Citigroup Inc. Buys 65,536 Shares of Alkermes plc (NASDAQ:ALKS)

Citigroup Inc. lifted its holdings in Alkermes plc (NASDAQ:ALKS - Free Report) by 41.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 224,858 shares of the company's stock after buying an additional 65,536 shares during the period. Citigroup Inc. owned about 0.14% of Alkermes worth $6,294,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Wedge Capital Management L L P NC acquired a new stake in shares of Alkermes during the 2nd quarter valued at $2,662,000. Harbor Capital Advisors Inc. boosted its position in Alkermes by 120.3% during the second quarter. Harbor Capital Advisors Inc. now owns 47,812 shares of the company's stock valued at $1,152,000 after purchasing an additional 26,112 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Alkermes in the second quarter valued at about $1,285,000. Natixis Advisors LLC grew its stake in Alkermes by 190.3% in the third quarter. Natixis Advisors LLC now owns 36,490 shares of the company's stock valued at $1,021,000 after purchasing an additional 23,921 shares in the last quarter. Finally, Affinity Asset Advisors LLC increased its position in Alkermes by 766.7% in the 2nd quarter. Affinity Asset Advisors LLC now owns 650,000 shares of the company's stock worth $15,665,000 after purchasing an additional 575,000 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company's stock.

Alkermes Price Performance

Shares of NASDAQ:ALKS traded down $0.30 during midday trading on Friday, reaching $29.02. 550,117 shares of the company's stock were exchanged, compared to its average volume of 1,584,081. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.03 and a current ratio of 3.45. The company's 50 day simple moving average is $28.01 and its two-hundred day simple moving average is $26.54. Alkermes plc has a 12 month low of $22.90 and a 12 month high of $32.88. The firm has a market capitalization of $4.70 billion, a PE ratio of 14.88, a price-to-earnings-growth ratio of 0.96 and a beta of 0.47.

Wall Street Analyst Weigh In

Several analysts have commented on ALKS shares. The Goldman Sachs Group dropped their price target on shares of Alkermes from $32.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, October 25th. JPMorgan Chase & Co. decreased their price objective on shares of Alkermes from $32.00 to $26.00 and set a "neutral" 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 report on Wednesday, November 13th. Stifel Nicolaus upgraded Alkermes from a "hold" rating to a "buy" rating and upped their price target for the stock from $25.00 to $36.00 in a research note on Tuesday, November 5th. Finally, Piper Sandler reissued an "overweight" rating and set a $37.00 price objective (down previously from $38.00) on shares of Alkermes in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $35.42.

Insiders Place Their Bets

In related news, SVP Christian Todd Nichols sold 5,208 shares of the company's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $29.15, for a total transaction of $151,813.20. Following the transaction, the senior vice president now owns 60,703 shares in the company, valued at $1,769,492.45. This represents a 7.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Craig C. Hopkinson sold 10,471 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $29.53, for a total transaction of $309,208.63. Following the completion of the transaction, the executive vice president now directly owns 99,238 shares of the company's stock, valued at approximately $2,930,498.14. This represents a 9.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,675 shares of company stock worth $2,235,622 over the last three months. 4.89% of the stock is currently owned by corporate insiders.

Alkermes Profile

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.