Rhenman & Partners Asset Management AB Trims Stock Holdings in Alkermes plc (NASDAQ:ALKS)

Rhenman & Partners Asset Management AB decreased its stake in Alkermes plc (NASDAQ:ALKS - Free Report) by 41.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 77,999 shares of the company's stock after selling 55,001 shares during the quarter. Rhenman & Partners Asset Management AB's holdings in Alkermes were worth $2,243,000 at the end of the most recent quarter.

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

Alkermes Stock Down 8.4 %

Alkermes stock traded down $2.41 during midday trading on Thursday, hitting $26.40. 851,881 shares of the stock were exchanged, compared to its average volume of 1,752,886. Alkermes plc has a 52-week low of $22.90 and a 52-week high of $36.45. The business's 50-day moving average price is $33.31 and its 200-day moving average price is $30.45. The stock has a market capitalization of $4.35 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 2.20 and a beta of 0.39.

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Alkermes (NASDAQ:ALKS - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.11. Alkermes had a return on equity of 30.80% and a net margin of 23.57%. On average, sell-side analysts predict that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Craig C. Hopkinson sold 100,918 shares of the firm's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $32.05, for a total transaction of $3,234,421.90. Following the completion of the sale, the executive vice president now owns 44,290 shares in the company, valued at approximately $1,419,494.50. This trade represents a 69.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.89% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. HC Wainwright reaffirmed a "neutral" rating and set a $46.00 price objective on shares of Alkermes in a report on Thursday, February 13th. Royal Bank of Canada initiated coverage on Alkermes in a report on Thursday, March 13th. They issued a "sector perform" rating and a $40.00 price target for the company. UBS Group raised 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. StockNews.com upgraded Alkermes from a "buy" rating to a "strong-buy" rating in a report on Thursday, February 13th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Alkermes from $40.00 to $52.00 and gave the stock a "buy" rating in a research report on Thursday, March 27th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $38.50.

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.