Principal Financial Group Inc. Has $24.57 Million Position in Alkermes plc (NASDAQ:ALKS)

Principal Financial Group Inc. lessened its holdings in Alkermes plc (NASDAQ:ALKS - Free Report) by 7.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 877,943 shares of the company's stock after selling 69,373 shares during the period. Principal Financial Group Inc. owned about 0.54% of Alkermes worth $24,574,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. V Square Quantitative Management LLC purchased a new stake in Alkermes in the 3rd quarter worth about $29,000. Signaturefd LLC boosted its holdings in shares of Alkermes by 51.2% during the second quarter. Signaturefd LLC now owns 1,417 shares of the company's stock worth $34,000 after purchasing an additional 480 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in Alkermes during the second quarter valued at approximately $116,000. GAMMA Investing LLC grew its position in Alkermes by 83.8% during the third quarter. GAMMA Investing LLC now owns 4,204 shares of the company's stock valued at $118,000 after purchasing an additional 1,917 shares in the last quarter. Finally, Archer Investment Corp increased its stake in Alkermes by 28.6% in the 3rd quarter. Archer Investment Corp now owns 4,500 shares of the company's stock valued at $126,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 95.21% of the company's stock.

Analyst Ratings Changes

ALKS has been the subject of a number of research reports. The Goldman Sachs Group decreased their target price on shares of Alkermes from $32.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, October 25th. Mizuho lifted their price objective on Alkermes from $35.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. Cantor Fitzgerald dropped their target price on Alkermes from $48.00 to $43.00 and set an "overweight" rating on the stock in a research report on Friday, October 25th. HC Wainwright reaffirmed a "neutral" rating and set a $37.00 price target on shares of Alkermes in a research note on Friday, October 25th. Finally, Stifel Nicolaus raised Alkermes from a "hold" rating to a "buy" rating and boosted their price target for the company from $25.00 to $36.00 in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Alkermes has a consensus rating of "Moderate Buy" and an average price target of $35.42.

Alkermes Stock Performance

ALKS stock traded up $0.16 during mid-day trading on Thursday, reaching $29.81. 771,364 shares of the stock traded hands, compared to its average volume of 1,810,699. The firm has a market capitalization of $4.82 billion, a PE ratio of 15.29, a P/E/G ratio of 1.03 and a beta of 0.49. The business has a 50-day moving average of $28.88 and a two-hundred day moving average of $27.34. Alkermes plc has a 52 week low of $22.90 and a 52 week high of $32.88. The company has a quick ratio of 3.03, a current ratio of 3.45 and a debt-to-equity ratio of 0.22.

Insider Activity at Alkermes

In related news, EVP Craig C. Hopkinson sold 10,471 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $29.53, for a total value of $309,208.63. Following the completion of the transaction, the executive vice president now owns 99,238 shares of the company's stock, valued at $2,930,498.14. This represents a 9.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Cato T. Laurencin sold 2,691 shares of Alkermes stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.85, for a total value of $85,708.35. Following the sale, the director now directly owns 23,013 shares in the company, valued at $732,964.05. The trade was a 10.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 147,738 shares of company stock worth $4,572,904 in the last 90 days. 4.89% of the stock is owned by company 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.