Alkermes plc $ALKS Shares Sold by Summit Global Investments

Summit Global Investments trimmed its stake in Alkermes plc (NASDAQ:ALKS) by 60.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,691 shares of the company’s stock after selling 17,971 shares during the period. Summit Global Investments’ holdings in Alkermes were worth $413,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ALKS. Cullen Frost Bankers Inc. purchased a new stake in Alkermes in the fourth quarter valued at $28,000. Johnson Financial Group Inc. acquired a new stake in shares of Alkermes during the third quarter worth about $31,000. UMB Bank n.a. increased its position in shares of Alkermes by 57.6% during the fourth quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock worth $34,000 after purchasing an additional 446 shares in the last quarter. Salomon & Ludwin LLC lifted its holdings in shares of Alkermes by 115.6% in the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock valued at $35,000 after purchasing an additional 667 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Alkermes by 1,041.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company’s stock valued at $37,000 after purchasing an additional 1,208 shares during the last quarter. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Alkermes Price Performance

Alkermes stock opened at $52.58 on Thursday. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.27 and a quick ratio of 1.70. The business has a 50 day simple moving average of $46.32 and a 200-day simple moving average of $37.15. Alkermes plc has a 12 month low of $25.17 and a 12 month high of $55.67. The stock has a market capitalization of $8.76 billion, a PE ratio of 58.42 and a beta of 0.34.

Insiders Place Their Bets

In other news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $51.51, for a total value of $463,590.00. Following the sale, the executive vice president owned 73,389 shares of the company’s stock, valued at $3,780,267.39. The trade was a 10.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP David Joseph Gaffin sold 2,034 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $43.05, for a total transaction of $87,563.70. Following the transaction, the executive vice president owned 229,524 shares in the company, valued at approximately $9,881,008.20. This trade represents a 0.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 35,102 shares of company stock worth $1,494,410. 4.59% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ALKS has been the topic of a number of research reports. Zacks Research upgraded Alkermes from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. began coverage on shares of Alkermes in a research report on Monday, July 13th. They set a “neutral” rating and a $60.00 target price on the stock. Mizuho lifted their target price on shares of Alkermes from $53.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday, July 2nd. Bank of America reiterated an “underperform” rating on shares of Alkermes in a research report on Monday, June 29th. Finally, UBS Group increased their price target on shares of Alkermes from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.50.

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.