Frazier Life Sciences Management L.P. Acquires New Stake in Alkermes plc (NASDAQ:ALKS)

Frazier Life Sciences Management L.P. acquired a new stake in shares of Alkermes plc (NASDAQ:ALKS - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 576,129 shares of the company's stock, valued at approximately $16,126,000. Frazier Life Sciences Management L.P. owned approximately 0.36% of Alkermes at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in ALKS. V Square Quantitative Management LLC bought a new stake in Alkermes during the third quarter valued at about $29,000. Signaturefd LLC grew its stake 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 acquiring an additional 480 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Alkermes during the second quarter worth about $116,000. GAMMA Investing LLC grew its stake in shares of Alkermes by 83.8% during the third quarter. GAMMA Investing LLC now owns 4,204 shares of the company's stock worth $118,000 after acquiring an additional 1,917 shares during the last quarter. Finally, Archer Investment Corp grew its stake in shares of Alkermes by 28.6% during the third quarter. Archer Investment Corp now owns 4,500 shares of the company's stock worth $126,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 95.21% of the company's stock.

Alkermes Stock Performance

NASDAQ:ALKS traded down $0.71 during trading hours on Tuesday, reaching $30.60. The company had a trading volume of 1,543,534 shares, compared to its average volume of 1,810,292. Alkermes plc has a 1-year low of $22.90 and a 1-year high of $32.88. The firm has a market cap of $4.95 billion, a PE ratio of 15.69, a price-to-earnings-growth ratio of 1.05 and a beta of 0.49. The business's 50 day moving average price is $28.39 and its 200-day moving average price is $26.82. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.45 and a quick ratio of 3.03.

Analysts Set New Price Targets

A number of brokerages have 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 note on Friday, October 25th. Stifel Nicolaus upgraded Alkermes from a "hold" rating to a "buy" rating and boosted their price target for the stock from $25.00 to $36.00 in a research note on Tuesday, November 5th. HC Wainwright restated a "neutral" rating and set a $37.00 price target on shares of Alkermes in a research note on Friday, October 25th. 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. Finally, Mizuho upped 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. One investment 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $35.42.

Insider Buying and Selling at Alkermes

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