Invesco Ltd. Reduces Holdings in Alkermes plc (NASDAQ:ALKS)

Invesco Ltd. cut its stake in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 3.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 721,916 shares of the company's stock after selling 29,168 shares during the period. Invesco Ltd. owned about 0.45% of Alkermes worth $20,762,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Venturi Wealth Management LLC bought a new stake in Alkermes during the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC grew its position in shares of Alkermes by 106.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,635 shares of the company's stock valued at $47,000 after acquiring an additional 842 shares during the period. Blue Trust Inc. increased its stake in shares of Alkermes by 2,231.5% in the 4th quarter. Blue Trust Inc. now owns 1,702 shares of the company's stock worth $49,000 after purchasing an additional 1,629 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Alkermes by 558.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,950 shares of the company's stock worth $85,000 after purchasing an additional 2,502 shares in the last quarter. Finally, Cornerstone Investment Partners LLC bought a new position in Alkermes in the 4th quarter worth $203,000. 95.21% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ALKS. UBS Group upgraded Alkermes from a "sell" rating to a "neutral" rating and upped their price target for the stock from $21.00 to $38.00 in a research report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Alkermes from $40.00 to $52.00 and gave the stock a "buy" rating in a report on Thursday, March 27th. HC Wainwright reaffirmed a "neutral" rating and set a $46.00 price target on shares of Alkermes in a report on Thursday, February 13th. StockNews.com raised shares of Alkermes from a "buy" rating to a "strong-buy" rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group lifted their target price on shares of Alkermes from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $38.50.

Insiders Place Their Bets

In related news, EVP Craig C. Hopkinson sold 144,419 shares of Alkermes stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $35.53, for a total value of $5,131,207.07. Following the completion of the transaction, the executive vice president now owns 57,875 shares in the company, valued at approximately $2,056,298.75. This trade represents a 71.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.89% of the company's stock.

Alkermes Trading Up 2.3 %

Shares of NASDAQ:ALKS traded up $0.61 during mid-day trading on Thursday, reaching $27.76. The stock had a trading volume of 223,972 shares, compared to its average volume of 1,739,486. The business's 50 day moving average price is $32.24 and its 200 day moving average price is $30.38. Alkermes plc has a 1 year low of $22.90 and a 1 year high of $36.45. The company has a market cap of $4.58 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 2.20 and a beta of 0.39.

Alkermes (NASDAQ:ALKS - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.11. Alkermes had a return on equity of 30.80% and a net margin of 23.57%. Analysts predict that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

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.