State Street Corp Lowers Stake in Alkermes plc (NASDAQ:ALKS)

State Street Corp decreased its holdings in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 0.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,185,392 shares of the company's stock after selling 29,666 shares during the quarter. State Street Corp owned about 5.68% of Alkermes worth $257,099,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. EFG Asset Management North America Corp. boosted its position in shares of Alkermes by 0.5% during the 2nd quarter. EFG Asset Management North America Corp. now owns 75,864 shares of the company's stock valued at $1,828,000 after acquiring an additional 359 shares during the last quarter. United Services Automobile Association grew its stake in shares of Alkermes by 3.1% in the 2nd quarter. United Services Automobile Association now owns 13,208 shares of the company's stock valued at $318,000 after buying an additional 400 shares during the period. Signaturefd LLC increased its holdings in shares of Alkermes by 51.2% during the 2nd quarter. Signaturefd LLC now owns 1,417 shares of the company's stock worth $34,000 after buying an additional 480 shares during the last quarter. Handelsbanken Fonder AB increased its stake in Alkermes by 0.3% during the third quarter. Handelsbanken Fonder AB now owns 220,600 shares of the company's stock worth $6,175,000 after acquiring an additional 700 shares during the last quarter. Finally, Nicollet Investment Management Inc. raised its position in Alkermes by 1.7% in the third quarter. Nicollet Investment Management Inc. now owns 43,845 shares of the company's stock valued at $1,227,000 after purchasing an additional 714 shares during the period. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ALKS shares. The Goldman Sachs Group lowered their price objective on shares of Alkermes from $32.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, October 25th. Piper Sandler restated an "overweight" rating and set a $37.00 price target (down from $38.00) on shares of Alkermes in a research report on Friday, October 25th. JPMorgan Chase & Co. cut their price objective on Alkermes from $32.00 to $26.00 and set a "neutral" rating on the stock in a report on Friday, October 25th. Stifel Nicolaus upgraded Alkermes from a "hold" rating to a "buy" rating and raised their target price for the company from $25.00 to $36.00 in a report on Tuesday, November 5th. Finally, Mizuho boosted their price target on shares of Alkermes from $35.00 to $40.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, Alkermes currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.42.

Insider Transactions at Alkermes

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

Alkermes Stock Up 1.1 %

NASDAQ:ALKS traded up $0.34 during trading hours on Wednesday, hitting $30.94. The company's stock had a trading volume of 1,355,578 shares, compared to its average volume of 1,808,390. Alkermes plc has a 52-week low of $22.90 and a 52-week high of $32.88. The company has a current ratio of 3.45, a quick ratio of 3.03 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $5.01 billion, a P/E ratio of 15.72, a price-to-earnings-growth ratio of 1.05 and a beta of 0.49. The stock has a fifty day moving average of $28.39 and a 200-day moving average of $26.82.

Alkermes Company 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.