Zacks Research Downgrades Alkermes (NASDAQ:ALKS) to Hold

Alkermes (NASDAQ:ALKS) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Alkermes from $55.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Mizuho lifted their price target on shares of Alkermes from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Truist Financial upped their price objective on Alkermes from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of Alkermes in a research report on Monday, December 29th. Finally, Wall Street Zen cut Alkermes from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.93.

Alkermes Price Performance

Shares of NASDAQ:ALKS opened at $31.91 on Thursday. The company has a market capitalization of $5.27 billion, a PE ratio of 15.80 and a beta of 0.49. The business has a fifty day moving average price of $31.20 and a two-hundred day moving average price of $30.03. Alkermes has a 1 year low of $25.17 and a 1 year high of $36.32.

Insider Buying and Selling at Alkermes

In other news, Director Shane Cooke sold 61,200 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $34.57, for a total value of $2,115,684.00. Following the completion of the transaction, the director directly owned 103,744 shares of the company’s stock, valued at $3,586,430.08. This trade represents a 37.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Craig C. Hopkinson sold 9,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $33.93, for a total value of $305,370.00. Following the sale, the executive vice president owned 57,740 shares in the company, valued at approximately $1,959,118.20. The trade was a 13.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 148,148 shares of company stock worth $5,028,378. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Alkermes

A number of large investors have recently modified their holdings of the company. Royal Bank of Canada increased its holdings in Alkermes by 117.2% during the 1st quarter. Royal Bank of Canada now owns 275,526 shares of the company’s stock worth $9,098,000 after acquiring an additional 148,696 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in shares of Alkermes during the 1st quarter valued at $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Alkermes by 4.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 482,332 shares of the company’s stock worth $15,927,000 after purchasing an additional 20,091 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of Alkermes in the second quarter worth $159,000. Finally, State of New Jersey Common Pension Fund D raised its position in shares of Alkermes by 15.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 62,677 shares of the company’s stock worth $1,793,000 after buying an additional 8,214 shares in the last quarter. 95.21% of the stock is currently owned by institutional investors.

Alkermes Company Profile

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.