The Manufacturers Life Insurance Company Sells 42,319 Shares of Alkermes plc $ALKS

The Manufacturers Life Insurance Company decreased its holdings in Alkermes plc (NASDAQ:ALKS) by 37.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 71,415 shares of the company’s stock after selling 42,319 shares during the period. The Manufacturers Life Insurance Company’s holdings in Alkermes were worth $2,525,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of ALKS. Royal Bank of Canada boosted its holdings in Alkermes by 117.2% in the 1st quarter. Royal Bank of Canada now owns 275,526 shares of the company’s stock worth $9,098,000 after buying an additional 148,696 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in Alkermes in the 1st quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Alkermes by 4.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 482,332 shares of the company’s stock valued at $15,927,000 after acquiring an additional 20,091 shares during the period. Cetera Investment Advisers raised its holdings in Alkermes by 32.3% during the 2nd quarter. Cetera Investment Advisers now owns 13,907 shares of the company’s stock valued at $398,000 after acquiring an additional 3,394 shares during the period. Finally, Quantbot Technologies LP lifted its position in shares of Alkermes by 539.4% during the second quarter. Quantbot Technologies LP now owns 6,976 shares of the company’s stock worth $200,000 after acquiring an additional 5,885 shares in the last quarter. Institutional investors own 95.21% of the company’s stock.

Alkermes Stock Up 1.7%

Shares of NASDAQ:ALKS opened at $49.17 on Friday. The firm has a fifty day moving average price of $49.28 and a two-hundred day moving average price of $38.83. The company has a market cap of $8.25 billion, a price-to-earnings ratio of 129.40 and a beta of 0.34. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.30 and a quick ratio of 1.85. Alkermes plc has a one year low of $25.17 and a one year high of $55.67.

Insiders Place Their Bets

In related news, Director Christopher I. Wright sold 2,000 shares of Alkermes stock in a transaction on Friday, June 12th. The stock was sold at an average price of $45.10, for a total transaction of $90,200.00. Following the completion of the sale, the director owned 25,680 shares of the company’s stock, valued at approximately $1,158,168. This trade represents a 7.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $48.58, for a total value of $437,220.00. Following the sale, the executive vice president owned 69,389 shares of the company’s stock, valued at approximately $3,370,917.62. This trade represents a 11.48% 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 79,574 shares of company stock worth $3,901,478. 4.59% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Weiss Ratings lowered Alkermes from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Piper Sandler reissued an “overweight” rating and set a $65.00 price objective (up from $43.00) on shares of Alkermes in a report on Tuesday, July 28th. Zacks Research raised Alkermes from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Robert W. Baird raised their target price on Alkermes from $48.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $63.00 target price (up from $45.00) on shares of Alkermes in a report on Monday, July 20th. 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 stock. According to MarketBeat, Alkermes currently has an average rating of “Moderate Buy” and an average target price of $54.56.

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.