sclerosis (ALS), with an emphasis on long-acting injectable, extended-release and other drug-delivery technologies.

Its marketed products include Vivitrol, an extended-release injectable formulation of naltrexone used to treat alcohol dependence and prevent opioid dependence relapse; Aristada, a long-acting injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; Lybalvi, an oral combination of olanzapine and samidorphan for schizophrenia and bipolar I disorder; and Exservan, an oral film formulation of riluzole for ALS.

Founded in 1987, Alkermes is headquartered in Dublin, Ireland, with operations and corporate offices in the United States, including Waltham, Massachusetts.