Traders Buy High Volume of Put Options on Alkermes (NASDAQ:ALKS)

Alkermes plc (NASDAQ:ALKS) was the recipient of unusually large options trading on Friday. Stock traders bought 3,253 put options on the company. This is an increase of approximately 332% compared to the typical volume of 753 put options.

Insider Transactions at Alkermes

In related news, EVP Craig Hopkinson sold 9,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $46.99, for a total value of $422,910.00. Following the transaction, the executive vice president owned 65,389 shares in the company, valued at approximately $3,072,629.11. This represents a 12.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nancy Lynn Md Snyderman sold 44,472 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,239,165.20. Following the transaction, the director directly owned 15,395 shares of the company’s stock, valued at $775,138.25. This represents a 74.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 76,150 shares of company stock worth $3,752,181. 4.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alkermes

Several hedge funds have recently bought and sold shares of ALKS. Versant Capital Management Inc grew its stake in shares of Alkermes by 33.9% during the 2nd quarter. Versant Capital Management Inc now owns 1,445 shares of the company’s stock worth $76,000 after purchasing an additional 366 shares during the period. GAMMA Investing LLC boosted its holdings in Alkermes by 5.7% during the third quarter. GAMMA Investing LLC now owns 7,090 shares of the company’s stock worth $287,000 after buying an additional 385 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Alkermes by 4.8% during the first quarter. Sequoia Financial Advisors LLC now owns 9,272 shares of the company’s stock worth $328,000 after buying an additional 422 shares in the last quarter. Arizona State Retirement System boosted its holdings in Alkermes by 1.1% during the second quarter. Arizona State Retirement System now owns 43,580 shares of the company’s stock worth $2,283,000 after buying an additional 494 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Alkermes by 4.0% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 13,900 shares of the company’s stock valued at $492,000 after buying an additional 530 shares during the period. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Alkermes Stock Performance

Alkermes stock traded up $1.12 during midday trading on Friday, hitting $41.22. 3,407,649 shares of the company were exchanged, compared to its average volume of 2,585,382. The firm has a market capitalization of $6.92 billion, a PE ratio of 108.48 and a beta of 0.32. Alkermes has a fifty-two week low of $27.00 and a fifty-two week high of $55.67. The business has a fifty day simple moving average of $45.02 and a two-hundred day simple moving average of $43.62. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.85 and a current ratio of 2.30.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $56.00 price objective on shares of Alkermes in a report on Tuesday, September 22nd. Robert W. Baird raised their target price on shares of Alkermes from $58.00 to $61.00 and gave the stock an “outperform” rating in a report on Tuesday, September 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Alkermes in a report on Friday, August 7th. Piper Sandler restated an “overweight” rating and set a $65.00 target price (up from $43.00) on shares of Alkermes in a research report on Tuesday, July 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $62.00 price target on shares of Alkermes in a report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.47.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. The company’s portfolio addresses conditions including addiction, schizophrenia, bipolar disorder and amyotrophic lateral sclerosis (ALS), with an emphasis on long-acting injectable, extended-release and other drug-delivery technologies.

Its marketed products include Vivitrol, an extended-release injectable formulation of naltrexone used to treat alcohol dependence and prevent opioid dependence relapse; Aristada, a long-acting injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; Lybalvi, an oral combination of olanzapine and samidorphan for schizophrenia and bipolar I disorder; and Exservan, an oral film formulation of riluzole for ALS.

Founded in 1987, Alkermes is headquartered in Dublin, Ireland, with operations and corporate offices in the United States, including Waltham, Massachusetts.