Alkermes plc $ALKS Position Lifted by Profund Advisors LLC

Profund Advisors LLC grew its stake in Alkermes plc (NASDAQ:ALKS) by 38.5% in the third quarter, Holdings Channel.com reports. The firm owned 55,421 shares of the company’s stock after acquiring an additional 15,394 shares during the quarter. Profund Advisors LLC’s holdings in Alkermes were worth $2,246,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Root Financial Partners LLC acquired a new position in Alkermes during the third quarter worth $25,000. Ameritas Advisory Services LLC purchased a new stake in Alkermes in the 2nd quarter valued at $39,000. Versant Capital Management Inc increased its stake in shares of Alkermes by 33.9% in the 2nd quarter. Versant Capital Management Inc now owns 1,445 shares of the company’s stock worth $76,000 after acquiring an additional 366 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of Alkermes in the 2nd quarter worth $82,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in shares of Alkermes in the 2nd quarter worth $104,000. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Alkermes Price Performance

NASDAQ:ALKS opened at $45.34 on Monday. Alkermes plc has a 52 week low of $27.00 and a 52 week high of $55.67. The company has a quick ratio of 1.85, a current ratio of 2.30 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $7.61 billion, a P/E ratio of 119.32 and a beta of 0.32. The stock’s fifty day moving average is $44.06 and its two-hundred day moving average is $40.44.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Piper Sandler reissued an “overweight” rating and set a $65.00 price target (up from $43.00) on shares of Alkermes in a research report on Tuesday, July 28th. Needham & Company LLC restated a “buy” rating and set a $62.00 price objective on shares of Alkermes in a research report on Monday, September 21st. The Goldman Sachs Group initiated coverage on shares of Alkermes in a research note on Thursday, September 24th. They set a “neutral” rating and a $50.00 target price on the stock. HC Wainwright reiterated a “neutral” rating on shares of Alkermes in a report on Monday, September 21st. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $63.00 price target (up from $45.00) on shares of Alkermes in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.38.

Insider Buying and Selling

In other Alkermes news, EVP Craig Hopkinson sold 9,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $3,072,629.11. This represents a 12.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Christian Nichols sold 7,576 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $49.23, for a total transaction of $372,966.48. Following the transaction, the senior vice president directly owned 102,193 shares of the company’s stock, valued at approximately $5,030,961.39. This trade represents a 6.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 20,644 shares of company stock valued at $976,984. 4.59% of the stock is currently owned by insiders.

Alkermes Company Profile

Alkermes plc (NASDAQ:ALKS) is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities address conditions including schizophrenia, bipolar disorder, addiction, depression and other neuropsychiatric disorders.

The company’s marketed products include Vivitrol, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence; Aristada and Aristada Initio, long-acting injectable formulations of aripiprazole lauroxil for the treatment of schizophrenia; and Lybalvi, a combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in 1987, Alkermes is incorporated in Ireland and maintains its corporate headquarters in Waltham, Massachusetts.