Geode Capital Management LLC Reduces Stock Position in Alkermes plc (NASDAQ:ALKS)

Geode Capital Management LLC lessened its holdings in shares of Alkermes plc (NASDAQ:ALKS) by 1.5% during the third quarter, Holdings Channel reports. The firm owned 3,873,927 shares of the company’s stock after selling 60,037 shares during the quarter. Geode Capital Management LLC’s holdings in Alkermes were worth $108,452,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pacer Advisors Inc. increased its stake in shares of Alkermes by 31.8% during the second quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock valued at $135,939,000 after buying an additional 1,362,079 shares during the period. Dimensional Fund Advisors LP increased its position in Alkermes by 14.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,884,012 shares of the company’s stock valued at $69,507,000 after purchasing an additional 371,039 shares during the period. Armistice Capital LLC raised its holdings in Alkermes by 301.5% in the 2nd quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock worth $65,050,000 after purchasing an additional 2,026,961 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Alkermes by 87.1% in the 2nd quarter. American Century Companies Inc. now owns 2,203,456 shares of the company’s stock worth $53,103,000 after purchasing an additional 1,025,905 shares during the period. Finally, Loomis Sayles & Co. L P boosted its stake in shares of Alkermes by 365.5% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,882,936 shares of the company’s stock valued at $52,704,000 after purchasing an additional 1,478,422 shares in the last quarter. Institutional investors own 95.21% of the company’s stock.

Insider Activity

In related news, EVP Craig C. Hopkinson sold 58,996 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $30.08, for a total transaction of $1,774,599.68. Following the sale, the executive vice president now directly owns 83,300 shares of the company’s stock, valued at $2,505,664. This trade represents a 41.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Cato T. Laurencin sold 2,691 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was 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 of the company’s stock, valued at approximately $732,964.05. This trade represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,738 shares of company stock worth $4,572,904 over the last 90 days. 4.89% of the stock is currently owned by insiders.

Alkermes Stock Performance

Shares of ALKS stock opened at $30.07 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.03 and a current ratio of 3.45. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 15.42, a price-to-earnings-growth ratio of 1.03 and a beta of 0.49. Alkermes plc has a one year low of $22.90 and a one year high of $32.88. The company’s 50-day moving average is $28.74 and its 200 day moving average is $27.14.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Stifel Nicolaus raised shares of Alkermes from a “hold” rating to a “buy” rating and increased their price target for the stock from $25.00 to $36.00 in a research note on Tuesday, November 5th. JPMorgan Chase & Co. lowered their target price on Alkermes from $32.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. The Goldman Sachs Group dropped their price target on Alkermes from $32.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. Mizuho increased their price objective on Alkermes from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Piper Sandler restated an “overweight” rating and set a $37.00 target price (down previously from $38.00) on shares of Alkermes in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus 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.