Alkermes plc (NASDAQ:ALKS) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its position in shares of Alkermes plc (NASDAQ:ALKS) by 2.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 195,743 shares of the company’s stock after selling 5,848 shares during the period. The Manufacturers Life Insurance Company owned 0.12% of Alkermes worth $5,479,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALKS. EFG Asset Management North America Corp. grew its holdings in Alkermes by 0.5% in the second quarter. EFG Asset Management North America Corp. now owns 75,864 shares of the company’s stock valued at $1,828,000 after purchasing an additional 359 shares during the period. United Services Automobile Association increased its holdings in Alkermes by 3.1% in the 2nd quarter. United Services Automobile Association now owns 13,208 shares of the company’s stock worth $318,000 after acquiring an additional 400 shares in the last quarter. Signaturefd LLC raised its position in Alkermes by 51.2% during the second quarter. Signaturefd LLC now owns 1,417 shares of the company’s stock worth $34,000 after acquiring an additional 480 shares during the period. Handelsbanken Fonder AB lifted its holdings in Alkermes by 0.3% during the third quarter. Handelsbanken Fonder AB now owns 220,600 shares of the company’s stock valued at $6,175,000 after purchasing an additional 700 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Alkermes by 44.4% in the second quarter. GAMMA Investing LLC now owns 2,287 shares of the company’s stock valued at $55,000 after purchasing an additional 703 shares during the period. Institutional investors and hedge funds own 95.21% of the company’s stock.

Alkermes Stock Performance

Shares of ALKS stock opened at $31.19 on Friday. Alkermes plc has a 52 week low of $22.90 and a 52 week high of $32.88. The firm has a 50 day moving average of $28.25 and a two-hundred day moving average of $26.69. The company has a quick ratio of 3.03, a current ratio of 3.45 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $5.05 billion, a PE ratio of 15.99, a P/E/G ratio of 0.98 and a beta of 0.49.

Analyst Ratings Changes

Several research firms recently weighed in on ALKS. Piper Sandler restated an “overweight” rating and set a $37.00 price target (down previously from $38.00) on shares of Alkermes in a research report on Friday, October 25th. Cantor Fitzgerald reduced their target price on Alkermes from $48.00 to $43.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Mizuho raised their target price on Alkermes from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. dropped their price target on Alkermes from $32.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Finally, Stifel Nicolaus upgraded Alkermes from a “hold” rating to a “buy” rating and raised their price objective for the company from $25.00 to $36.00 in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.42.

Insider Activity

In other news, SVP Christian Todd Nichols sold 5,208 shares of Alkermes stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $29.15, for a total transaction of $151,813.20. Following the sale, the senior vice president now owns 60,703 shares in the company, valued at approximately $1,769,492.45. The trade was a 7.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Craig C. Hopkinson sold 58,996 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $30.08, for a total value of $1,774,599.68. Following the completion of the sale, the executive vice president now directly owns 83,300 shares of the company’s stock, valued at approximately $2,505,664. This trade represents a 41.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 83,896 shares of company stock worth $2,526,083. 4.89% of the stock is currently owned by corporate insiders.

About Alkermes

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.