Alkermes plc (NASDAQ:ALKS) Sees Large Decrease in Short Interest

Alkermes plc (NASDAQ:ALKS - Get Free Report) was the recipient of a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 12,500,000 shares, a decline of 8.8% from the November 30th total of 13,710,000 shares. Approximately 7.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,730,000 shares, the days-to-cover ratio is presently 7.2 days.

Alkermes Stock Performance

ALKS stock traded down $0.77 during midday trading on Monday, hitting $28.78. 1,010,820 shares of the company traded hands, compared to its average volume of 1,803,663. The business has a 50 day simple moving average of $28.96 and a 200-day simple moving average of $27.46. The company has a quick ratio of 3.03, a current ratio of 3.45 and a debt-to-equity ratio of 0.22. Alkermes has a twelve month low of $22.90 and a twelve month high of $32.88. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of 14.76, a price-to-earnings-growth ratio of 1.03 and a beta of 0.49.

Insiders Place Their Bets

In other Alkermes news, Director Cato T. Laurencin sold 2,691 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.85, for a total value of $85,708.35. Following the completion of the transaction, the director now directly owns 23,013 shares in the company, valued at $732,964.05. This trade represents a 10.47 % decrease in their ownership of the stock. 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 business's stock in a transaction that occurred 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 owns 99,238 shares in the company, valued at $2,930,498.14. This represents a 9.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 147,738 shares of company stock worth $4,572,904. 4.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its stake in Alkermes by 73.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 209,535 shares of the company's stock valued at $5,050,000 after acquiring an additional 88,834 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Alkermes by 3.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,895 shares of the company's stock valued at $817,000 after purchasing an additional 1,211 shares in the last quarter. Signaturefd LLC lifted its position in Alkermes by 51.2% in the second quarter. Signaturefd LLC now owns 1,417 shares of the company's stock worth $34,000 after purchasing an additional 480 shares during the period. Van ECK Associates Corp bought a new position in shares of Alkermes during the 2nd quarter worth about $1,807,000. Finally, Guidance Capital Inc. boosted its holdings in Alkermes by 12.3% during the second quarter. Guidance Capital Inc. now owns 17,767 shares of the company's stock valued at $428,000 after purchasing an additional 1,941 shares in the last quarter. Institutional investors own 95.21% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ALKS. Mizuho upped their price target on Alkermes from $35.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. The Goldman Sachs Group decreased their price target on shares of Alkermes from $32.00 to $30.00 and set a "buy" rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. dropped their price objective on shares of Alkermes from $32.00 to $26.00 and set a "neutral" rating on the stock in a research note 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 report on Friday, October 25th. Finally, HC Wainwright reiterated a "neutral" rating and set a $37.00 price objective on shares of Alkermes in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $35.42.

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.