Geode Capital Management LLC Sells 60,037 Shares of Alkermes plc (NASDAQ:ALKS)

Geode Capital Management LLC lessened its stake in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 1.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 3,873,927 shares of the company's stock after selling 60,037 shares during the period. Geode Capital Management LLC owned 2.39% of Alkermes worth $108,452,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALKS. Armistice Capital LLC lifted its position in shares of Alkermes by 301.5% during the 2nd quarter. Armistice Capital LLC now owns 2,699,179 shares of the company's stock valued at $65,050,000 after buying an additional 2,026,961 shares in the last quarter. Loomis Sayles & Co. L P lifted its holdings in Alkermes by 365.5% during the third quarter. Loomis Sayles & Co. L P now owns 1,882,936 shares of the company's stock valued at $52,704,000 after purchasing an additional 1,478,422 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Alkermes by 31.8% in the second quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company's stock worth $135,939,000 after purchasing an additional 1,362,079 shares during the period. American Century Companies Inc. boosted its position in shares of Alkermes by 87.1% in the second quarter. American Century Companies Inc. now owns 2,203,456 shares of the company's stock worth $53,103,000 after purchasing an additional 1,025,905 shares during the period. Finally, Frazier Life Sciences Management L.P. purchased a new stake in shares of Alkermes in the third quarter worth $16,126,000. Hedge funds and other institutional investors own 95.21% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ALKS shares. Stifel Nicolaus upgraded shares of Alkermes from a "hold" rating to a "buy" rating and lifted their target price for the company from $25.00 to $36.00 in a research note on Tuesday, November 5th. HC Wainwright restated a "neutral" rating and issued a $37.00 price objective on shares of Alkermes in a research report on Friday, October 25th. Mizuho increased their target price on Alkermes from $35.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Cantor Fitzgerald lowered their price target on Alkermes from $48.00 to $43.00 and set an "overweight" rating on the stock in a report on Friday, October 25th. Finally, 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 note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $35.42.

Insiders Place Their Bets

In other Alkermes news, EVP Craig C. Hopkinson sold 61,151 shares of Alkermes stock in a transaction on Monday, December 9th. The shares were sold at an average price of $32.07, for a total transaction of $1,961,112.57. Following the completion of the transaction, the executive vice president now directly owns 47,576 shares of the company's stock, valued at $1,525,762.32. The trade was a 56.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cato T. Laurencin sold 2,691 shares of the 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 sale, the director now directly owns 23,013 shares in the company, valued at approximately $732,964.05. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 147,738 shares of company stock valued at $4,572,904 in the last three months. Corporate insiders own 4.89% of the company's stock.

Alkermes Price Performance

ALKS traded down $0.10 during trading hours on Thursday, hitting $29.97. The company's stock had a trading volume of 1,387,541 shares, compared to its average volume of 1,810,744. The stock has a market cap of $4.85 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.03 and a beta of 0.49. The business's 50-day moving average price is $28.74 and its 200-day moving average price is $27.14. The company has a current ratio of 3.45, a quick ratio of 3.03 and a debt-to-equity ratio of 0.22. Alkermes plc has a 12 month low of $22.90 and a 12 month high of $32.88.

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.